The man scammed banks holding primary mortgages into paying off false secondary mortgages
An Arizona man has been sentenced to 30 months in prison for his lead role in a distressed mortgages short-sale scheme that caused losses to banks, according to the US Attorney’s Office for the District of Arizona.
David Dziedzic was also ordered by US District Judge David Campbell to pay $107,280 in restitution for the actual loss caused when 40 banks paid out on the false liens and a money judgment of $142,000 over time, in order to disgorge additional profits. He must also give up his real estate license.
The sentence follows Dziedzic’s guilty plea to one count of communication of unregistered securities and a separate count involving the failure to notify the Treasury Department of his collection of more than $10,000 in cash from a real estate customer.
As owner of Real Core realty, Dziedzic marketed the “Housing Angels” program designed to help homeowners stay in their homes following a short sale through an undisclosed sale-leaseback program with angel investors.
As part of the program, Dziedzic recorded false secondary liens on more than 100 short sale properties to induce banks holding primary mortgages to pay off the false secondary mortgages. The scheme resulted in more than $100,000 in illegal profits.
Dziedzic’s wife, Heather Dziedzic, was also sentenced for her role in the offense after pleading guilty to a related misdemeanor charge. She received a two-year term of probation and a deferred disposition on a felony securities charge, which may be dismissed upon successful completion of the probationary term. She will also surrender her real estate license.
