Industry News

East Coast man imprisoned for $3M real estate fraud

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A New York man was sentenced to 2 to 6 years in prison Monday for stealing more than $3 million in a mortgage fraud scheme, officials said. Sam Hilany of West Hempstead, N.Y. was sentenced Oct. 3 by Nassau County Court Judge Jerald Carter. Hilany pled guilty in July to attempted grand larceny in the first degree, a felony and a scheme to defraud in the first degree, according to Nassau County District Attorney Denis Dillon. Hilany has waived his right to appeal and is required to make full restitution in the amount of $3,136,800, Dillon said Tuesday. Hilany was the principal architect behind a large identity theft and mortgage fraud scheme, Dillon said. The scheme included real estate investors, an attorney, a title closer and an appraiser, Dillon said. "This elaborate identity theft and mortgage fraud scheme involved stolen identities, paid 'straw borrowers,' falsified employment, income and asset information, and false property appraisals," Dillon said. In one incident, by ...