Sunday, February 6, 2011

Pair admits to mortgage fraud - Hawaii News -

Pair admits to mortgage fraud - Hawaii News - "Victoria 'Vicky' Batanagan Rumbawa and Russell Batangan Rumbawa each pleaded guilty in federal court Wednesday to a single charge of conspiracy to commit wire fraud and make false statements on loan applications involving five properties on Oahu.

They each face a maximum five-year prison term when they are sentenced in May.

The Rumbawas have agreed to cooperate with the government in the prosecution of other defendants, according to the terms of their plea agreements.

They were not among the 14 people named in the two grand jury indictments returned last summer charging the defendants with defrauding subprime mortgage lenders out of millions of dollars between 2003 and 2008.

Two other defendants, Lordy Augustin and Richard 'Ric' Acosta Garin, who also were not among the original 14, are scheduled to plead guilty later this month."

No comments: