Micah John Beaumia, a 29-year-old Alexandria resident, was indicted on one count of money laundering and ten counts of wire fraud. He was charged in Minneapolis earlier this year. Beaumia is alleged to have concealed payments from mortgage loan proceeds received from 2005 through 2006.

Beaumia submitted fraudulent loan applications, along with fraudulent closing documents to conceal payments that were redirected to buyers of real estate properties. An Alexandria company, Anderson Gabriel Mortgage, and a Burnsville company, LHS Mortgage, were both used to funnel the fraudulent paperwork and payments.

Loan application documents allegedly misrepresented the actual terms of the proposed loan and sometimes the mortgage broker’s identity, along with overstating the actual purchase price the buyer would pay for the real estate. In addition, proceeds from the loan paid to buyers and other individuals were concealed.

The total amount paid out in the approved loans involved exceeded $2.2 million, $430,000 of which is suspected to have gone to Beaumia. After each fraudulent loan package allegedly submitted by Beaumia was approved, the lender would disburse the monies loaned to a title company. Beaumia worked with the title company’s closing agent to commit the fraud by concealing payments made to Beaumia and others from the loaned amount. Fraudulent settlement statements were provided to the lender by the closing agent in order to cloak the scheme.

It was determined that Beaumia or one of his relatives was noted as the buyer in, at least, 12 individual real estate transactions, 10 of which were reported as using wire transfers to distribute loan proceeds. If convicted, the potential penalty that could be handed down is a maximum prison sentence of 30 years for each wire fraud count and 10 years for money laundering. Allegedly, Beaumia paid $18,000 skimmed from loan proceeds in the form of a cashier’s check for a new motorcycle.