Conviction for Merrick Man After Month-Long Trial; Charged with Mortgage Fraud, Scheme to Defraud
Published on February 4, 2014 · Filed Under Crime
by Laura Cino
Rufino AKA “Abraham” Cordova, 41, of Merrick was found guilty Tuesday of grand larceny in the second degree, two counts of residential mortgage fraud in the second degree and scheme to defraud.
(Long Island, NY) A Merrick man was convicted today of mortgage fraud and other crimes after a month-long trial in criminal court in Riverhead, Suffolk County District Attorney Thomas Spota said.
After a day of deliberation, Rufino AKA “Abraham” Cordova, 41, was found guilty Tuesday of grand larceny in the second degree, two counts of residential mortgage fraud in the second degree and scheme to defraud.
District Attorney Spota said Cordova stole approximately a half-million dollars from lenders in 2008 and 2009 in two real estate transactions involving homes in Hempstead and Central Islip.
“In this scheme, the investigation by our Mortgage Fraud Unit detectives found evidence that Cordova created companies on paper to buy property and then sell the home to a straw buyer – who has secured financing with bogus financial credentials and an over-stated annual income,” DA Spota said.
“In this case, approximately $500,000 was stolen in two deals from two lending institutions; the Bank of America and National City Mortgage,” District Attorney Spota said. “More than five years after widespread fraud became known in the mortgage industry, our Mortgage Fraud Unit is still investigating and prosecuting offenders, and Cordova specifically faces criminal charges related to fraudulent mortgage schemes in other indictments.”
Openings in Cordova’s trial were on January 2. Closing arguments were last Friday, January 31. Because of inclement weather, jury deliberations did not begin until this morning February 4, 2013.
State Supreme Court Justice Mark Cohen remanded the defendant to the Suffolk County Jail in lieu $250,000 cash bail, or $500,000 bond.