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Md. Man Guilty For False Loan Applications | News

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Md. Man Guilty For False Loan Applications
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GREENBELT, Md. (WUSA9) -- A Rockville man pleaded guilty to submitting false loan applications that resulted in losses of over $515,000, officials said.

From September 2006 to May 2007, Edgar Galdamez, 36, and others contacted individuals interested in buying investment properties and then submitted false loan applications in their names, officials said.

He typically inflated the buyers' income, left out liabilities, and stated that it was intended to be the person's primary residence to get a lower interest rate, officials said.

"Galdamez and others profited from these fraudulent transactions by collecting origination fees, commissions and broker's fees from each loan that closed," officials said in a news release.

Galdamez will be
required to forfeit at least $515,500 and pay
restitution. He faces a maximum penalty of 30 years in prison and a $1 million fine. His sentencing is scheduled for November 5.     

      

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