The two men, Dema Daiga of College Park, and Olu Campbell (aka Oluseun Oshosanya) of Laurel used straw purchasers and forged the identies for four other people to fraudulently purchase property in Baltimore and other locations in Maryland. Five of the six properties purchased under this scam quickly went into default, according to the FBI.
According to testimony offered during the two week trial, Daiga worked as a mortgage loan broker and assisted with property appraisals and Campbell also worked in the mortgage lending field. Witnesses testified that from August to December 16, 2008, Daiga and Campbell recruited two straw purchasers and used the names and identifying information of four other individuals, without their knowledge or permission to apply for mortgages on six separate properties. The straw purchasers lacked the income and assets to qualify as borrowers or make the monthly mortgage payments. Evidence showed that the defendants: filled out mortgage loan applications on behalf of the straw purchasers and the other individuals whose names and information they used without their knowledge, with false information about those persons’ employment histories, earnings, and assets; provided telephone numbers that were under the control of the defendants to any person calling to confirm the false information regarding the employment and earnings; generated fake monthly bank account statements to make it appear that the individuals had sufficient assets to make the down payments, when instead, Daiga or Campbell paid the down payments; on at least two occasions caused appraisals to be performed that inflated the property values; and instructed the title companies to send a substantial part of the loan proceeds to the defendants, or to businesses that they controlled.
According to trial evidence, five of six Baltimore properties purchased under this scheme swiftly went into default, resulting in a loss to a Beltsville mortgage lending company of approximately $664,493.
For more information on other mortgage fraud prosecutions, visit the USAO’s website.
If you need information on mortgage and identity theft prevention, or to report an incident of mortgage fraud or identity theft, visit StopFraud.gov.