How a New York mortgage broker scammed large banks and Fannie and Freddie

Patrick Ogiony faces up to 5 years in prison

New York /
Mar.March 20, 2019 09:30 AM

Patrick Ogiony (Credit: Twitter)

Mortgage broker Patrick Ogiony has pleaded guilty to being part of a multifamily real estate scandal involving inflated mortgages, fake incomes and fake residents.

Ogiony, of Buffalo, pleaded guilty last week to conspiracy to commit bank fraud, according to HousingWire. He was accused of defrauding financial institutions including M&T Bank, UBS Securities and SteepRock Capital—along with Fannie Mae and Freddie Mac—by giving them false information about apartment communities owned by Morgan Management in several states, including New York, Pennsylvania, Illinois, Texas, South Carolina and North Carolina.

He admitted to giving lenders and appraisers false rent rolls where he overstated how many renters were in the properties or how much they paid in rent, encouraging them to issue loans for the properties that they either wouldn’t have issued otherwise or would have issued in much smaller amounts.

Ogiony faces a maximum penalty of a $250,000 fine and five years in prison. [HousingWire] – Eddie Small


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Richard Wagman, managing partner, Madison Capital (Care/of, Madison Capital, iStock)
Madison Capital signs wellness company in Brooklyn office
Madison Capital signs wellness company in Brooklyn office
Vornado co-head of real estate Glen Weiss and Sharebite President Mohsin Memon (VNO, Facebook, iStock)
Vornado sweetening Manhattan properties with food delivery partner
Vornado sweetening Manhattan properties with food delivery partner
Thomas Cangemi, chief executive officer, New York Community Bank (New York Community Bank, iStock)
Looming interest hikes prompt multifamily lending spree
Looming interest hikes prompt multifamily lending spree
Retailers are falling behind on their rent (Stock, Photo illustration by Priyanka Modi)
These retailers fell behind on rent last year
These retailers fell behind on rent last year
Jeff Aronson (iStock, Jeff Aronson, CC BY-SA 2.0, via Wikimedia Commons/Photo Illustration by Steven Dilakian for The Real Deal)
Centerbridge closes $2B real estate fund
Centerbridge closes $2B real estate fund
Adir Levitas, founder and CEO, Faropoint (Faropoint, iStock, Illustration by Kevin Cifuentes for The Real Deal)
An industrial “David” in a field of Goliaths
An industrial “David” in a field of Goliaths
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...