Broker sentenced to more than 5 years in mortgage fraud

Former broker, 29, must pay $664,493 restitution

April 12, 2011|By Lorraine Mirabella, The Baltimore Sun

A 29-year-old College Park man was sentenced Monday in federal court to more than five years in prison for defrauding a mortgage company that made loans on six Baltimore properties.

Dema Daiga was sentenced by U.S. District Judge Marvin C. Garbis, who ordered Daiga to pay restitution of $664,493 and a special assessment of $1,200. The sentence, which is to be followed by three years of supervised release, also included two counts of aggravated identity theft.

According to testimony, Daiga and another mortgage broker, Laurel resident Olu Campbell, also known as Oluseun Oshosanya, 30, recruited "straw" purchasers and used names of four others, without their knowledge, to apply for mortgages on six properties. They used false employment histories, earnings and assets and fake bank account statements, according to testimony. Daiga and Campbell would perform appraisals that inflated the property values and ask title companies to send much of the loan proceeds to them or businesses they controlled, trial evidence showed.

In December, Judge Garbis sentenced Campbell to four and a half years in prison for his role in the fraud.

    Baltimore Sun Articles
    Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.