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Date: 07-22-2019
Case Style:
United States of America v. Daniel Badu
Case Number: 1:16-cr-00045-LJV
Judge: Lawrence J. Vilardo
Court: United States District Court for the Western District of New York (Erie County)
Plaintiff's Attorney: Elizabeth Russo Moellering and Kathleen Ann Lynch
Defendant's Attorney: Jason Lawrence Russo
Description:
Buffalo, NY - Rockland County Man Sentenced For His Role In Mortgage Fraud Scheme
Daniel Badu, 56, of New City, NY, who was convicted of conspiring to commit mail and wire fraud affecting a financial institution, was sentenced to time served and 10 months home detention by U.S. District Court Judge Lawrence J. Vilardo.
The co-conspirators in this case submitted fraudulent applications for loans on eight properties in Bronx, NY. They fraudulently obtained mortgages that were insured by FHA on behalf of unqualified borrowers, such as the defendant. Badu was the purchaser on two of the properties and he aided in the submission of false documentation as part of the loan application, including documents purporting to show income from a fake job. The defendant also backstopped false employment for another loan, pretending that the borrower worked for his ophthalmology company, Eagle Eyes, which in reality was a shell company that performed no business.
The total loan amount for these eight transactions was $4,800,007.
In total, six defendants have pleaded guilty for their roles in this fraud. Attorney Laurence Savedoff, Esq. pleaded guilty to a misprision of a felony and was sentenced to four months in prison. Realtor and appraiser Julio Rodriguez pleaded guilty to mail and wire fraud affecting a financial institution, and a conspiracy to do the same, and was sentenced to six months in prison. Sentencing hearings are pending for mortgage broker Gregory Gibbons, and realtors Tina Brown and Alagi Samba.
The sentencing is the culmination of an investigation by the United States Postal Inspection Service under the direction of Joseph W. Cronin, Inspector-in-Charge, Boston Division; the United States Department of Housing and Urban Development, Office of the Inspector General, under the direction of Special Agent-in-Charge Brad Geary; and the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Gary Loeffert. Additionally, the New York State Department of Financial Services assisted with the investigation.
Charge:
Conspiracy to commit mail fraud in violation of 18 U.S.C. 1349.
Outcome: Defendant is sentenced to time served. Defendant shall be placed on supervised release for a term of 3 years. The terms of Supervised Release shall be set out in the Judgment of Conviction. $100 Special Penalty Assessment imposed.
Minute Entry for proceedings held before Hon. Lawrence J. Vilardo: Sentencing held on 7/18/2019 for Daniel Badu on his previous plea of guilty to Count 1 of the Information. Court questioned parties on loss calculation. Defendant withdrew request for a non-guideline sentence. Court accepts the terms of the plea agreement. Court accepts the findings of fact in the Presentence Report and adopts them as its findings of fact. Court grants government's motion for the application of the additional 1 level departure for acceptance of responsibility. Court grants government's motion for sentencing related relief pursuant to 5K1.1 for a 2 level downward departure. Court calculates the Total Offense Level to be 12 and the defendant's Criminal History Category to be I. Defendant is sentenced to time served. Cost of Incarceration waived. Defendant shall be placed on supervised release for a term of 3 years. The first 10 months of which shall be served on home detention with location monitoring. The terms of Supervised Release shall be set out in the Judgment of Conviction. $100 Special Penalty Assessment imposed. Restitution will be imposed after Judge Geraci issues his decision regarding restitution as discussed on the record. Government's motion due two weeks after Judge Geraci's decision. Defendant's response due 2 weeks after government's motion filed. Government's reply due in 1 week. Forfeiture is made a part of this sentence. The Court imposes the sentence as stated and directs the preparation of the Judgment of Conviction. Appearances. For government: AUSA Elizabeth Moellering. For defendant: Jason Russo. Defendant present. Also present, USPO Lisa Ferraro. (Court Reporter Ann M. Sawyer.)(CMD) (Entered: 07/19/2019)
Plaintiff's Experts:
Defendant's Experts:
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