Laurel man pleads guilty in mortgage fraud purchases

February 02, 2010|By Jamie Smith Hopkins |

A Laurel man pleaded guilty Tuesday in a mortgage fraud case that left a lender with a $428,000 loss, the federal government said.

Olu Campbell, 29, formerly known as Oluseun Oshosanya, was once a loan officer and a building contractor and used that background to engineer three fraudulent purchases of Baltimore homes in 2008.

In two of the cases, Campbell and an associate applied for mortgages by posing as people they knew, using the people's Social Security numbers without their knowledge along with false documentation, according to the plea agreement. For the third purchase, Campbell recruited a "straw purchaser" who shared her personal information, which he paired with false documents about her assets and employment to get the loan.

Campbell's business, Metropolitan Housing Associates LLC, got tens of thousands of dollars for "home conversion fees" and other supposed expenses when the deals settled. Afterward, all three mortgages went into default.

Campbell faces up to 20 years in prison and a $250,000 fine, the U.S. Attorney's Office for the District of Maryland, the FBI and the U.S. Secret Service said in a joint statement.

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