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Borhan, 54, admitted that he began using the alias and bogus Social Security card soon after receiving a bankruptcy discharge of $38,000 in debts in May 1999.
Exactly a year later, Borhan applied for and obtained a residential mortgage loan for $192,000 to finance the Maywood house, he told U.S. District Judge Peter G. Sheridan, who sentenced him in Newark today.
The government said he then defaulted on the mortgage payments, leading to foreclosure proceedings, and ignored $83,000 worth of credit card debt.
In a bid to stave off foreclosure and his other debts, Borhan filed for Chapter 7 with the U.S. Bankruptcy Court for the District of New Jersey in July 2005, court papers show.
A month later, he lied in court that the information on his bankruptcy petition was true, federal prosecutors said. Borhan admitted giving the bankruptcy trustee a bogus New Jersey driver’s license, with his photo and the name Abdul Welch on it.
U.S. Attorney Paul J. Fishman credited special agents of the Social Security Administration’s New York Field Division of the Office of the Inspector General, as well as the Newark office of the U.S. Trustee. Assistant U.S. Attorney Aaron Mendelsohn of the U.S. Attorney’s Office Economic Crimes Unit in Newark handled the prosecution.
Fishman noted that the case was brought “in coordination with” President Obama’s Financial Fraud Enforcement Task Force, established to “wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes.”
The group includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement.
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