A former broker at Countrywide Mortgage named Alex Z. Biscocho, 42, from Portland, Oregon is accused of devising a scheme to defraud First Franklin Financial Corporation regarding the sale of his parent’s home in 2006.

He is alleged to have prepared a loan application on behalf of a third party borrower which contained falsified income and asset information. The indictment alleges that the borrower became concerned about the information contained in the closing documents and refused to complete the transaction. However, Biscocho still closed the $475,000 loan without the borrower’s knowledge and thereafter made two payments from his personal account. On check was made to appear as if the borrower was the payer.

To arrange the bank fraud charges, Biscocho appeared before U.S. Magistrate John V. Acosta. The crime of bank fraud carries a maximum penalty of 30 years in prison and a maximum fine of $1,000.000. FBI’s Financial Fraud Unit investigated the case and is being prosecuted by Assistant U.S. Attorney Scott Erik Asphaug.