ALEXANDRIA (WUSA9) -- A federal grand jury has charged a jewelry store owner and loan officer in connection with a $20 million mortgage fraud scheme, officials said.
Robert Mikail, 40, and Ging-Hwang "Felicia" Tsoa, 58, both of Ashburn, Va., have been charged with conspiracy and bank fraud charges related to their alleged roles in a $20 million mortgage fraud scheme involving more than 35 homes, it said in a press release.
If convicted, Mikail and Tsoa each face a maximum penalty of 30 years in prison on each count of the indictment. Mikail owned a retail jewelry store in Ashburn, Va. known as Opus Jewelry, and Tsoa worked as a loan officer at First Empire Mortgage, in Fairfax, Virginia, and Lifetime Financial Services, in Herndon, Va.
Mikail was able to engineer approximately 36 homes in Ashburn, Va., and obtained from lenders approximately $19,866,150. Mikail and Tsoa profited when these homes were purchased, but all of the loans ultimately defaulted, resulting in significant losses to the lenders, officials said.
The press release also mentioned that an alleged co-conspirator Bing-Sing "Cindy" Wang, the owner of Lifetime Financial Services had pleaded guilty to related charges on Nov. 20, 2012, and was sentenced to 24 months in prison on Feb. 26, 2013.