A New Jersey man who pleaded guilty to a scheme to defraud mortgage lenders by duping them into sham “short sale” transactions must pay $7.9 million in restitution after a federal court judge said the unpaid loan balances counted as “actual losses.”
The appropriate measure of restitution is the unpaid balance of the mortgage, not the market value of the real estate, the US District Court for the District of New Jersey said.
Mehdi Kassai, also known as Mike Kassai, pleaded guilty to two counts of bank fraud, one count of wire fraud affecting a financial institution, and one count ...
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