ROBERT KAHAN, FLORIDA DEVELOPER, SENTENCED ON MORTGAGE FRAUD

From Justice.gov

TRENTON, N.J. – The developer of three Trenton affordable housing projects was sentenced today to 27 months in prison for making false statements to a financial institution to divert project money for personal and other unauthorized purposes, and to conducting a transaction with the proceeds of this crime, U.S. Attorney Paul J. Fishman announced.

Robert Kahan, 69, of Sunny Isles Beach, Florida, previously pleaded guilty before U.S. District Judge Peter G. Sheridan to two counts of an indictment charging him with making false statements in a loan application (Count 8) and to transacting in criminal proceeds that resulted from those false statements (Count 12). Judge Sheridan imposed the sentence today in Trenton federal court. 

According to documents filed in this case and statements made in court:
Between 2006 and 2009, Kahan was a developer of three affordable housing projects in Trenton – the Canal Plaza Homeownership Project, the Southwest Village II Project and the Catherine S. Graham Project – for which he obtained both private and public funding.
The Southwest Village II Project was a project to construct 52 affordable housing units. 

Kahan diverted substantial portions of the project’s financing from a $6,435,000 construction loan from Roma Bank to his own personal use, his other development projects and other uses that were outside of the project budget. In October 2008, Kahan diverted $343,354 of Southwest Village II project financing and applied it as a down payment to purchase a Florida condominium. In numerous payment applications made to the loan administrator for the project financing requesting advances of loan and subsidy money, Kahan falsely stated that all money that he was previously paid had been used to pay costs for labor, materials and other obligations for the Southwest Village II Project. 

In addition to the prison term, Judge Sheridan sentenced Kahan to four years of supervised release. Under terms of the plea agreement, Kahan must forfeit $989,901 in criminal proceeds. (Source)

EX-NFL PLAYER JIMMY HITCHCOCK SENTENCED ON MORTGAGE FRAUD PLEA

"For the world offers only a craving for physical pleasure [lust of the flesh], a craving for everything we see [lust of the eyes], and pride in our achievements and possessions [pride of life]. These are not from the Father [Spirit and Truth], but are from this world [capitalism which is love and worship of money]." ~ 1 John 2:16

From ESPN.com

CHARLOTTE, N.C. -- Authorities say a former NFL player has been sentenced to nearly four years in federal prison and two years of supervised release for his role in a multimillion-dollar mortgage fraud conspiracy.

U.S. Attorney Anne M. Tompkins says 43-year-old Jimmy Hitchcock was sentenced Tuesday after pleading guilty in June 2013 to mortgage fraud conspiracy, bank bribery conspiracy and money laundering conspiracy.

Court documents say Hitchcock engaged in a scheme that created bogus "official checks" that could make it look like buyers had made down payments when they actually hadn't. Those documents also say Hitchcock created other false documents to support the transactions and bribed a bank insider to provide bogus verifications of deposit to support the transactions.

Hitchcock played for three teams in eight NFL seasons, including the Carolina Panthers.

Copyright 2014 by The Associated Press

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Sidebar Vent:  When will Black folks learn that they cannot do the illegal and unethical things that other races and nationalities do and get away with it? Blank stare.  Black folks have been disproportionately prosecuted and sentenced for crimes involving mortgage fraud than any other group of people.  

Blacks already know that the wealth and justice deck has been inherently stacked against us. So I do not feel sorry for anyone who commits a crime and gets caught knowing that the legal and banking systems are clearly stacked against them.