A Queens lawyer is one of three individuals accused of participating in a mortgage fraud that netted more than $3.3 million. The Queens District Attorney’s Office and the state Department of Financial Services allege attorney Michael Gangadeen, his sister Savitri, and Paul Constante, a former mortgage consultant at Wells Fargo Home Loans conspired to fraudulently obtain mortgage proceeds from six properties during a six-month period in 2008. Among other things, Gangadeen allegedly "made disbursements of the mortgage proceeds to himself and others and did not comport fully with the representations made" in settlement statements, the district attorney said in a press release.
The charges against Gangadeen, 47, of Gangadeen and Associates in Ozone Park, and the other two include first-degree grand larceny, first-degree criminal possession of stolen property and first-degree falsifying business records. Each faces up to 25 years in prison if convicted. "This complicated and devious scheme allegedly involved defendants who were so greedy that they pushed through more than $3.3 million in fraudulent mortgage loan transactions…by falsely inflating the income and assets of the borrowers. Their alleged actions resulted in all six properties going into default and forcing the bank to initiate foreclosure proceedings against the borrowers," District Attorney Richard Brown said in a statement.
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