Mis-sold Mortgage Claims > Mortgage News
Property Developer Gets Nine Years for Mortgage Fraud
Fri, 07 Oct 2011
A New York property developer has been jailed for laundering bribes for former Congressman Randy Cunningham.

He received a nine years' prison sentence for what a federal judge termed as one of the biggest mortgage frauds in history.

Thomas Kontogiannis, aged 62, was originally given a sentence of 12 years 10 months; this was then reduced by U.S. District Judge Kiyo Matsumoto to nine years, to be served concurrently with the remainder of the eight-year sentence he received in 2008 for laundering money given to Cunningham, a former member of the U.S. House of Representatives who pleaded guilty to receiving $2.4 million in bribes.

The sentence is reflective of the times we live in where there have been many serious financial losses.

From 2003 until 2007, Kontogiannis sold mortgages he had fraudulently got on properties he owned in the New York boroughs of Queens and Brooklyn to Washington Mutual and DLJ Mortgage Capital Inc, a subsidiary of Credit Suisse AG.
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