A FORMER Guam resident was arrested in Arizona last week to face charges of mortgage fraud after allegedly defrauding mortgage lenders out of more than $3.5 million.
Anthony Cruz Quitugua, 38, of Phoenix, faces a 15-count indictment that was handed by a federal grand jury in May of last year. He was apprehended in Winslow, Ariz. on the arrest warrant for the charges.
According to a news release from the Arizona District Attorney's Office, Quitugua’s indictment includes two counts of making false statements on loan applications, and 13 counts of wire fraud.
“The grand jury indictment alleges that Quitugua orchestrated straw purchases of high-end properties at inflated prices and arranged for mortgage loans on the properties based on false statements to the lenders,” the release stated. “Quitugua allegedly pocketed almost $640,000 from the deals, and all of the properties subsequently went into foreclosure.”
If convicted, Quitugua could face a maximum penalty of 30 years in prison, a $1 million fine, or both, for the offenses.
The release indicated that the investigation prior to the indictment was conducted by the United States Secret Service. The prosecution is being handled by Monica Klapper, Assistant U.S. Attorney, District of Arizona, Phoenix.
Former Guam resident arrested on fraud charge
- Friday, 01 Jun 2012 03:00am
- BY GERALDINE CASTILLO | VARIETY NEWS STAFF
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