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« Massage Therapist Arrested For Three Additional Incidents | Main | Kings Park Business Burglarized »
Wednesday
Oct102018

Dix Hills Man Pleads Guilty To Swindling Homeowners

Dix Hills Man Pleads Guilty to Swindling 32 Homeowners out of $568K in Mortgage Modification Scheme

Mark SavranskyMINEOLA, N.Y. – Nassau County District Attorney Madeline Singas announced that a Dix Hills man has pleaded guilty to scamming 32 homeowners out of $568,000 in a mortgage modification scheme.

Mark Savransky pleaded guilty today before Supervising Judge Teresa Corrigan to:

  • Two counts of Grand Larceny in the Second Degree (a C felony)
  • One count of Scheme to Defraud Second Degree (an A misdemeanor)

The defendant faces a maximum of one to six years in prison when he is sentenced on January 10. He is due back in court on December 4.

“This defendant preyed on vulnerable homeowners during the height of the mortgage crisis and swindled them out of more than a half million dollars,” DA Singas said. “In many cases, homeowners didn’t know they were in trouble until lenders started foreclosing on their homes. I thank the Bronx District Attorney’s Office, the Suffolk County District Attorney’s Office and the Suffolk County Police Department for referring these cases to us for prosecution.”

DA Singas said that the defendant operated a mortgage modification business in Nassau County, using the name Mark Savran. Between 2008 and 2014, he promised 32 homeowners in Nassau County and elsewhere that after securing modifications, he would hold their mortgage payments in trust and forward them to the financial institutions servicing the homeowners’ mortgages.

Instead, the defendant converted the funds for personal use, stealing approximately $568,000 from these homeowners. Among other things, Savransky used the funds for ATM cash withdrawals, credit card payments, child support, car payments, gasoline, travel expenses, restaurants, grocery stores, department stores and Netflix.

Savransky’s clients were typically residential homeowners who had purchased their homes using a subprime adjustable rate mortgage sometime between 2006 and 2009. When the payments became more than the homeowner could afford, homeowners hired the defendant to assist in obtaining a mortgage modification.

Savransky requested that all paperwork from the bank be given to him and if additional paperwork was sent by the bank to the victim, he demanded that it be given to him immediately, preferably unopened.

The defendant then counseled clients to give him the monthly mortgage payment that was due under the modified mortgage. Savransky informed his clients that he would make the payments on their behalf and, in doing so, create a record of payment that would prevent a lender from denying that payments were made or from reneging on any mortgage modification that was obtained. At the defendant’s request, these payments were mostly made in cash or by check that did not include the payee. Savransky later completed the payee portion of the check, thereby giving him the means to misappropriate the funds.

Because the mortgage payments weren’t made, lenders started to foreclose on the properties belonging to the defendant’s clients. When some of the homeowners complained to him, some of them received a limited amount of repayment.

This case was initially referred to the Nassau County District Attorney’s Office by the Bronx County District Attorney’s Office. Additional cases were also referred by the Suffolk County District Attorney’s Office in conjunction with the Suffolk County Police Department.

Savransky’s victims include residents from Amityville, Baldwin, Bayside, Brentwood, the Bronx, Brooklyn, East Northport, Farmingdale, Hempstead, Hicksville, Huntington, Levittown, Lynbrook, Malverne, Merrick, Mount Vernon, New Hyde Park, Queens Village, Richmond Hill, Riverhead, Uniondale and, Westbury.

The defendant was arrested in August 2015 by NCDA detective investigators and arraigned on grand jury indictment charges in October 2017.

Deputy Bureau Chief Peter Mancuso of DA Singas’ Financial Crimes Bureau is prosecuting this case. Joseph Conway, Esq. represents the defendant.

Reader Comments (1)

What about repayment to be understandably required as part of his penalty?!?
That should automatically be included as part of the judgement, regardless of his financial situation, and regardless of any possible (or perhaps likely) attempt by him to hide (move) monies out of his name since having obtained those monies fraudulently?
And why not?
Why isn’t this relevant aspect mentioned as it should and ought to be?
Thu, October 11, 2018 | Unregistered CommenterJP

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