Commack man pleads guilty to $4.7M mortgage fraud

Brent Kaufman faces up to 30 years for scheme that left clients in financial ruin, foreclosure, DOJ said

Tri-State /
Sep.September 01, 2021 04:01 PM
An unlicensed mortgage broker diverted millions intended to pay off mortgages into his personal bank accounts by providing lenders with false wire information, the DOJ said. (iStock)

An unlicensed mortgage broker diverted millions intended to pay off mortgages into his personal bank accounts by providing lenders with false wire information, the DOJ said. (iStock)

A Commack man could spend up to 30 years in prison after pleading guilty to a $4.7 million mortgage fraud scheme.

Brent Kaufman, 50, served as an unlicensed mortgage broker, helping clients refinance homes in Queens and Long Island, prosecutors said. Rather than paying off their existing mortgages, however, Kaufman fed lenders false wire information, diverting millions of dollars in his clients’ funds into his personal bank accounts.

The scheme caught up with Kaufman on Tuesday, when he entered a guilty plea in a Brooklyn federal court, according to the Department of Justice.

Kaufman’s scheme stuck his clients with two mortgages, leaving some in financial ruin. He did pay off some old mortgages to avoid being caught, but not others. Several had their homes foreclosed upon due to the scheme, which ran from 2016 to 2019, according to a DOJ statement.

Prosecutors allege that lenders lost a net total of nearly $2.5 million from the scheme. In addition to a potential prison term — Kaufman is set to be sentenced in January — he faces a forfeiture and fine of up to $1 million.

“Today’s guilty plea reminds us of the threat posed by those who prioritize their own financial interests above all else,” said FBI Assistant Director-in-Charge Michael Driscoll in the DOJ release.

Kaufman’s attorney said his client acknowledges his crimes and “is looking forward to putting this chapter in his life behind him,” according to Newsday.






    Related Articles

    arrow_forward_ios
    Sheldon Solow and the Hamptons estate (Getty, Douglas Elliman)
    Sheldon Solow’s Hamptons home gets $10M price cut
    Sheldon Solow’s Hamptons home gets $10M price cut
    Riverhead officials impose moratorium on solar energy projects
    Riverhead officials impose moratorium on solar energy projects
    Riverhead officials impose moratorium on solar energy projects
    Prices for the few homes in Fairfield are still going up (iStock)
    Few listings, sustained demand keeps Fairfield home prices near record highs
    Few listings, sustained demand keeps Fairfield home prices near record highs
    LI rental review board setting standard for local rental permits
    LI rental review board setting standard for local rental permits
    LI rental review board setting standard for local rental permits
    Omni’s Garden Spires residents allege leaks, mice infestations
    Omni’s Garden Spires residents allege leaks, mice infestations
    Omni’s Garden Spires residents allege leaks, mice infestations
    Ford estate fetches $105M, a Hamptons “record” but far below ask
    Ford estate fetches $105M, a Hamptons “record” but far below ask
    Ford estate fetches $105M, a Hamptons “record” but far below ask
    School and office reopenings led to fewer reservations at the end of summer. (iStock)
    Hamptons rental market had strong summer, begins to cool
    Hamptons rental market had strong summer, begins to cool
    Dick Cavett sells estate for $24M in priciest Montauk deal this year
    Dick Cavett sells estate for $24M in priciest Montauk deal this year
    Dick Cavett sells estate for $24M in priciest Montauk deal this year
    arrow_forward_ios

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

    Loading...