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Bank Fraud Lands Las Vegas Man in Prison | News

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Bank Fraud Lands Las Vegas Man in Prison

LAS VEGAS -- A local man who used friends and family members as straw buyers to fraudulently purchase Las Vegas area homes so he could skim loan proceeds received a 51-month prison sentence Monday, Nevada's U.S. Attorney Daniel Bogden said.

Oudom Somee, 46, who is in custody, also was ordered by U.S. District Judge Miranda Du to pay $1.3 million in restitution. Somee was convicted by a jury in November on charges related to bank, wire and mail fraud. Financial institutions lost more than $2.6 million.

Somee and co-conspirators recruited individuals with high credit scores to purchase homes that he would control. He told straw purchasers that he would use their names and credit to buy the houses and that they would not have to pay the mortgages. Somee and co-conspirators prepared the paperwork and submitted the loan applications to the financial institutions.

These applications and the supporting documents contained information concerning the applicant's identity, income, assets and intent to occupy the homes to ensure that the straw buyers would qualify for the loans. Somee orchestrated the transactions to receive cash or divert money to his company, Vegas Golden Investments.

He also tried to conceal his role in the scheme by using bank accounts belonging to fictitious entities and others, including his sister. Eight homes were purchased in Henderson and Las Vegas using this scheme. The homes generally went into foreclosure after Somee made a few mortgage payments.

A loan officer and escrow officer were also convicted in the scheme.

The case was investigated by the FBI and prosecuted by Assistant U.S. Attorneys Daniel Schiess and Sarah Griswold.


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