A Newington was arrested on a federal criminal complaint Thursday charging him with leading a multi-year mortgage fraud scheme in the greater Hartford area.
Filippos “Filip” Milios, 54, is accused of purchasing and selling houses using straw borrowers and false or fictitious loan applications, employment verifications, bank statements and pay stubs, according to a news release from the U.S. Justice Department.
This alleged scheme involved more than 40 fraudulent mortgages exceeding $10 million and losses exceeding $5 million.
Officials said Milios purchased a number of homes and then sold them at a significantly higher sales price to straw borrowers that he and his co-conspirators recruited.
In addition, it is alleged that Milios used his own funds to make the down payments on behalf of the borrowers, and that he made payments outside of closing to the straw borrowers and his co-conspirators.
Milios appeared before a federal judge in Hartford and was released on a $100,000 bond.
U.S. Attorney David B. Fein noted that the investigation into these alleged schemes is ongoing and asked individuals who have information that may helpful to the investigation to contact the U.S. Department of Housing and Urban Development – Office of Inspector General at (860) 240-4800.
Officials said the announcement is part of efforts underway by President Barack Obama’s Financial Fraud Enforcement Task Force (FFETF) which was created in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes.