Eagan mortgage company owner pleads guilty to fraud, ID theft

Article by: Star Tribune
Updated: July 1, 2008 - 11:19 PM

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An Eagan mortgage company owner pleaded guilty to defrauding several financial institutions out of about $1.8 million and using some of the money to buy homes and "support a lavish lifestyle."

John M. Rubischko, 36, entered his plea Friday in U.S. District Court in St. Paul. He was charged June 16 with wire fraud and aggravated identity theft.

Rubischko, who owned and operated Family First Mortgage, All Fund Mortgage and MortgageBanc.us, devised a scheme from January 2003 through June 2007 that allowed him to use the identities and personal information of people without their knowledge or authorization to obtain about $1.8 million in bank loans, bank credit and mortgages.

Rubischko used the money from these transactions to buy homes and personal property.

Rubischko faces a potential maximum sentence of 30 years in prison and a substantial fine. Sentencing has not been scheduled.

PAUL WALSH