Bucks Co. Real Estate Investor Guilty Of Mortgage Fraud Scheme

A federal jury has found a Bucks County investor guilty of fraud in connection with a mortgage scheme.

Dean Rossi, 49, of Warrington could face a 120-year prison in connection with his crimes, U.S. Attorney William M. McSwain said.

Rossi, who owned numerous low-income properties throughout the Philadelphia area, misappropriated more than $643,000 from real estate closings, McSwain said. He went through great lengths to hide his crimes, but investigators were able to follow a trail of evidence that went back more than a decade, McSwain noted.

According to federal authorities, Rossi would obtain bank loans to purchase or refinance residential properties. He would then team up with "corrupt" title and closing agents to divert a "substantial" portion of the loan proceeds. He would pocket cash from the settlements, which should have been used to pay off prior mortgages and tax liens, McSwain said.

In an attempt to hide his actions, Rossi continued to cause payments to be made on the prior existing mortgages years after those loans were supposed to have been paid in full.

“The defendant went to great lengths to cover his tracks, but due to the hard work of our agents and prosecutors, his long-running scheme was exposed.”

Rossi faces a maximum possible sentence of 120 years’ imprisonment, five years of supervised release, and a $4 million fine.