California Real Estate Fraud Report

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18
Aug

NY Cop and His Friend in Hot Water over Alleged Short Sale Fraud

Retired NYPD police officer Michael Rizzi and his friend Edward Monahan have been charged with bank fraud and conspiracy to commit bank fraud with an allegedly fraudulent short sale the two men committed.

Rizzi and Monahan are accused of submitting false documentation to Rizzi’s bank in order to do a short sale of a multi-family building on Lafayette Avenue in New Brighton, for which Monahan was the buyer.

The men, both 45 years old, signed affidavits affirming that they had no business, personal or family relationships with each other. But the criminal complaint alleges that Rizzi withdrew $17,500 from his bank accounts and altered one of his bank statements to make it look like the money came from Monahan’s bank account.

In addition, Rizzi was paid $10,000 in relocation assistance money from the Home Affordable Foreclosure Alternatives (HAFA) federal program.

The bank lost $250,000 as a result of the transaction.

In the meantime, Michael Rizzi is serving a 15-month federal prison sentence for laundering the proceeds from a multimillion-dollar prostitution ring.

Read the press release from the Office of the U.S. Attorney for the Southern District of New York (U.S. Attorney for Manhattan) and SI Live.

 

 

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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