Mortgage fraud in Laurel, Maryland

Olu Campbell, also known as Oluseun Oshosanya from Laurel, Maryland pleaded guilty on February 2nd to mortgage fraud.

Federal Investigators say that Mr. Campbell, age 29 was a loan officer and a building contractor. Mr. Campbell had the experience of the mortgage industry to pull off his scheme of fraud.

Mr. Campbell purchased three properties in Baltimore, Maryland in 2008. Mr. Campbell in order to obtain the mortgage loans for two of the properties used other individuals’ identities.  Mr. Campbell knew the individuals yet posed as them at the closings, as well as submitted fraudulent loan applications and supporting documents. Mr. Campbell used those individuals name and social security number without their knowledge or consent. The third property that Mr. Campbell purchased he solicited a straw buyer, submitted the application and fraudulent supporting documents.

Mr. Campbell’s business received thousands of dollars for home conversion fees and other expenses when the funds from the closings were disbursed.

Mr. Campbell is currently awaiting sentencing. He faces up to twenty years in federal prison and a two hundred fifty thousand dollar fine.

The Federal Bureau of Investigation, the United States Secret Service and the United States Attorney’s Office for the District of Maryland investigated and prosecuted the case.