Yeon Han, 53, the owner/operator of Pacific Realty in Annandale, Virginia, was sentenced to 30 months in prison and three years of supervised release for her role in mortgage fraud, short sale fraud and tax fraud conspiracies, according to the FBI. She was also ordered to pay $1,022,143.95 in restitution to the victims of her crimes, according to the FBI.
Han pleaded guilty to two counts of conspiracy to commit wire fraud in May 2013.
The first scheme was a short sale fraud, in which Han and her-conspirators inflated the costs required to convey clear title for a short sale transaction, then convinced the (stupid) lender that the costs were legitimate. After gaining approval, the conspirators falsified the HUD-1 settlement statement. When the property closed escrow, the inflated portion was distributed among the conspirators.
The second scheme was a tax fraud conspiracy with James Sohn and was not real estate-related.
Read the FBI press release.