Ghanaian man charged with wire fraud in US
The reports say 40-year-old Rowland Adjei Sapong was charged for allegedly selling at least 16 condominium units to buyers. He was reported to have recruited the buyers for the purpose of obtaining mortgage loans based on false applications.
The FBI which filed the complaint in US District Court alleged that Sapong bought homes in Worcester area between 2002 and 2007, “often securing financing through false statements on loan applications.”
He allegedly converted each home into two or more condominiums and sold each unit to a “straw” buyer, again obtaining financing for the transactions through false statements on loan documents, the FBI said.
The buyers, the reports added, made few or no payments, the properties fell into foreclosure and lenders sold the properties for a fraction of the value of the mortgages, the government alleged.
Sapong was arrested last week Tuesday at a residence in West Boylston, the government said.
He will appear in court again Monday August 23 2010.
The amount involved was not mentioned.
By Emmanuel K. Dogbevi