Skip to comments.RING ACTED A-LOAN TO ROB $200M (Ruski predators $200M subprime mtge fraud--they steal, we pay)
Posted on 10/04/2008 5:00:20 AM PDT by Liz
.....a brazen family of fraudsters took advantage of sloppy subprime mortgage lenders to pull off a mindblowing scheme reeling in more than $200M - a devastating hit that contributed to the nation's financial crisis. Garri Zhigun was part of a Russian fraud ring using false documents, stolen ID's and "straw" buyers for over 1,000 subprime mortgages 2004-06. The 27-member gang worked out of a Brooklyn mortgage brokerage owned by Zhigun's mother........targets included fallen lenders Washington Mutual Bank, conned out of $842,500, Countrywide taken for $396,000.......and preyed on other banks and mortgage companies. Zhigun and accomplice Aleksander "Shorty" Lipkin bought condos for $8M and transferred ownership to Zhigun's mother, Galina Zhigun, owner of AGA Capital mortgage brokerage, and his wife, Maryann "Marina" Furman, office manager. Garri Zhigun lost his stockbroker's license in 2002 over fraud allegations. Mother Galina Zhigun, a civil engineer from Russia, pleaded guilty to bank fraud......she got $870,000 in mortgages from Flagstar Bank. Wife Furman pleaded guilty to wire fraud for faxing a phony loan application. She got $750,000 from New Century Mortgage Corp. records show.
(Excerpt) Read more at nypost.com ...
Golly, now that I've outed the scoundrels, they'll have to kill me (sniffle). (Yawn) I'm so scared (snore-zzzzz). No problem, fellow posters, I notified the US DOJ, FBI, the CIA, Interpol, Scotland Yard, the Royal Canadian Mounted Police, the Carbinieri, and Mossad. And I named names.
The Russains were really big in the gasoline tax scam too.
REFERENCE——EXECUTIVE SUMMARY THE TRI-STATE JOINT SOVIET-EMIGRE ORGANIZED CRIME PROJECT. RUSSIAN-EMIGRE CRIME IN THE TRI-STATE AREA.
Gangsters from the former Soviet Union have established a strong and abiding presence in the New York/New Jersey/Pennsylvania region, engaging in a wide array of crimes that range from sophisticated financial frauds to narcotics trafficking to murder. Evidence also shows that members of disparate Russian-emigre crime groups here have the potential to develop into one of the most formidable organized crime challenges to law enforcement since the advent of La Cosa Nostra.
These are among the key findings of the Tri-State JointSoviet-Emigre Organized Crime Project, a cooperative research andinvestigative effort launched four years ago by four agencies in New York, New Jersey and Pennsylvania - the New York Organized Crime Task Force, the New York State Commission of Investigation,the New Jersey State Commission of Investigation and the Pennsylvania Crime Commission. Investigative agents and staff from these agencies conducted the project in conjunction with criminal justice experts from Rutgers University.
The Project’s report presents the first comprehensive publicassessment of the threat posed to this region by criminal elements emanating from within the former Soviet Union. The report catalogues the history and growth of Russian-emigre crime networks, from their core base in the Brighton Beachsection of Brooklyn to their current reach well beyond the New York metropolitan area into the counties of central New Jersey and the suburbs of Philadelphia. One of the most troubling aspects is evidence of links between individuals here and criminal elements in the former Soviet Union, a phenomenon that lends a disturbing and complex international dimension to this emerging domestic law enforcement problem.The range of criminal and illicit activities linked to these groups is impressive.
The Project report details Russian-emigre involvement in a variety of highly sophisticated frauds and confidence schemes, financial crimes, including money laundering, counterfeiting and securities fraud, narcotics trafficking and an assortment of vice crimes.Russian-emigre criminals are no strangers to violence either.
THE NATURE OF RUSSIAN-EMIGRE CRIME
Crimes of Deception
Motor Fuel Tax Fraud
Insurance and Entitlement Fraud
Extortion and Kidnapping
Vice Crimes (Regpay, a Florida credit card processing company operated by Byelorussians, was nailed for processing online child porn payments; Minx, Belarus, once a constituent republic of the Soviet Union (independent since 1991) is the origin of many of these predators on US soil.
No one in government cares.
And perhaps if these banks had done a bit more due diligence before lending money to these crooks, then most of this fraud could have been prevented. Of course, now that the Wall Street Welfare Queen Act of 2008 is law, there is once again no incentive for banks to lend in a responsible manner.
