Maryland man charged with plans to theft and resale of real estate | USAO-DC
WASHINGTON – A man from Maryland has been charged in a 10-count indictment of carrying out a scheme to steal a residence in the District of Columbia and then sell the property back to a buyer unsuspecting.
Franklin A. Olaitan, 48, of Beltsville, was arraigned today in U.S. District Court for the District of Columbia. The indictment against him was also unsealed today. He was released after his initial court appearance, pending further legal proceedings.
The indictment was announced by US Attorney Matthew M. Graves and Wayne A. Jacobs, Special Agent in Charge of the Criminal Division of the FBI Field Office in Washington.
As alleged in the indictment, Olaitan carried out a scheme in which he obtained a residential building located in the 2000 block of First Street NW by submitting false documents to lenders, a settlement company and the Recorder of Deeds of the District of Columbia. It is alleged that Olaitan quickly resold the residential property to an unsuspecting buyer and received the seller’s proceeds from the two alleged sales of the property. In real estate closings, first, a lender paid about $ 420,000 and, second, a buyer paid about $ 550,000.
Olaitan is charged with four counts of wire fraud, two counts of interstate transportation of stolen goods, two counts of aggravated identity theft, one count of identity theft and one count of first degree fraud. The indictment includes a notification of the United States’ intention to seek confiscation of any proceeds received by Olaitan as a result of the fraud scheme, identity theft and interstate transportation of stolen goods.
An indictment is simply a formal charge that an accused has committed a violation of criminal law and does not constitute proof of guilt. Anyone accused is presumed innocent until proven guilty.
This matter is currently under investigation by the FBI’s field office in Washington. He is being pursued by Assistant to the United States Attorney Diane Lucas of the Fraud Section of the District of Columbia’s Office of the United States Attorney, with the assistance of paralegal specialists Daniel Haines and Mariela Andrade.