Thread: 'Queen Of Mortgage Fraud' Faces Deportation

'Queen Of Mortgage Fraud' Faces Deportation

Tuesday, March 3, 2009 6:22 PM



Gihan "Gigi" Zalat

DELAWARE, Ohio — A Powell woman who was called the "queen" of mortgage fraud pleaded guilty on Tuesday and was sentenced to prison.

Gihan "Gigi" Zalat faces deportation upon completion of her sentence, according to the Delaware County prosecutor's office.

Zalat, 41, pleaded guilty to eight felony charges, including three counts engaging in a pattern of corrupt activity and five counts of money laundering.

On Monday, alleged ring member Scott McCann, 46, of Upper Arlington, pleaded guilty to charges of engaging in a pattern of corrupt activity and money laundering.

He is scheduled for to be sentenced on April 13.

The scheme operated under the assistance of unethical appraisers and brokers, involved homes that were appraised at more than their factual value and then sold for the above market price to ring members, Prosecutor David Yost said.

According to Yost, the homes were financed through unsuspecting lending institutions that provided those involved with a significant amount of money.

Along with fraudulent appraisals, members also used falsified tax returns and loan documents to swindle the lending institutions out of millions of dollars, Yost said.

Six of the homes involved were in the Dublin and Powell areas. Many of the homes involved were never occupied after sale and went into foreclosure.

According to the prosecutor's office, also indicted for their connection were Hany Bekhit, Moemen Ibrahim, Dijana Ibrahim, Alaa M. Abouelenein, Hany Ibrahim and Mohamed Mohamed.

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What country is she from?

2 plead guilty in Ohio mortgage fraud ring

Associated Press - March 3, 2009 8:45 PM ET

DELAWARE, Ohio (AP) - A Columbus-area woman has been sentenced to four years in prison for her role in what authorities say was a multimillion-dollar mortgage fraud ring.

Delaware County Prosecutor Dave Yost says 41-year-old Gihan "Gigi" Zalat of Powell pleaded guilty Tuesday to eight felonies, including money laundering.

On Monday, 46-year-old Scott McCann of nearby Upper Arlington pleaded guilty to matching charges. He will be sentenced later.

Prosecutors say they helped run a scam in which appraisers cheated banks by overestimating the values of central Ohio homes.

Police are looking for six others indicted on related charges.

A message seeking comment was left after business hours Tuesday for an attorney representing Zalat. Authorities have said Zalat is an Egyptian citizen and could be deported.

http://www.fox19.com/Global/story.asp?S=9941773

Mortgage scheme

Broker pleads guilty to fraud

Tuesday, March 3, 2009 3:08 AM
By Dana Wilson

THE COLUMBUS DISPATCH
An Upper Arlington man charged last year in a multimillion-dollar mortgage-fraud scheme pleaded guilty yesterday and now faces up to 15 years in prison.

Scott McCann, 46, pleaded guilty to eight felony charges: three counts of engaging in a pattern of corrupt activity and five counts of money laundering, Delaware County Prosecutor Dave Yost said in a news release.

A grand jury indicted McCann, who formerly worked as a real-estate agent and mortgage broker, in February 2008. Also charged was Gihan "Gigi" Zalat, a former co-owner of the Happy Greek restaurant in the South Campus Gateway, and six others.

Authorities have said the ring operated with the assistance of dishonest appraisers and unethical brokers, with Zalat described as the "queen" of the ring.

Homes were appraised at more than their true value and financed through unsuspecting lending institutions, with thousands of dollars kicked back to buyers under the guise of home-improvement money, prosecutors have said.

Along with fraudulent appraisals, ring members also used falsified tax returns and loan documents to swindle the lending institutions out of thousands of dollars, Yost said.

Many of the houses sat empty and went into foreclosure. Six homes were in Dublin and Powell.

McCann agreed to testify against Zalat as part of his plea deal, Yost said. Zalat remains in the Delaware County jail, awaiting a bench trial scheduled for March 17.

Also charged in connection with the scheme are Hany Bekhit, Moemen Ibrahim, Dijana Ibrahim, Alaa M. Abouelenein, Hany Ibrahim and Mohamed Mohamed. Arrest warrants have been issued for all six, but they remain at large.

McCann is scheduled to be sentenced April 13 in Delaware County Common Pleas Court. One of McCann's attorneys, Daniel Costello, referred questions to co-counsel Kelly Johnson, who did not return a phone message.

"Crimes are crimes, whether committed in a boardroom, a title office or on the street," Yost said. "Those who pillage the financial sector of our economy will be held accountable and brought to justice."

dwilson@dispatch.com

http://www.columbusdispatch.com/live/co ... ml?sid=101

here u go vortex

Authorities have said Zalat is an Egyptian citizen and could be deported.