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FBI tracking down suspect in mortgage fraud scheme
Tuesday, 21 November 2006

FBI: FRAUD SUSPECT AT LARGE, CONSIDERED DANGEROUS
Concord man is considered armed and dangerous today after he fled from authorities on Friday following a recent federal indictment accusing him of creating a mortgage fraud scheme that took at least $13 million from lenders.

FBI: FRAUD SUSPECT AT LARGE, CONSIDERED DANGEROUS

11/19/06 5:55 PST
OAKLAND (BCN)

A Concord man is considered armed and dangerous today after he fled from authorities on Friday following a recent federal indictment accusing him of creating a mortgage fraud scheme that took at least $13 million from lenders.

Edward Batayeh, 39, also known as Ed Bhataybh, fled on Friday as FBI agents advanced on his Concord home. He was driving a 2003 BMW X3 with a California license plate 5ETZ317.

Anyone with information on Batayeh's whereabouts should contact the FBI immediately at (415) 553-7400.

Batayeh was formerly an executive at CHL Mortgage Group, which was located in San Ramon.

In the indictment handed down by an Oakland grand jury, prosecutors allege that Batayeh conspired from March 2000 to December 2004 to defraud four financial institutions by "double banking" loans-selling variations of the same loan to multiple investors without the investors' knowledge.

Four financial institutions were identified as defrauded, including Gateway Bank, Aurora Loan Services, Inc., First Collateral and First Horizon Home Loan Corp.

Federal prosecutors allege that Batayeh carried out the plan by submitting fraudulent loan packages, including personal and financial information, to banks without the knowledge or consent of the named property owners. Authorities said that Batayeh sent out recently a false resume using the name of Ed Bhataybh to Aurora Loan Services, Inc.

Each of the four counts of conspiracy could result in a $250,000 fine and five years in prison. The maximum penalty for bank fraud is 30 years in prison and a fine of $1 million, plus restitution. The maximum statutory penalty for submitting a false document to a federally insured financial institution is five years in prison and a fine of $250,000. Any sentence following conviction would be subject to federal sentencing guidelines.

http://cbs5.com/localwire/localfsnews/bcn/2006/11/19/n/HeadlineNews/FRAUD-SUSPECT/resources_bcn_html

 
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