California Real Estate Fraud Report

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Rancho Mirage Man Sentenced for Defrauding SIGTARP

Steven Pitchersky, a Rancho Mirage man, has been sentenced to 51 months in federal prison for conducting a mortgage fraud scheme, according to the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP).

Christy Romero, Special Inspector General for TARP (SIGTARP) said that Pitchersky’s scheme defraud TARP recipient GMAC Inc. (first rebranded as Ally Financial, Inc. and now Ocwen), causing the lender to lose $5.3 million. Besides his prison sentence, Pietchersky has been ordered by U.S. District Court Judge John R. Padova to provide restitution in the amount of $3,242,888; five years of supervised release; and a $100 special assessment. Romero said that Pitechersky took out millions of dollars on a warehouse line of credit with Ally, falsely telling the lender he was paying off the mortgages of his firm Nationwide Mortgage Concepts (NMC)  but instead using the money to fund his private art collection and other personal luxuries.

Steven Pitchersky pleaded guilty to wire fraud in September 2013.

 This case was investigated by SIGTARP, the FBI and the Department of Veterans Affairs Office of Inspector General. Pitchersky was prosecuted by Assistant United States Attorney David L. Axelrod.

Read the original article in National Mortgage Professional.

© Copyright 2007-2017 Monique Bryher

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