The four-count indictment alleges that between May 2016 and April 2017, Philip and Calvin Abramowitz engaged in a conspiracy to defraud two financial institutions in order to obtain money and property by presenting false pretences for their transactions.
Philip and Calvin Abramowitz ,Siblings Accused of Bank Fraud
Calvin Abramowitz, 48, of Lakewood, New Jersey, and his brother Philip Abramowitz, 50, of Pikesville, Maryland, have both been charged with bank fraud and conspiracy to commit bank fraud. Additionally, Philip Abramowitz has been charged with making false statements on a loan application.
According to the allegations, Philip, Calvin Abramowitz, and a number of other individuals submitted mortgage applications for a combined total of $535,448 in order to finance the purchase of two properties in Baltimore, Maryland. According to the allegations, the loan applications contained false information that resulted in a misrepresentation of the financing for the purchases, as well as the ownership interests and intentions of the parties involved.
Furthermore, the allegations made in the indictment, Philip Abramowitz gave his family members the instruction to apply for and receive Federal Housing Administration loans in their names so that he could use the money to finance the purchase of two properties in Baltimore.
In addition, the indictment alleges that Philip and Calvin Abramowitz concealed Philip Abramowitz’s involvement in the real estate transactions and submitted false bank records and company filings during the loan application process to conceal the buyers’ and sellers’ familial relation.
Additionally, the indictment alleges that Philip and Calvin Abramowitz concealed Philip Abramowitz’s involvement in the real estate transactions.
Moreover, the indictment alleges that Philip Abramowitz falsified LLC records in order to create the illusion that his property manager was the sole owner of the selling entity in both property transactions. Additionally, the indictment alleges that Philip Abramowitz instructed his property manager to sign all closing documents as the “seller” in order to finalise the sales and the disbursement of loan proceeds.
Afterall, the indictment asserts that Philip Abramowitz gave financial assistance to Calvin Abramowitz in order to cover the closing costs for both properties that were incurred by Calvin Abramowitz and another family member.
In the event that Philip Abramowitz is found guilty, the maximum sentence for bank fraud is 30 years in federal prison, and the maximum sentence for conspiracy to commit bank fraud is also 30 years in federal prison. If Calvin Abramowitz is found guilty, the maximum sentence for bank fraud is 30 years in prison, the maximum sentence for conspiracy to commit bank fraud is 30 years in prison, and the maximum sentence for making false statements on a loan application is 30 years in federal prison.
In most cases, the actual sentences handed down for federal crimes are less severe than the maximum possible penalties. A sentence will be decided by a judge in a federal district court after taking into account the United States Sentencing Guidelines and any other statutory factors that are relevant.
The initial court appearances for the defendants are scheduled to take place in the United States District Court in Baltimore on March 24, 2022, beginning at 1:30 p.m., in front of the United States Magistrate Judge Coulson.
Erek L. Barron, the United States Attorney for the District of Maryland, and Shawn Rice, the Special Agent in Charge of the Office of Inspector General for the United States Department of Housing and Urban Development, made the announcement regarding the indictment.
An indictment is not the same thing as a guilty verdict. A person who is accused of committing a crime and named in an indictment is presumed innocent unless and until they are found guilty in a later criminal proceeding.
HUD-OIG received high praise from United States Attorney Erek L. Barron for the work they did during the investigation. Mr. Barron expressed his gratitude to Assistant United States Attorney Martin Clarke, who is in charge of the federal prosecution of the case.
