A man was fined $35,000 and lost his real estate license after he conspired with a mortgage originator to fraudulently purchase a series of properties, the Minnesota Department of Commerce announced last month.
The department said Ahmed Elbatrawy of Eden Prairie, who was a licensed broker for RE/MAX Assoc. Plus, Inc., included false information in mortgage applications to lenders, which prevented them from accurately assessing their risk, according to the commerce department. In addition to losing his real estate license, he can no longer originate mortgage loans.
At least 7 of the 11 properties purchased by Elbatrawy between January 2006 and February 2007 have since been foreclosed upon.
UPDATE: A reader wrote to say a man with the same name as Elbatrawy and with similar work history is apparently working in the real estate business in Orange County, Florida. Elbatrawy's signature on the Minnesota consent order was signed and notarized in Orange County, Florida.
Here's the link to the Feb. 2009 article in the Orlando Business Journal.
To read other Minnesota Department of Commerce enforcement actions, click here.
From Around the Web
More from Star Tribune
More from Whistleblower
The Whistleblower column and blog are shutting down, but our commitment remains to investigating tips from readers.
A Baltimore couple and their company were ordered to pay back $616,000 to Spanish-speaking immigrants for immigration services that they were neither qualified nor authorized to provide, the Federal Trade Commission announced last week.
A company that labeled millions of Facebook users as a “jerk” or “not a jerk” is facing federal scrutiny after the agency said it improperly obtained information to create user profiles.
CenterPoint agreed last week to pay at least $192,500 to settle a lawsuit filed by the City of Minneapolis and various insurance companies after a gas explosion near a south Minneapolis Cub Foods in 2011.
A company accused of “mortgage scams” spent at least $2 million for a direct-mail campaign aimed at Minnesota veterans, according to the Minnesota Department of Commerce.