Taimur Aurora, 40, of Stamford waived his right to indictment in Bridgeport federal court and pleaded guilty Thursday to conspiring to defraud financial institutions through an extensive mortgage fraud scheme that involved dozens of properties in Fairfield County.
Between 2005 and 2013, Aurora participated in a mortgage fraud conspiracy that involved the purchase of numerous single and multi-family properties, primarily in Bridgeport and Stamford, according to a press release from the United States Attorney, District of Connecticut.
As part of the scheme, AURORA and others charged in the scam provided mortgage lenders with false information, including false verification of mortgage applicants’ income, false verification of down payments for real estate transactions and false department of Housing and Urban Development forms.
Aurora also directed the actions of various “straw buyers,” or individuals who fraudulently applied for and obtained mortgage loans but did not have an actual financial investment or stake in the mortgage loan transactions. At times, Aurora acted as a straw buyer himself.
Many of the properties involved in this mortgage fraud scheme ended up in foreclosure, or in short sale transactions, and lenders suffered losses of more than $7 million. The loss attributed to Aurora’s activities in the scheme totals approximately $4.2 million.
Aurora pleaded guilty to one count of conspiracy to commit wire fraud and bank fraud. He is scheduled to be sentenced on September 17, 2014, and faces a maximum term of imprisonment of 30 years.
This investigation is being conducted by the Federal Bureau of Investigation and prosecution by Assistant U.S. Attorney Ann M. Nevins and Special Assistant U.S. Attorney John McReynolds.