A Bowie licensed realtor pleaded guilty to a $2 million mortgage fraud scheme on Tuesday, on what would have been the first day of his trial.
Michael Abobor, 38, pleaded guilty to wire fraud in connection with the scheme in which he submitted fraudulent loan applications for the purchases of homes in Maryland.
Some of these applications contained fake documents such as doctored W-2s and pay-stubs, and all of them alleged that the borrower made much more money than he or she really did.
Abobor arranged at least seven fraudulent real estate transactions, causing more than $2 million in losses to the lending companies, prosecutors said.
Abobor faces a maximum sentence of 30 years in prison and a fine up to a $1 million at his April 18 sentencing in federal court in Greenbelt.