Filipina convicted in US for bank fraud of over $500K
Marilyn Infante, 66, was convicted of bank fraud worth over $500,000 in San Francisco, California on August 2, reports ABS-CBNNews.com less than a week after another Filipino woman, Maria Lourdes Dionisio and her alleged cohort Hannah Yau were arrested on charges of embezzlement and grand theft worth $2.6 million in San Francisco as well.
Infante admitted that she approved loans of unqualified applicants in exchange for commissions when she was a senior loan consultant at Washington Mutual and JP Morgan Chase, according to the ABS-CBNNews.com report. She is now retired but with the conviction, she may be imprisoned for up to 30 years and fined up to $1 million. She is currently out on bail.
Infante is one of the 18 people arrested in April in San Francisco on suspicion of participating in mortgage fraud schemes amounting to a loss of over $10 million, Federal Bureau of Investigation (FBI) Spokesman Joseph Schadler told Foxreno.com. Including Infante, seven were charged with bank fraud, 10 were charged with conspiracy to commit mail fraud, and one was charged with conspiracy to commit wire fraud. The arrests came after a seven-month investigation by the FBI, U.S. Postal Service and Office of the Inspector General for the U.S. Department of Housing and Urban Development. Based on the investigation, the fraud schemes could have been perpetrated between 2005 and 2009.
The prosecution of the fraud cases is part of U.S. Pres. Barack Obama’s Financial Fraud Enforcement Task Force, whose duty is to investigate and prosecute financial crimes, according to MortgageFraudBlog.com.
For more on this story, log on to ABS-CBNNews.com, Foxreno.com and MortgageFraudBlog.com.