Ex-Most Beautiful Girl In Nigeria, Sandra Petgrave and her husband Chinedu George Chukwuka, have been sentenced in the District Court of Georgia for their involvement in a mortgage fraud in the U.S that caused banks a loss of over $5.8 million; NigeriaTrends.com have gathered. This breaking news is currently trending in Nigerian media.
Sandra Petgrave who won The Most Beautiful Girl In Nigeria beauty pageant in 1992, was sentenced to one year, six months in prison after pleading guilty on August 18, 2015. Her sentencing is to be followed by three years of supervised release, and ordered to pay restitution in the amount of $1,051,970.77.
Meanwhile, her husband Chinedu George Chukwuka was sentenced to serve nine years in prison to be followed by three years of supervised release, and ordered to pay restitution in the amount of $5.8 million. Chukwuka was convicted of conspiracy to commit wire fraud on August 10, 2015, after he pleaded guilty.
Sandra Petgrave and her husband Chinedu George Chukwuka, have six children together in the United States.
Most Beautiful Girl In Nigeria 1992, Sandra Petgrave and her husband, George Chukwuka, have been sentenced to jail in the US for their roles in a $5.8 million mortgage fraud that spanned 5 years. Sandra and Chiedu have six children together.
Investigations by the FBI showed that George led the mortgage fraud ring that operated from 2006 to 2011. Below is an excerpt from the press release of their sentencing, which was published by the U.S. Attorney’s Office, Northern District of Georgia:
“At the height of the recent mortgage-fraud crisis, this property-flipping scheme caused scores of homes to fall into foreclosure, costing financial institutions millions of dollars in losses,” said U. S. Attorney John Horn. “Many communities in our district have been decimated by mortgage fraud during the last 15 years and even now struggle to recover from the effects of these schemes.”
“The sentencing of Mr. Chukwuka brings to a close a lengthy investigation and prosecution of a criminal enterprise that targeted the banking industry through their prolific mortgage fraud schemes. Mr. Chukwuka, considered by law enforcement and prosecution to be head of this enterprise, caused extensive damage with high loss amounts to those victim banks involved. The FBI is pleased with the role it played in bringing about this sentencing to federal prison of Mr. Chukwuka as well as the previous sentencings of his co-defendants in this matter,” said J. Britt Johnson, Special Agent in Charge, FBI Atlanta Field Office.”
“According to U.S. Horn, the charges and other information presented in court: Chukwuka, along with his co-defendants and co-conspirators, recruited straw buyers to purchase homes at a discounted price, typically a bank-owned or distressed property. The group then recruited a second straw buyer to purchase the same home at a dramatically inflated price. In turn, Chukwuka, his co-defendants and co-conspirators applied for an acquisition loan for the second straw buyer, supporting the loan application with false income, fake employment, and fraudulent net worth data.”
The group profited from their scheme by pocketing the acquisition loan proceeds paid by the victim bank to the straw seller (who was the straw purchaser in the first transaction). The amount of profit was the difference between the price paid by the straw purchaser in the first transaction and the price paid by the straw purchaser in the second transaction, less transaction costs. Since none of the straw purchasers made any significant loan payments, the targeted properties usually went into foreclosure, resulting in over $5.8 million in actual losses to financial institutions between 2006 and 2011.”
Sandra and her husband have six children together. What’s your reaction to this trend?