MAN DEFRAUDS INDIVIDUALS & LENDERS OF MORE THAN $1.5 MILLION

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Education & Training with (retired) TN LIC# 290452
 

Woodbridge Resident Admits Defrauding Individuals and Lenders of More Than $1.5 Million

U.S. Attorney’s Office January 19, 2012
  • District of Connecticut (203) 821-3700
 
David B. Fein, United States Attorney for the District of Connecticut, announced that JOHN VOLOSHIN, 56, of Penny Lane, Woodbridge, waived his right to indictment and pleaded guilty today before United States Magistrate Judge Donna F. Martinez in Hartford to one count of mail fraud stemming from his operation of multiple schemes that have caused losses of more than $1.5 million to individuals and lenders.

According to court documents and statements made in court, in 2010, VOLOSHIN defrauded an individual for whom he had agreed to bid on the bank auction of a hotel on Nantucket. VOLOSHIN instructed the victim to send him a check in the amount of $250,000 made payable to the name of the auction company. Rather than delivering money to the auction company, VOLOSHIN deposited the check into a bank account for which he had sole signatory authority and used the proceeds from that check to enrich himself.

In pleading guilty, VOLOSHIN also admitted that he committed three other frauds. In approximately 2006, VOLOSHIN asked an individual to loan him $500,000. VOLOSHIN indicated that he was in contract to purchase a house on Martha’s Vineyard, but that he needed the money or he would lose a deposit. The victim agreed to loan VOLOSHIN the money. To date, VOLOSHIN has not repaid the loan.

In 2008, VOLOSHIN received a home equity loan in the amount of $250,000 from Webster Bank. In support of his home equity loan application, VOLOSHIN submitted a false federal tax return. As of August 2011, the outstanding balance on the bank loan was more than $252,000.

In June 2010, VOLOSHIN applied for and received a $520,000 refinance loan from a mortgage lender for a property he has owned on Martha’s Vineyard since 1999. In association with the loan application, VOLOSHIN submitted a financial account statement showing an account balance in excess of $3 million at UBS when, in reality, he had no account at UBS. VOLOSHIN used approximately $250,000 of the refinance loan proceeds to pay the victim of the hotel auction fraud scheme.

In total, VOLOSHIN’s schemes resulted in losses of approximately $1.52 million.

VOLOSHIN is scheduled to be sentenced on April 5, 2012, by United States District Judge Robert N. Chatigny, at which time VOLOSHIN faces a maximum term of imprisonment of 20 years.

VOLOSHIN has been detained since his arrest on November 18, 2011.

This matter is being investigated by the Federal Bureau of Investigation.

The case is being prosecuted by Assistant United States Attorneys David T Huang and Michael S. McGarry.

This case was brought in coordination with the President’s Financial Fraud Enforcement Task Force, which was established to wage an aggressive and coordinated effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

To report financial fraud crimes, and to learn more about the President’s Financial Fraud Enforcement Task Force, please visit www.stopfraud.gov.

Courtesy FBI

 
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David Saks


 


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Topic:
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real estate fraud

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Show All Comments
Rainmaker
575,377
Phil Leng
Keller Williams Eastside Market Center - Kirkland, WA
Phil Leng Team - Residential Real Estate Experts &

Hi David,

What a sad story!

I get the impression that he was trying, unsuccessfully, to be a real estate investor, and got caught in the downturn like so many of us.

By the way, what is your fascination with morbid stories? Share some great stories of good people doing wonderful things once in a while!

Phil

Jan 20, 2012 04:30 AM #1
Rainmaker
983,646
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Another one of these stories in my home state. Unlike Phil, I thank you for sharing these stories. We can't keep our heads buried in the sand.

Jan 20, 2012 05:44 AM #2
Rainmaker
1,391,741
David Saks
(retired) - Memphis, TN
Memphis

Fascination, Phil ? Call it vigilance. And what's wrong with that ? Protect the business, the real estate community and consumers from fraud.

"Got caught in the downturn" ? That chiseler blatantly committed egregious acts of fraud that had nothing to do with the economy but everything to do with the mindset of a desperate swindler. He obtained a fraudulent loan to repay the auction victim the 250k he ripped off and committed a series of flagrant violations, one after the other.

If I were younger, and eligible, I would have been a fraud examiner for the FBI because of what I've seen happen to real estate and banking in recent years. My fraud blog roll is there to demonstrate clearly that swindlers wear suits, have business degrees, no heart and destroy lives mercilessly with sophisticated schemes.

And, FYI, I enjoy writing blog posts regarding the quality within the world at large, and frequently do, in case you missed the last one:

Thanks for your comment.

Jan 20, 2012 10:02 AM #3
Rainmaker
1,391,741
David Saks
(retired) - Memphis, TN
Memphis

Thanks, Joe. Transparency is essential, necessary, and requisite, though chiselers have other ideas. Have a great weekend.

Jan 20, 2012 10:17 AM #4
Rainmaker
52,357
Linda Jamail Marshall
Linda Marshall,Houston Texas, Linda Marshall, Realtors® - Houston, TX
Broker, ABR,QSC,RECS,ACRE - Innerloop Houston, Tex

I guess I live in constant amazement the lengths people went to, to commit fraud.

 

Jan 20, 2012 10:26 AM #5
Rainmaker
1,391,741
David Saks
(retired) - Memphis, TN
Memphis

Ditto, Linda. Nice to hear from you.

Jan 20, 2012 10:28 AM #6
Rainmaker
662,607
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

David

I like your series....it's important to know about the misdeeds of people involved in this industry. Keeps us alert to the possibility of running into problems caused by people like this. Thanks for the information. Wonder what else you'll discover?

Thanks!

 

Jan 20, 2012 04:40 PM #7
Rainmaker
447,865
Malcolm Johnston
Century 21 Lanthorn Real Estate LTD., Trenton, Ontario - Trenton, ON
Trenton Real Estate

It sounds like this fellow's moral compass needs some realignment. Maybe a spell in jail might just give him some time to think.

Jan 20, 2012 04:42 PM #8
Rainmaker
1,391,741
David Saks
(retired) - Memphis, TN
Memphis

Thanks, Pacita. I'd like to discover some honest people in real estate.

Jan 20, 2012 04:49 PM #9
Rainmaker
1,391,741
David Saks
(retired) - Memphis, TN
Memphis

He'll develop an appetite for peanut butter and jelly sandwiches, too, Malcolm. Have a nice weekend.

Jan 20, 2012 04:51 PM #10
Rainmaker
696,110
Pamela Seley, REALTOR®
REALTY EXECUTIVES OTF - Temecula, CA
Seals the Deals in Temecula Valley California

David, I also appreciate your fraud series. I don't think there can ever be enough said about real estate fraud and how this effects lives. This guy will go to the slammer for maybe 20 years, but how will he ever be able to repay what he robbed? Probably never, because he's not able to earn money honestly.

Jan 24, 2012 05:16 AM #11
Rainmaker
1,391,741
David Saks
(retired) - Memphis, TN
Memphis

Pretty gutsy thief, Pamela.

Jan 24, 2012 01:25 PM #12
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Rainmaker
1,391,741

David Saks

Memphis
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