Friday, September 12, 2008

Defrauding Fannie Mae

Leib Pitner, former Brooklyn Mortgage executive has pleaded guilty for defrauding Fannie Mae of $44 million with a colleague. In federal Court on Thursday, he entered his guilty plea specifically for the charge of conspiracy to commit wire fraud. He had collected money from payoffs of 257 loans. Maximum penalty he could face is 20 years in prison, but as this article states, it is unlikely to be over 10. Pitner’s sentencing is scheduled for Dec. 19, while his partners case is still pending.

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