The brother of a Baltimore business owner has admitted to falsely claiming his brother’s bank balance and business to obtain a loan from the Federal Housing Authority, officials say.
Calvin Abramowitz, 48, of Lakewood, New Jersey, was ordered to pay $209,036 after pleading guilty to bank fraud, according to the Justice Department.
Abramowitz and his brother, Philip Abramowitz, 40, of Pikesville, Maryland, conspired to defraud at least one financial institution to obtain Federal Housing Administration loans and property under false pretences, officials said.
Philip Abramowitz used his company, 163 North Potomac Street LLC. to facilitate fraudulent sales of Maryland properties.
Philip Abramowitz sold one of the properties to Calvin for $300,000 using an FHA-insured loan in May 2016, according to the Justice Department.
Calvin Abramowitz applied for and obtained a loan from a mortgage company by misrepresenting Philip’s bank account statements as his own and hiding their family relationship, they added.
Philip Abramowitz also gave Calvin the money to pay closing costs on the property, prosecutors said. Calvin never used the property as his primary residence, instead renting the property before ceasing mortgage payments and allowing the house to be foreclosed.
Philip Abramowitz pleaded guilty to conspiracy to commit wire fraud in May 2022 and is expected to be sentenced on Tuesday August 9.
Calvin Abramowitz faces a maximum sentence of 30 years in federal prison followed by 5 years of supervised release for bank fraud. U.S. District Judge Richard D. Bennett has scheduled sentencing for Tuesday, December 6.
Click here to sign up for free daily emails and news alerts from Daily Voice.