“Identity theft. Mortgage fraud. Money Laundering. Pakistan.”
Varifrank highlights a mortgage fraud story with national security implications:
What began with an identity theft investigation eventually led the FBI to an alleged mortgage fraud scheme involving subprime lenders and dozens of homes in Stockton.
The FBI says Iftikhar Ahmad, 36, made millions by buying and selling more than 100 houses over the past eleven years.
According to a complaint and supporting affidavit filed in federal court, many of the transactions involved a quick turnaround with a dramatic price increase.
One example is the sale of a house at 2228 E. Stadium Drive by Ahmad for $330,000 in March 2006 to one of his three brothers. Ahmad purchased the property just 18 months earlier for $99,000.
In another series of transactions, a house appreciated in value more than tenfold over an eight-year period.
Ahmad purchased the home at 327 N. Pilgrim Street in 1997 for $22,000. Investigators say Ahmad bought and sold the same property twice before ultimately selling it a third time in 2005 for $236,000.
Many of the mortgages came from subprime lenders and in some cases the buyers used stolen identities, according to the FBI.
Ahmad also faces money-laundering charges. Here’s the eyebrow-raiser:
Investigators have been unable to determine the exact losses to lenders, but said bank statements from just one three-year period showed Ahmad deposited $8.6 million from escrow closings.
The FBI believes Ahmad sent at least $484,000 of the money to his native Pakistan.
Federal agents searched Ahmad’s home on Barbados Circle in Stockton and the office of the El Camino Motel on East Mariposa Road, owned by his family.
Investigators believe at least 14 people engaged in the scheme, although the complaint names just two other alleged participants.
More: “According to the court documents, the FBI suspects a number of real estate professionals of possible complicity in the scheme. Among those questioned or investigated by the FBI are a mortgage broker, loan officer, escrow officer, notary, and two appraisers.”
Maybe the money went towards Ahmad’s personal enrichment. But maybe not. We’ve seen several fraud schemes carried out here by jihad sympathizers. There was the Hezbollah cigarette-smuggling ring aided by sham marriages between Americans and Middle Eastern operatives. And there was the nationwide theft ring trafficking in black-market baby formula to finance terror.
With the feds closing in on Muslim charities operating as jihad front groups over the past several years (see here for the latest on the Holy Land Foundation trial), it seems likely operatives would turn to these kinds of criminal conspiracies to raise quick cash.
Worth keeping an eye on.
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Indeed – as I know you will…
I remember during Katrina that cable news posted pleas from various charities. The websites for two of the Muslim charities had no board of directors, no names, no pictures, no nothing. I often wonder…lesson learned for everybody. Check charities carefully.
From the Edwards post. I sure do not lump Michelle in with this statement. Another great job!
Okay, I have not been sarcastic all day and it is killing me.
/sarc
What? We are watching his finances! We are violating his rights. We need an investigation to see if his phones have been tapped.
/sarc off
I feel better now.
Just doing the Real Estate fraud that Americans won’t…
Is he here legally?
Boy this sounds familiar….
Just make him Latino, and only 1 house, and you have my story.
And the money trail leads back to Pakistan, closer to their ISI security pros who are aiding jihadis of all stripes with drug profits.
Where did Ifikti-what’s his name get his down payment from. Oh yeah…selling cigarettes and magazines.
Pish.
(Source: ToThePointNews.com)
Actually, mortgage fraud as a common terrorist money laundering tactic is nothing new or surprising. It’s old hat. I’ve written about a number of Hezbollah, Islamic Jihad, and Al-Qaeda cases where they engaged in mortgage fraud for quick cash.
And yet we still cannot profile….hmmmmm
*turns sideways
yet another surprise from our ‘friends’
No surprise here. These guys aren’t stupid and they will use any means possible to get the money they need for their jihad. Also no surprise that they used conspirators in the business.
Way to go FBI. Good job. Lock em all up.
Wouldn’t it be great if it turns out that Edwards’ subprime company was one of the lenders here?
One can only hope. That would be the best Christmas gift ever and it’s only August.
Dictionary.com:
Profile-
9. a set of characteristics or qualities that identify a type or category of person or thing:
What’s so bad about that? Looking for a set of characteristics or qualities that identify a terrorist or terrorist sympathizer?
How is that discrimination? It’s not our fault that the majority who FIT that profile are middle-eastern males between 18-35.
But yet we’re left with asking 9 year old blonde girls with pigtails to remove their shoes at the airport so they can check them for explosives.
We’ve lost our minds.
Perhaps Mr. Ahmad’s brother should contact John Edwards. I understand (from the “John Edwards Predatory Lending story) that he’s offering to help those with foreclosure problems. Seems a natural fit to me.