6 indicted in alleged mortgage fraud, bank fraud, identity theft scheme

By News Staff

news@abc6.com

Six people have been indicted in a mortgage fraud, bank fraud, and identity theft scheme.

In a 22-count federal grand jury indictment unsealed in U.S. District Court Thursday, six individuals including a real estate attorney, a real estate agent, a licensed loan originator, a former loan officer, a loan processor and a real estate investor, were charged in the conspiracy.

It is alleged that between 2007 and 2014, the defendants conspired in a scheme that caused prospective homebuyers to get mortgages from financial institutions based upon materially false loan applications and fraudulent supporting documentation.

It’s also alleged that thousands of dollars were fraudulently obtained by misrepresenting on a Housing and Urban Development form the amount of funds due or to be paid to one of the parties involved in a transaction.

The defendants allegedly concealed their involvement in the scheme by doing business under several different names, and used stolen identities to further the fraud and conceal their connection to the real estate transactions.

 The indictment charges the following individuals:

  • Attorney Louis Marandola, 41, of Providence, R.I., with one count of conspiracy, five counts of bank fraud, three counts of wire fraud and six counts of aggravated identity theft.
  • Brian R. McCaffrey, 38, of East Greenwich, R.I., a licensed loan originator, with one count of conspiracy, two counts of bank fraud and two counts of aggravated identity theft.
  • Raffaele M. Marziale, 41, of Bristol, R.I., a former loan officer, with one count of conspiracy, two counts of bank fraud and two counts of aggravated identity theft.
  • Lauren Sienko, 33, of Rehoboth, Mass., a loan processor, with one count of conspiracy, two counts of bank fraud and one count of aggravated identity theft.
  • Gina M. Ronci Mohamed, 45, of Lincoln, R.I., a licensed real estate agent, with one count of conspiracy, two counts of bank fraud, two counts of aggravated identity theft, and one count of false statement.
  • Edwin Rodriguez, 35, of Pawtucket, R.I., a real estate investor, with one count of conspiracy, once count of bank fraud, two counts of aggravated identity theft and two counts of witness tampering.

In September, former mortgage loan originator Franchesco Franco, 34, of Providence, pleaded guilty to conspiracy to commit bank fraud. Franco admitted to participating in a scheme to defraud Flagstar Bank by filing a fraudulent mortgage loan application and supporting documentation under a different name.

In a separate matter, it is alleged that Dylan T. Kelly, 40, of Providence, whose real estate appraiser’s license expired in September 2008, continued to conduct and issue real estate appraisals using the identity, license and insurance certificate of a licensed appraiser without his permission or knowledge.

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