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
Blackstone CEO Stephen Schwarzman and President Jonathan Gray (Getty)
Blackstone reports “the most remarkable results in our history”
Blackstone reports “the most remarkable results in our history”
Panagram CEO John Kim, 65 East 55th Street and Quilvest Capital Partners' Frances Madrid (Getty, Google Maps, Quilvest)
Park Avenue Tower snags two more financial tenants
Park Avenue Tower snags two more financial tenants
John Waldron, COO, Goldman Sachs (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Goldman Sachs hints at return-to-office plans after Omicron delay
Goldman Sachs hints at return-to-office plans after Omicron delay
99 Washington Street in Manhattan NYC (TripAdvisor)
Troubled FiDi Holiday Inn asking $187M
Troubled FiDi Holiday Inn asking $187M
“Nothing has changed”: Judges thwart evictions of nonpaying tenants
“Nothing has changed”: Judges thwart evictions of nonpaying tenants
“Nothing has changed”: Judges thwart evictions of nonpaying tenants
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
arrow_forward_ios

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

Loading...