Cable-TV’s History Channel did an excellent expose of the horrors of Russian organized crime. The expose asserted that before they land here, Russian criminals stop off in Israel to get all the available freebies (some of the Russian rascals pretend to be Jewish to fraudulently pocket Israeli benefits).
They come to the US under liberal political asylum laws. They plead “religious persecution” and immediately get on the US gravy train sucking up US tax dollars like it was going out of style. One TV report chronicled the lifestyle of an unemployed 30’ish Russian immigrant-—a trained engineer——picking up US welfare checks while his wife was lolling around getting her hair and nails done courtesy of US taxpayers.
Russian emigres arriving in the US are treated like royalty, with tax-subsidized government grants, tax-subsidized housing, and job set-asides waiting for them......jobs taken from taxpaying born-Americans.
Russian TV runs a nightly show outlining the US giveaway programs, how to fill out the forms etc, which US offices to apply to, etc. The sense of entitlement is outrageous. Preying off working class Americans must end.
Is great country!
Not to worry. The Bush Administration, Paulson and our Congress have promised that we’ll make money off the bail-out. I can “feel” the dollars flowing in even now.
The Soviet underground was an excellent criminal training ground for getting around any system.
EXCERPT A 24-year-old NY Russian con man is accused of an international plot to swipe $7M out of the home-equity credit account of a GWB backer. ID-theft suspect Igor Klopov targeted Texas billionaire Charles Wyly Jr. (Wyly donated $2M to Bush).
..... the Russian apparently targeted Wyly b/c in Texas property-deed info is online.
What he couldn't get online, Klopov would forge, sometimes with the help of hired American recruits and even private investigators........He assembled a complete dossier, including driver's license, birth certificate, utility bills, blank checks and brokerage statements, prosecutors said.
He also called the billionaire's bank, posing as Wyly, allegedly asking that a new home-equity line checkbook be sent to the home of an accomplice, who then tried to use the checkbook to write a $7 million check to a Westchester gold dealer.
Do they get props for coming here legally? :)
We were a victim of mortgage fraud in 2004.
Wife’s identity was stolen and used to buy a $500,000 in Houston suburb (Katy)
I spent 60 days and many hours figuring out the scam
Called local Texas authorities - no help
Called Georgia (where I live) - no help
Called the FBI - no help
Called Texas AG office - no help
Called the builder and real estate agents who sold the property - F-— Y— (they told me)
Called the mortgage broker - FRAUD ring leader
Called the bank - trying to foreclose on ME
Called the Secret Service (BING0) - took my case, I gave them the case file I developed, they offered me a job and then they proceeded to expose and bust the LARGEST mortgage fraud scheme ever in Houston
GUESS who were the culprits - NIGERIANs (ring leader), JAMAICANS (muscle and faudulent home flippers) and INDIANS (fraudulent co-signers and flippers)
Yeah---that feels so good. Here's how we're gonna make money (/sarc) .
BOFA SAYS FED MAY GO 'BEAR'---Bloomberg----The US Federal Reserve may lose as much as $6 billion on a portfolio of mortgage-backed assets it took over from Bear Stearns Cos., according to Bank of America Corp. analysts. The Fed will announce on Oct. 23 its quarterly estimate of the fair value of Maiden Lane LLC's $30 billion of holdings that JPMorgan Chase considered too risky when it acquired Bear Stearns in March, Bank of America analysts Jeffrey Rosenberg and Hans Mikkelsen wrote in a client note. The central bank valued the assets at $29 billion as of June 30, according to the report. "With the worsening in mortgage markets since last quarter, we estimate a range of $2 billion to $6 billion of unrealized losses," the New York-based analysts wrote. About half the portfolio is backed by commercial mortgages and half by residential loans.
These oily Russian crooks are very shrewd----they probably posed as "disadvantaged minorities" and used other "victimization" schemes----as the US lending system was being beaten down by liberal do-gooders.
Joe Scarborough will call this article another example of “blaming poor people.”
Any way to read more about the case?
I want to know every detail, especially interested in
the responses to your request for help.
While I sit here paying my taxes and bills as dumb as a rock all the while looking at self dealing corruption from wall street to Washington where business and politicians blatantly steal billions $$$ in plain sight.
Perhaps these criminal immigrants have realized corruption is now the American way.. they have the brains and guts to join in on the party.
These people and their complete like of ethics is one one the main unaddressed problems causing the bailout.
Local authorities were swamped by fraud cases and did not have the talent or resources to take the case. They also had a no harm no foul mentality.
FBI was WORTHLESS. Never called me back and supposedly were swamped by 9-11.
The guy that lead the fraud ring managed to become a prominent face in the Texas Mortgage Assn. in order to increase his profle and afford himself legitmacy.
My big break us utilizing the state of Texas Department of Public Safety website. For $10 you can enter names and pull police records on people. Most states don’t allow this.
Once I got these scumbags police records I started faxing and e-mailing them to real estate agents, builders and credit resellers that were working with these crooks. Amazingly these crooks managed to get an account with a Credit Report reseller in Florida. The reseller emphatically told me that this guy was legit and they checked him out. Once I faxed them his poilce record they got real scared and quiet.
Keep in mind folks, there are three main credit bureaus, but 100’s of credit resellers. The credit resellers are legit but they are more susceptible to being conned by the bad guys.
I am an amateur expert at busting fraud. Unfortunately, there are not enough me’s, too many of them and law enforcement that is overwhelmed.
The Secret Service was great to deal with. They busted the ring and had them tried. The ring leader was given bond (f-—ing judge) and fled to Nigeria where he is right now. His wife got five years and others got slapped too.
This is a small part of the story.
Interestingly my county investigator here in Georgia said he 12 fraud cases in 2002 and 150 in 2003.
Our government is BROKE!!!!
I found out that builders, real estate agents, appraisors, underwriters, sub-contractors and others all made money on the transaction. Since they all were made whole at closing then it didn’t matter to them that deal stunk. This happened.
Amazingly my last name is of Scottish descent and the woman who came to closing as my wife was frigging INDIAN..as was the other co-signer.
THE SCAM is simple...buy a new home for $350,000, falsify the lending documents, falsify suppose home improvement/upgrades taking the house to $500,000, get a scummy appraisor who said it was done and values the house at $500,00, at closing the scumbag no ethic builder gets $350,000, the phony upgrade contractor gets $150,000, the real estate agent gets a commission, the appraisor gets paid, closing cost are paid to the phony mortgage broker (who happened to own the phony contracting firm who did the upgrades) and VOILA!!!!
Now our BULLSHIT government is making whole the financial entities and the GSE’s that underwrote and fertilized this rotten system.
the Gambinos used to 'control' this sort of thing but since the break up/down the Russians have filled in many voids .... the chi-coms are in cartage in North Jersey
LOL that's just un-American
Old Rush brought up the illegal house cleaner that bought the 400 thousand plus home in Maryland the other day. No one has put the mortgage broke in jail yet?? Just wait until we get a republican attorney general!
I live in Atlanta. Where do you think the whole Houston deal started?
Atlanta, Houston, Detroit are all epi-centers of this crap.
My wifes pay check was stolen by a courier (along with others). The identities were then mined to determine who has the best credit to be used in a fraudulent purchase. That is where the bad guys use the credit resellers to do their dirty work for them.
REAL ESTATE WHIZ BUSTED FOR THEFT
By LAURA ITALIANO and ZACHERY KOUWE, NY POST
EXCERPT Adam Hochfelder, a 37-year-old hotshot real-estate developer, was arrested on charges of cheating banks, relatives and friends out of more than $17M over six years. As chairman of Max Capital Management, once one of the largest commercial landlords in Manhattan, he allegedly forged numerous documents and lied about his net worth in order to secure $10M in loans from Bank of America and North Fork Bank. Among other charges, he was indicted on six counts of grand larceny, punishable by up to 25 years in prison.
Hochfelder, the son of an Old Westbury, LI garment manufacturer; he gained notoriety in 1998 when he bought 230 Park Avenue - once owned by real estate legend Harry Helmsley.
Over the course of the DA’s four-year investigation, Hochfelder has paid back a little over $12M to the two banks and his allegedly swindled friends and family members.
Prosecutors allege he took money to pay capital calls at Max Capital and for personal expenses. He was very successful at convincing people he was a successful entrepreneur, but was using borrowed money.
August 7, 2007
UN GUY IN 100G IMMIG FRAUD: FEDS
(ruse let illegal aliens slip into US)
By KATI CORNELL and C.J. SULLIVAN, NY POST
A United Nations translator and his pal pocketed more than $100,000 helping illegal aliens slip into the country through a ruse that made it appear hey were attending U.N.-sponsored conferences, the feds charged yesterday. Vyacheslav Manokhin, a Russian translator for the United Nations, and pal Vladimir Derevianko, Bloomfield, N.J, used official letterhead in drafting the bogus documents - often signing the names of fictional U.N. officials - for would-be immigrants round the world, the feds allege.
Since April 2005, approximately 20 phony letters went out, according to a criminal complaint unsealed yesterday in Manhattan Fderal court. At least nine illegal immigrants from Uzbekistan snagged U.S. entry visas after paying $15,000 each to Manokhin and Derevianko. To back up the
aliens’ entry visa applications, Manokhin, 45, allegedly listed his phone extension at the U.N.’s headquarters in Manhattan as a contact number and fielded calls
posing as an assistant to the nonexistent U.N. officials.
In some cases, Manokhin, who lives in a two-bedroom condo in Greenwich, Conn., signed his own name to he letters of request inviting the aliens to attend U.N. conferences in Manhattan - listing his title as U.N. “project coordinator.”
Assistant U.S. Attorney Michael Farbiarz said the pair duped officials around the world with their “sophisticated and audacious scheme” - going so far as to doctor
fax lines on the documents to make it seem like they came from U.N. headquarters. “It is a network that is very good and very successful at what it does,” Farbiarz old Federal Magistrate Judge Kevin Fox at an initial court appearance. The prosecutor said the scam was so polished that foreign officials verifying the applications abroad “flat-out fell for it.”
Derevianko, 44, who works translating immigration documents for a law firm, used his expertise to prepare the phony letters on stationery he got from Manokhin, according to Salvatore D’Alessandro, acting special agent in charge for Immigration and Customs Enforcement. Derevianko, of Bloomfield, N.J., at times also posed as the head of a non-governmental organization involved in U.N.-sponsored conferences in correspondence and by phone, the feds alleged. U.N. investigators grew suspicious as early as 2005 and questioned Manokhin, who denied preparing the letters, but said he’d agreed to let Derevianko use his phone number and “to vouch for the visa applicants as legitimate [U.N.] conference attendees,” court papers state.
Manokhin’s lawyer Alex Oh said the translator has been in the U.S. for 19 years, though his wife and two children are on an extended vacation in Russia. “He does not want to return to Russia. He will contest the allegations vigorously,” Oh said.
The feds nabbed a third defendant, Kamiljan Tursunov, 44, in Florida for allegedly paying $15,000 to get a bogus invitation to a June 2005 United Nations onference that he never planned to attend. Tursunov, a citizen of Uzbekistan who has lived illegally in the United States for two years, admitted to federal nvestigators that he shelled out cash to enter the U.S. under false pretenses, according to court papers.
Derevianko, a former Soviet Union native, was granted political asylum by the US Feb 2005 and has a pending application for permanent-resident status. Manokhin and Derevianko face mmigration-fraud conspiracy charges that could land them maximum prison sentences of 5 years and 10 years respectively.
My only question is how many others were involved in the same nefarious activity. This group certainly weren’t the only ones cashing in. I’m sure this was being done by both immigrants and native born. However illegal immigrants would seem to be especially prone to this behavior because of a lack of ties to America, a shown propensity for breaking the law, and a built in support network in the country from which they came.
We need more pubbie lawyers protecting the country and the system real quick.
This is why we need one set of banking rules that apply to all no matter who you are.
when America stopped being for Americans first we all got screwed.
Thanks for that.
IMO a large part of the blame goes directly to Ted Kennedy who had a lifelong career working to diversify America with the scum of every despicable lowlife on the planet.
BTW....All refugees can get outrageous benefits. But Russians seem to exploit them the most. We got a lot of Somali Bantu refugees recently. They’re Muslim of course. They lack the savvy to exploit these refugee freebies from Uncle Sam, let alone use a flush toilet
At this point in time, Americans' gag reflex kicks in at the very mention of "diversity."
These immigrants are chasing the American dream, but for working class Americans forced to subsidize immigrants' every whim, it has become a nightmare.
RU88 SUMMED IT UP BEST: "illegal immigrants seem to be especially prone to this behavior because of a lack of ties to America, a demonstrated propensity for breaking the law, and a built-in support network from their countries of origin."
As Aunt B posted, we need a moratorium on immigration.
And the end of all these entitlement programs.