Overland Park man pleads guilty to $3 million mortgage fraud

KANSAS CITY, Kansas - 34-year-old Jason L. Rabicoff, of Overland Park, has pleaded guilty to taking part in a $3 million mortgage fraud scheme. Federal prosecutors say Rabicoff pleaded guilty to one count of wire fraud.
Rabicoff admitted that in 2006, while working as a loan officer at Apex Financial in Olathe, he took part in a scheme to defraud mortgage lenders. The conspirators, including his brother, Eric M. Rabicoff, arranged for straw buyers to buy homes that were for sale by owners. They obtained financing for the deals by submitting false loan applications to lenders. False information, including employment history, income, and rent history was submitted in order for the straw buyers to obtain loans they would not otherwise qualify to receive. The scheme also called for contract prices to be increased and for conspirators to receive money by submitting false invoices to title companies at closing.
Jason Rabicoff’s role included assembling loan files for straw buyers. He included false rent histories as well as false employment and income amounts to ensure they would receive loans for which they did not qualify. In one case, Jason Rabicoff falsified a loan application for a house in the 4000 block of S.W. Marline in Lee’s Summit, Mo., resulting in the lender sending $379,227 to a title company for closing.
Rabicoff will be sentenced December 13th. There are 9 other defendants in the case: Bora Ly, Deborah Saulmon, and Kong Bun Ly, all set for sentencing December 6th, Eric M. Rabicoff, Lucas R. Collier, and Richard Ngek, all set for trial October 5th, Anthony E. Carollo, set for sentencing Nov. 1st, and Rebecca Gelwix and Anthony Painton, Jr., both set for sentencing Nov. 8th.
U.S. Attorney Barry Grissom commended the Internal Revenue Service, Assistant U.S. Attorney Chris Oakley, Assistant U.S. Attorney Christine Kenney and Assistant U.S. Attorney Richard Hathaway for their work on the case.