Bucks County Realtor Charged With $643K Fraud
“Anything In Life Worth Doing is Worth Overdoing & Moderation Is For Cowards…..” That’s what 49-year-old Dean Rossi wrote on his Facebook page less than a week before he was arrested, and if the federal indictment is true, no one would accuse him or his compatriots of acting with restraint.
The longtime realtor has allegedly been part of a conspiracy since 2006, colluding with several other real estate and insurance agents to bilk financial institutions out of thousands of dollars in loan money. Using various company names, prosecutors say Rossi would get bank loans to buy or refinance HUD homes based on the expectation that the money would be paid back at the time of the closings after prior mortgages and liens were satisfied.
Instead, Rossi’s confederates, acting as settlement agents, are alleged to have falsified HUD settlement documents and, rather than pay off the prior debts, divert portions of the loans to Rossi. According to the feds, the schemes went like this: mortgages were misrepresented to banks; the sale prices of the properties were underreported to the city; false real estate transfer tax records were filed; lies were told about refinancing; funds were hidden and misappropriated; and escrow funds were misused. In total, the indictment alleges that Rossi misappropriated more than $643,000.
Yesterday, after an investigation by the U.S. Postal Inspection Service and the FBI, the Warrington resident was arrested and officially charged with conspiracy, mail fraud and bank fraud. He could end up serving four-plus years in prison and be fined up to $4 million.
The unsealed indictment is below: