Federal authorities arrested a Newington man Thursday on charges of organizing a Greater Hartford “straw-borrower” mortgage scheme that caused lenders more than $5 million in losses.
Filippos “Filip” Milios, 54, appeared before a Hartford federal magistrate on bank-fraud charges before being released on a $100,000 bond, the Connecticut U.S. Attorney’s Office said.
According to investigators and court statements, Milios allegedly led and organized a multi-year mortgage fraud scheme to purchase and sell houses in the Greater Hartford area using straw borrowers and false or fictitious loan applications, employment verifications, bank statements, and pay stubs.
Milios purchased numerous homes and then sold them at a significantly higher sales price to straw borrowers that he and his co-conspirators recruited, investigators said. In addition, he allegedly used his own funds to make the down payments on behalf of the borrowers, and that he made payments outside of closing to the straw borrowers and his co-conspirators.
This alleged scheme involved more than 40 fraudulent mortgages exceeding $10 million and losses exceeding $5 million, prosecutors said.
Although Milios is listed online as agent for more than a dozen Greater Hartford limited-liability companies tied to real estate, he couldn’t be immediately located Thursday for comment.
