Broker will spend a year in jail, pay $990K in restitution for fraudulent Fannie, Freddie flips

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A Detroit-area real estate broker who represented Fannie Mae and Freddie Mac listings will spend a year in jail and pay about $990,000 in restitution after pleading no contest to charges that he defrauded the mortgage giants by brokering sales of Fannie and Freddie REOs to a company that he controlled in order to flip them at a higher price to buyers he’d already lined up through the MLS.

Samer Salami, 33, pleaded no contest to 12 charges including conducting a criminal enterprise and embezzlement, the Observer & Eccentric’s David Veselenak reports. Source: hometownlife.com.