ALEXANDRIA, VA—On October 9, the Department of Justice, Lindsey Halligan, an attorney for the U.S. Attorney’s Office of the Eastern District of Virginia, issued a press release announced that a federal grand jury returned an indictment charging New York, U.S. Attorney General, Letitia James with Bank Fraud under 18 U.S.C. Section 1344 and False Statements to a Financial Institution under 18 U.S.C. Section 1014.
“No one is above the law. The charges alleged in this case represent intentional, criminal acts and tremendous breaches of the public’s trust. The facts and the law in this case are clear, and we will continue following them to ensure that justice is served,” Halligan stated.
If convicted James faces up to 30 years of prison time per count and fines no more than $1 million for each count. This is a two-count indictment with forfeiture of property being one of the sentencing requirements.
A Federal District Judge will determine the sentence James is to serve. The date and time of her sentencing hearing has not yet been announced.
According to the October 9, Indictment, James was a former resident of Brooklyn, NY. The case involves mortgage loan transaction(s) involving FDIC insured, First Savings Bank headquartered out of Jeffersonville, Indiana.
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A borrower purchased a home in Norfolk, Virginia with a mortgage backed by Fannie Mae. The OVM loan (Annie Mac Home Mortgage) reportedly requires James to be the sole borrower on the loan.
The home was reportedly not used as a first or second home by Letitia James or her family, but instead was purchased to be a rental home, for investment purposes.
