4/27/2018 9:21:32 AM
For Immediate Release
SAINT PAUL – A former insurance and real estate agent is facing felony charges in two Twin Cities area counties for swindles involving identity theft and mortgage fraud, according to the Minnesota Commerce Department.
Yussuf Ahmed Hamid, age 36 (DOB: 9/10/81) is charged in Washington County District Court with one felony count each of identity theft and theft by swindle over $35,000. He is charged in Dakota County with one felony count each of residential mortgage fraud and theft by swindle over $35,000.
His first court appearances are scheduled for May 7 in Washington County and May 14 in Dakota County.
In February 2016, the Commerce Department revoked Hamid’s state licenses as an insurance producer, a real estate salesperson and a property and casualty adjuster.
According to the criminal complaint in the Washington County case:
In June 2016, a woman contacted Woodbury Police to report that she had received phone calls and a letter demanding payment on a loan taken out by a company named “Clear Choice Broker Inc.,” listing her as owner. The woman had not taken out the loan, nor had she ever heard of the company.
Woodbury Police began to investigate and learned that the suspect was also under investigation by the Minnesota Commerce Fraud Bureau for allegedly using stolen identities to write fraudulent insurance policies and obtain commission payments.
The Fraud Bureau investigation determined that in 2014 Hamid had used the Woodbury woman’s identity to secure a small business loan of $150,000 from Funding Circle, an online lending service. Hamid had access to her Social Security number and other information, because she had worked for him briefly as a receptionist in 2005.
The investigation found that Hamid controlled all of the addresses listed on the loan application and the bank accounts associated with obtaining the loan. A counterfeit driver’s license in the victim’s name and the email address associated with the loan were found in Hamid’s office. The funds from the loan were deposited into an account that Hamid controlled.
Although Hamid briefly made some payments on the loan, Funding Circle experienced a loss of nearly $103,000, while the Woodbury victim had her identity stolen and suffered damage to her credit.
According to the criminal complaint in the Dakota County case:
Hamid acted as the real estate agent for the 2015 purchase of a $335,000 home in Apple Valley. The purchaser on the contract was Abdullah Abdu Razak, age 36, of Blaine. Both Hamid and Razak were present for the closing, where Razak signed documents.
To qualify for a home loan, Hamid had submitted documents to the mortgage company on behalf of Razak, including bank statements, pay stubs and a copy of a degree in Razak’s name from Iowa State University.
The Commerce Fraud Bureau investigation determined that Razak had never attended Iowa State, the bank account did not belong to Razak and the pay stubs were forged. Other submitted documents were also fraudulent.
After the closing, Razak never took possession of the house. Instead, Hamid rented it out and the rental payments went to his own bank account.
Razak told investigators that Hamid is his nephew and he had asked him to sign the paperwork. He said he agreed to do so because Hamid is family. In addition to the criminal charges against Hamid, Razak faces one felony count of residential mortgage fraud.
The Apple Valley home is currently in foreclosure because the mortgage was not being paid.
Commerce is here to help
Director of Communications
Minnesota Department of Commerce
p: 651-539-1463 | c: 651-368-5050 | email@example.com