48°
Taimur Aurora faces up to 30 years in federal prison when he is sentenced Sept. 17.
Aurora waived his right to indictment and pleaded guilty before Chief U.S. District Judge Janet C. Hall in Bridgeport to conspiring to defraud financial institutions through a mortgage fraud scheme that involved dozens of properties in Fairfield County, the statement said.
According to court documents and statements made in court, from 2005 to 2013, Aurora participated in a mortgage fraud conspiracy that involved the purchase of numerous single and multifamily properties, primarily in Bridgeport and Stamford.
As part of the scheme, he and his co-conspirators provided mortgage lenders with false information, including false verifications of mortgage applicants’ income, false verifications of down payments for real estate transactions and false HUD-1 Forms.
Aurora also directed the actions of various “straw buyers,” or individuals who fraudulently applied for and obtained mortgage loans but did not have an actual financial investment or stake in the mortgage transactions. At times, Aurora acted as a straw buyer himself.
Many of the properties involved ended up in foreclosure, or in short sale transactions, and lenders suffered losses of more than $7 million. The loss attributed to Aurora's role in this scheme totals $4.2 million.
Aurora pleaded guilty to one count of conspiracy to commit wire fraud and bank fraud.
The FBI is conducting an ongoing investigation into this case.
Click here to follow Daily Voice Stamford and receive free news updates.
