
Royal Oak, Michigan – The 27 year-old, Paul Bashi, formerly of Washington Township, Michigan, pleaded guilty to federal information that charges him with conspiracy to commit wire fraud.
During the hearing and according to court documents, Bashi admitted that from September 2006 to March 2008 he recruited straw borrowers and assisted them in applying for loans to purchase residential property based on false information and fraudulent documentation with regard to employment, income and/or assets, among other things. Bashi, who was mostly doing business as JP Land Development Inc., was responsible for completing the loan applications and gathering the necessary supporting documentation. The mortgages that total to almost $6 million were issued…
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