Federal Grand Jury Indicts Portland Mortgage Broker

PORTLAND, ORA Federal Grand Jury has indicted a Portland mortgage broker for bank fraud related to the sale of his parents home in 2006. Alex Z. Biscocho, 42, of Portland, is accused of devising a scheme to defraud First Franklin Financial Corporation during the time he was a mortgage broker at Countrywide Mortgage. Biscocho is alleged to have prepared a loan application, on behalf of a third-party borrower, which contained falsified and inflated income and asset information. The indictment further alleges that, at closing, the borrower became concerned about information contained in the closing documents and refused to complete the transaction. Without the borrowers knowledge, according to the indictment, Biscocho then closed the $475,000 loan and thereafter made two loan payments from his personal account, including one check that was made to appear as if the borrower was the payor. Biscocho appeared before U.S. Magistrate John V. Acosta today for arraignment on the bank fraud charges. The crime of bank fraud carries a maximum penalty of 30years in prison and a maximum fine of $1,000,000.