A man pleaded guilty Friday to using his position as a loan officer working in Falls Church to help carry out a multi-million dollar mortgage fraud scheme.
A man pleaded guilty Friday to using his position as a loan officer working in Falls Church to help carry out a multi-million dollar mortgage fraud scheme.
Alejandro Alquinta, 35, of Springfield, pleaded guilty to one count of conspiracy to commit wire fraud.
According to reports from The United States Attorney’s Office, Alquinta worked as a loan officer at Falls Church’s SunTrust Mortgage from 2003 to 2006. Between 2005 and 2006, Alquinta acted as a loan officer for at least 14 fraudulent property transactions in which straw buyers and unqualified buyers obtained over $4 million in mortgage loan proceeds. In order to gain approval for these mortgage loans, Alquinta and others prepared false and fraudulent mortgage loan applications that were submitted to a lending institution. The mortgage loan applications contained materially false, fraudulent and misleading information, including false information regarding applicants’ employment, income and assets. As a direct result of Alquinta’s conduct, mortgage lenders suffered losses of nearly $500,000.
Alquinta faces a maximum penalty of 20 years in prison. He will be sentenced on March 4.
