Ashburn Residents Indicted on Mortgage Fraud Charges

A federal grand jury on Thursday charged two Ashburn resident with conspiracy and bank fraud charges related to the investigation of an alleged $20 million mortgage fraud scheme involving nearly three dozen homes.

The grand jury indicted Robert Mikail, 40, and Ging-Hwang “Felicia” Tsoa, 58, both of Ashburn, both of whom now face a maximum penalty of 30 years on each count, according to a press release from the U.S. Department of Justice’s Eastern District Office in Virginia.

In the seven-count indictment, it is alleged that Mikail, owner of Opus Jewelry, and Tsoa, a loan officer with First Empire Mortgage in Fairfax and Lifetime Financial in Herndon, recruited “straw buyers” to purchase homes on fraudulently obtained loans. The indictment alleges that Mikail, Tsoa and others worked together to falsify loan documents; the applicants would indicate they worked for Mikail at Opus, and he allegedly would verify the information.

Investigators allege Mikail arranged the purchase of 35 homes in Ashburn, and helped applicants obtain about $19.9 million in loan proceeds on the basis of fraudulent loan applications. Mikail and Tsoa profited when these homes were purchased, according to the DOJ press release, and all the loans defaulted, resulting in significant losses to the lenders.

Bing-Sing “Cindy” Wang, an alleged co-conspirator and the owner of Lifetime Financial Services, pleaded guilty to related charges in November, and was sentenced in February to 24 months in prison.

Criminal indictments are only charges and not evidence of guilt. A defendant is presumed to be innocent until and unless proven guilty.