The quartet are from the same family.
AB Wire
Four South Asian-origin individuals have been sentenced in Virginia for conspiracy and wire fraud affecting a financial institution.
Mohsin Raza, 51, and his wife, Humaira Iqbal, 40, of Woodbridge, were sentenced to 24 months and 15 months in prison, respectively, according to the Justice Department.
The four defendants were convicted by a federal jury on Feb. 3. According to court documents and evidence presented at trial, in 2005 Raza was hired by SunTrust Mortgage (STM) as a vice-president tasked with opening an office in Annandale.
Raza hired his wife and her brothers, Farukh Iqbal, 41, and Mohammad Ali Haider, 33, both of Chantilly, to work as loan officers at SunTrust Mortgage. From 2006 until 2007, when the defendants left SunTrust Mortgage, they falsified loan applications for borrowers and purchased fake tax documents to support the false loan applications.
SunTrust Mortgage underwriters in Richmond approved the loans totaling several million dollars based in large part upon the fake documents in the files, and ultimately borrowers were given loans to buy homes that they could not afford.
Iqbal and Haider were each sentenced to one year and one day in prison. In addition to their prison sentences, Raza and Humaira Iqbal were also ordered to forfeit two properties and $40,000 and pay restitution to victims in the amount of $1,923,324.53.