PHILADELPHIA, PA June 16, 2009 – (RealEstateRama) – Mahn Huu Doan, a/k/a “Bruce Doan”, 40, of Philadelphia, was sentenced today to 151 months in prison for a massive mortgage fraud and identity theft scheme, announced United States Attorney Michael L. Levy. Doan, a self-described real estate investor, would purchase houses, using false or borrowed identities, using government insured loans which he secured using fraudulent information. Doan’s scheme also involved fraudulent appraisals that inflated the value of the houses for the purpose of resell the properties for a higher profit.
In addition to the prison term, U.S. District Judge Michael M. Baylson also ordered Doan to pay more than $5 million in restitution, a $5,000 fine, a $400 special assessment, and to complete three years of supervised release.
This case was investigated by the Federal Bureau of Investigation and the Department of Housing and Urban Development’s Office of the Inspector General. It was prosecuted by Assistant United States Attorneys Sarah L. Grieb and Michael S. Blume.