Laurel resident pleads guilty to $428,000 mortgage fraud scheme
Man used other people's identities to obtain mortgages on Baltimore properties
A Laurel man pleaded guilty to wire fraud in connection with a scheme that defrauded a mortgage company of $428,000, according to prosecutors.
Olu Campbell, formerly known as Oluseun Oshosanya, 29, of Laurel, pleaded guilty in the U.S. District Court of Maryland Tuesday.
Between October and December of 2008, Campbell obtained mortgages on three properties in Baltimore using other people's identities and inflated the appraisals and apparent property purchasers' income and asset information, according to his plea agreement. Landmark Funding approved three mortgages on different properties for $105,000, $126,000 and $174,000 that Campbell initiated. He either collected the money by having it wired to his business, Metropolitan Housing Associates LLC, or by having it collected by other individuals who received a cut of the profits.
Charges are pending against Dema Daiga, who worked with Campbell on the scheme.
Within a year, all three properties went into default as payments were not being made by the individuals whom Campbell falsely identified as the purchasers.
The loss to Landmark Funding totaled $428,000 for the three properties.
Campbell faces a maximum sentence of 20 years in prison and a $250,000 fine for wire fraud. He will be sentenced before U.S. District Judge Marvin J. Garbis on April 21.
Campbell's attorney William Purpura could not be reached immediately for comment.
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