BUFFALO, N.Y.-U.S. Attorney William J. Hochul Jr. announced today that a federal grand jury has returned a 24 count indictment charging Gregory Gibbons, 50, of Thornwood, NY; Julio Rodriguez, 51, of Bronx, NY; Laurence Savedoff, 42, of New City, NY, and Tina Brown, 40, of Bronx, New York with conspiracy to commit wire and mail fraud affecting financial institutions, wire and mail fraud affecting financial institutions, and bank fraud. The charges carry a maximum penalty of 30 years in prison and a $1,000,000 fine.

“Persons who engage in mortgage fraud undermine the American dream of home ownership,” said U.S Attorney Hochul. “Such actions - if successful - hurt potential homeowners, banks and government programs designed to assist homebuyers.

"In the last number of years, we have seen enormous and damaging developments in the mortgage and housing markets, said U.S. Housing and Urban Development, Office of Inspector General, Special Agent in Charge Brad Geary. “Indictments, such as this, set an important precedent that this type of behavior will not be tolerated and will be aggressively pursued. We are deeply committed to working in partnership with our federal law enforcement counterparts to ensure that corrupt individuals do not use their positions to enrich themselves at the expense of the government.”...