NY Criminal Defense Update: New Crime of Residential Mortgage Fraud
The criminal offenses commonly referred to as White Collar and Fraud crimes recently added a new offense to their ranks. As of November 1, 2008, Residential Mortgage Fraud was added to New York's Penal Law. As I have mentioned numerous times before, it is imperative that your White Collar criminal defense attorney is aware of changes in the law, court decisions impacting those laws and the passage of new criminal statutes.
Penal Law 187.00(4) defines Residential Mortgage Fraud is committed by:
any person who, knowingly and with intent to defraud, presents, causes to be presented,
or prepares with knowledge or belief that it will be used in soliciting an applicant for a residential mortgage loan, or in applying for, the underwriting of, or closing of a residential mortgage loan, or in documents filed with a county clerk of any county in the state arising
out of and related to the closing of a residential mortgage loan, any written statement which he or she knows to:
(a) contain materially false information concerning any fact material
thereto; or
(b) conceal, for the purpose of misleading, information concerning any
fact material thereto.
Residential Mortgage Fraud is a crime punishable as an "A" misdemeanor with a potential sentence of one year jail to a "B" felony punishable by up to twenty five years in state prison.
According to Penal Law Section 187.05, Residential Mortgage Fraud in the 5th Degree, a person is guilt of this crime when he or she commits residential mortgage fraud. The crime of Residential Mortgage Fraud almost tracks the Grand Larceny statute in that the 4th through 1st Degree relate to the proceeds or any other funds received. Similar to Grand Larceny (not exactly), if an individual receives an aggregate in excess of one thousand, three thousand, fifty thousand or one million dollars as a result of this fraud, the crime increases in its severity and potential term of incarceration.
Whether you are charged with or investigated for Residential Mortgage Fraud, the criminal defense attorneys and former Manhattan prosecutors at Crotty Saland, LLP have the experience, skill and drive to zelously advocate on your behalf. Don't let any accusation of White Collar crime derail your life and integrity. Retain counsel who will implement the best defense to preserve your future.
