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Mubarak pleads guilty to felony bank fraud

Former Knox County Trustee’s office employee Ray Mubarak, left, arrives with his attorney, Thomas Dillard, to plead guilty to charges of bank fraud and conspiracy to commit bank fraud on Monday, May 18, 2015, at the Howard H. Baker Jr. United States Courthouse. Mubarak, his wife, Dianna, and real estate agent Blythe Bond Sanders III were arrested in March on a 35 count indictment they conspired to defraud five banks four in Tennessee and one in North Carolina from December 2007 to September 2011, of $6.7 million.(SAUL YOUNG/NEWS SENTINEL)

Ray Mubarak, former alleged "ghost employee" for the Knox County Trustee’s Office, pleaded guilty to bank fraud and conspiracy to commit bank fraud in an unrelated federal case. District Court to three counts of bank fraud, one count of conspiracy to commit bank fraud and one count of engaging in unlawful monetary transactions admitting actions with $1 million to $2.5 million in losses or more than $6 million in face value. District Judge Pamela L. Reeves to enter his guilty pleas. On Friday, Mubarak and his attorney, W. Attorney Matthew T. District Court.

Reeves accepted the pleas. She set a sentencing date of Sept. 28 and allowed Mubarak to continue his release on bond.

Mubarak, along with his wife Dianna Mubarak, 52, and real estate agent Blythe Bond Sanders III, 35, were arrested in March on an indictment saying they conspired to defraud five banks, four in state
fake Michael Kors and one in North Carolina, from December 2007 to September 2011.

Ray Mubarak is named in all 35 counts of the indictment.

Dianna Mubarak and Sanders are scheduled to go to trial on Oct 27, and Morris said he couldn’t comment on whether plea deals
Michael Kors handbags outlet were possible for the two.

In the unrelated state theft case, Mubarak is facing trial in Knox County Criminal Court. He is accused, along with former Knox County Trustee Mike Lowe, of two
cheap Michael Kors handbags outlet separate schemes resulting in more than $400,000 stolen from taxpayers.

In one scheme, Mubarak allegedly collected pay as a ghost employee after Lowe was accused of placing Mubarak on the payroll. In the second, the duo allegedly overbilled the county for title search work in 2007 and 2008.

In the federal case, Mubarak could serve up to 130 years in prison as well as be ordered to
wholesale Michael Kors handbags outlet pay restitution and fines and get supervised release after incarceration.

Four of the felonies have maximum sentences of 30 years each as well as a fine of up to $1 million and a term of supervised release up to five years each.

The fifth felony, unlawful monetary transaction, has a maximum sentence of 10 years and a $250,000 fine or up to twice the amount of criminally derived property in the transaction, with a term of supervised release up to three years.

According to the plea agreement, Mubarak has agreed to make full restitution, and Morris agreed to not oppose a two level reduction in sentence.

Mubarak acknowledged he was guilty of faking and forging documents including tax forms and statements on his personal finances
fake Michael kors handbags outlet given to Pinnacle National Bank, SmartBank and Bank of America. He also lied to bank officials to obtain loans and lines of credit, including a $1.5 million line of credit from Pinnacle bank in Nashville.

The charges also said the Mubaraks used names of relatives to receive loans including one instance where they said Michael Mubarak had essentially signed over property to them. The couple then sought a loan for a "short sale" on the property. Mubarak also used the company, Mubarak Properties, to obtain loans and lines of credit.

Mubarak admitted the funds were not for the uses
replica Michael Kors handbags he claimed including buying and renovating houses in west Knoxville but to pay gambling debts, make deposits to personal stock trading account and buy vehicles.

Dianna Mubarak and Sanders are named in several of the bank fraud counts. However, Sanders has the least counts and it’s
Michael kors handbags outlet unclear how much money Sanders collected by allegedly drafting fake documents.

In the state case, Lowe pleaded guilty in March and is serving a one year sentence at Roger D. Wilson Detention facility. A second Trustee’s Office employee, Delbert Morgan, was convicted last year of felony theft for his role as a "ghost employee." In February, he was
Michael Kors handbags sentenced to eight years with 30 days in jail and the balance on probation.Articles Connexes:

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