ALEXANDRIA, Va. (AP) -- A well-known northern Virginia
businessman has pleaded guilty to conspiracy to commit money
laundering in connection with a mortgage fraud scheme.
In U.S. District Court Thursday, 47-year-old Vijay K. Taneja of
Fairfax admitted that through his company, Financial Mortgage Inc.,
he defrauded banks of at least 33 million dollars by creating fake
mortgage loans and selling the same loans to several investors.
Authorities say Taneja then pocketed the proceeds generated from
refinancing loans.
Prosecutors say the case is the largest in Virginia in at least
two decades.
Taneja faces a maximum of 20 years in prison and a
500,000-dollar fine.
Sentencing is scheduled for January.