Penn Hills man indicted in mortgage fraud case
A Penn Hills resident has been indicted by a federal grand jury in Pittsburgh on charges of conspiracy, bank and wire fraud and filing false tax returns.
U.S. Attorney David Hickton announced Wednesday a 20-count superseding indictment naming George Kubini, 48, of Penn Hills, Dov Ratchkauskas, 46, of Pittsburgh, Sandra Svaranovic, 52, of Pittsburgh and Arthur Smith, 63, of Pittsburgh.
The four people named, along with other individuals who have already pleaded guilty, participated in a mortgage fraud conspiracy involving hundreds of properties and tens of millions of dollars in fraudulent loands, according to the indictment.
Justice officials said Kubini and Ratchkauskas operated businesses which purchased and sold real estate, financing the properties through a complex mortgage fraud scheme and executing settlement statements they knew to be fraudulent.
The indictment accuses the pair of making false representations to borrowers about making improvements to various properties.
The indictment also alleges that Kubini filed false income tax returns understating his adjusted gross income.
Seven federal agencies and seven local agencies joined the Justice Department's Mortgage Task Force in conducting the investigation.
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