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Calvin Abramowitz, 48, of Lakewood, New Jersey, has been ordered to pay $209,036 after pleading guilty to bank fraud, according to the Department of Justice.
Abramowitz and his brother, Philip Abramowitz, age 40, of Pikesville, Maryland, conspired to defraud at least one financial institution to obtain Federal Housing Administration loans and property under false pretenses, officials said.
Philip Abramowitz used his company, 163 North Potomac Street LLC. to facilitate the fraudulent sales of the Maryland properties.
Philip Abramowitz sold one of the properties to Calvin for $300,000 using an FHA-insured loan in May 2016., according to the Department of Justice.
Calvin Abramowitz applied for and received a loan with a mortgage company by falsely representing Philip's bank account records as his own, and hiding their familial relation, they added.
Philip Abramowitz also gave Calvin the money to pay for the closing costs of the property, prosecutors stated. Calvin never used the property as a primary residence, instead renting out the property before ceasing mortgage payments and allowing the home to go into foreclosure.
Philip Abramowitz pleaded guilty to conspiracy to commit wire fraud in May 2022 and is scheduled to be sentenced on Tuesday, Aug. 9.
Calvin Abramowitz faces a maximum sentence of 30 years in federal prison followed by 5 years of supervised release for bank fraud. U.S. District Judge Richard D. Bennett has scheduled sentencing for Tuesday, Dec. 6.
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