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Ashburn Realtor Charged In Mortgage Scam That Bilked Millions From Lenders

Court records accuse Ashburn resident Nadin Samnang of falsifying loan applications to help unqualified buyers purchase property.

A federal grand jury has indicted an Ashburn man who investigators say was the mastermind behind a $7 million mortgage fraud scam.

Nadin Samnang, 29, faces up to 20 years in prison for each of the 12 counts of conspiracy and mortgage fraud charges. According to court documents, the transactions started in 2006 up until 2008 and involved more than $7 million in losses to lenders and 25 different homes from Ashburn to Woodbridge.

Samnang is accused of using his jobs as owner of NDS Title in Herndon and as a Realtor for Monorom Realty and Fairfax Realty to allegedly defraud lenders and profit from the loan proceeds, commissions and kickback payments.

The indictment states that Samnang and his co-conspirators recruited unqualified buyers who usually had good credit but not enough assets to qualify for a loan. The indictment states that Samnang would add false information on the loan applications, such as overstating how much the buyer made a month or where the buyer worked. Investigators also accused Samnang of adding the buyers’ names to a bank account he or his co-conspirators owned to make it appear as if the buyer had more assets. Samnang also allegedly created NVEST Group Inc. and used it as the source to pay buyers’ down payments and their contributions to buy property. NVEST would then get the proceeds from the fraudulent loans at closing.

In one example, Samnang bought a home on Pellow Circle Trail in Herndon for $540,000 in January 2007. He sold it to an unqualified buyer for $760,000 and was able to get the buyer approved for the loan by falsifying that she owned a professional packing company earning her $16,590 a month plus $3,500 a month in rental income, according to the indictment. Samnang then profited $196,000 from the sale.

In another example, Samnang recruited an unqualified buyer for a home he owned on South Sterling Boulevard in November 2007. Investigators accused him of adding the buyer to his personal SunTrust Bank account to make it appear as if the buyer had additional assets that helped the buyer qualify for the loan.  On Dec. 11, 2007, Samnang withdrew $24,000 from his personal SunTrust account and wrote a check to NDS Title to pay for the buyer’s closing costs. He also falsified the loan application with incorrect information about the buyer’s assets and employment. The buyer paid $417,000 for the home.

To get people to buy the homes, investigators said, Samnang convinced the buyers that he would rent out the homes, refinance the buyers’ loans and sell the home soon after closing at a profit.

Samnang has not retained an attorney yet but has a court date scheduled for 2 p.m. Dec. 21. Samnang could not be reached for comment and the person who answered the phone registered to him said he did not know Nadin Samnang.

Rick Torres May 27, 2012 at 11:48 AM
This is totally misconstrued and false accusations. Mr Samnang did not do any of this. The Loan Officers, buyers, bankers who none were charged, should have been punished and not get a pass! Shame on the justice system. Pointing the finger and blaming the innocent man because he would not cooperate like Daniel Martinez, Mike Mcbride, Tony losecco, the illegal hispanics who all gor passes, anyone who knows the mortgage system, knows that Loan Officers are the ones that approve loans, not REALTORs. Shame on our justice system !!!
Rick Torres May 27, 2012 at 11:56 AM
I cannot believe they did this to Mr Samnang! If you read the indictment and charges, there's no way Mr Samnang did anything wrong. Clearly the Mortgage companies who all approved these loans, wanted to approve as many unqualified buyers and originate as many loans as possible so that they can resell them in pools of loans to banks such as Bank of America, Countrywide, EMC, wells fargo. People this is an outraged and a real investigation should be conducted on how these mortgage companies and banks devastated the lending industry and economy, not a REALTOR! How could a realtor who never worked at a mortgage company approve any loans????? Clearly coercing loan officers and unqualified buyers, and cooperating with the FBI is "JUSTICE"....???????? Taking down an innocent man is pretty common huh????
Chrissy Wagner May 27, 2012 at 03:17 PM
I feel so bad for him. I'm a loan officer at BofA and it's our job, our underwriters to approve loans. How can mr Samnang be held accountable?
Jerry Williams May 30, 2012 at 10:53 AM
What a Justice System!, if your a "Fat Cat" you get to walk away squeeky clean and allow the innocent man get convicted! Happens too often in America!
Terry Jordan June 02, 2012 at 02:13 PM
I cannot believe they did this guy. If anyone knows the mortgage business, the people who approved those loans (loan officers, loan processors, underwriters,) how can a realtor be charged! What I want to know is how come none of these people that approved those loans get charged???????? This is not justice! We need to stop blaming innocent people and charge the real culprits behind this mortgage mess!!!!
Greg June 04, 2012 at 02:53 AM
Everyone knows Nadine is not like this at all! Its clear he was totally treated unfairly. He does so many good things for so many people! I know people that know him! This is not FAIR AT ALL! The justice system failed us so miserably!
Rick Torres February 08, 2013 at 08:43 PM
In one example, Samnang bought a home on Pellow Circle Trail in Herndon for $540,000 in January 2007. He sold it to an unqualified buyer for $760,000 and was able to get the buyer approved for the loan by falsifying that she owned a professional packing company earning her $16,590 a month plus $3,500 a month in rental income, according to the indictment. Samnang then profited $196,000 from the sale.
rick torres II February 08, 2013 at 08:45 PM
In one example, Samnang bought a home on Pellow Circle Trail in Herndon for $540,000 in January 2007. He sold it to an unqualified buyer for $760,000 and was able to get the buyer approved for the loan by falsifying that she owned a professional packing company earning her $16,590 a month plus $3,500 a month in rental income, according to the indictment. Samnang then profited $196,000 from the sale.
rick torres II February 08, 2013 at 08:52 PM
Have you heard guilty by association. Only problem here is he profited and wasn't just associated. Last I heard if someone commits a crime and another person is there and does nothing to stop them then he can be held accountable too. Wait a minute Nadin didn't sit around and do nothing, he profited and made money and now he wants to play stupid like nothing happened. What a lame...
rick torres II February 08, 2013 at 08:54 PM
Because he profited off their actions. And yes everyone is accountable.
rick torres II February 08, 2013 at 08:57 PM
That's very delusional to think he's innocent. I'm sorry you don't get to call yourself innocent just becauses you didn't approve the loans.
rick torres II February 08, 2013 at 08:59 PM
The loan officers and loan processors and underwriters were charged and even did time. Look it up and become informed and stop taking the everyone else is wrong except me approach. That is what's wrong with the world today.
rick torres II February 08, 2013 at 09:00 PM
Bernie Madoff was a nice guy too but he also committed crimes. enough said.

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