Sandra Petgrave won the MBGN crown in 1992. After her reign she sank relocated to America in the mid nineties where she has been living quietly with her husband, Chiedu ever since. They have six children. Now Sandra is back in the news, this time not for anything good.
Chiedu “George” Chukwuka, 47, and wife, Sandra Petgrave, 43, have been sentenced in connection with a mortgage fraud ring that spanned 5 years. Chukwuka, and Sandra engaged in a massive property-flipping scheme resulting in over $5.8m in actual losses to banks between 2006 and 2011.
The sentencing of Chukwuka brings to a close a lengthy investigation and prosecution of a criminal enterprise that targeted the banking industry through their prolific mortgage fraud schemes. Chukwuka, considered by law enforcement and prosecution to be head of this enterprise, caused extensive damage with high loss amounts to those victim banks involved.
They recruited straw buyers to purchase homes at a discounted price, typically a bank-owned or distressed property. The group then recruited a second straw buyer to purchase the same home at a dramatically inflated price. .
In turn, they applied for an acquisition loan for the second straw buyer, supporting the loan application with false income, fake employment, and fraudulent net worth data. The group profited from their scheme by pocketing the acquisition loan proceeds paid by the victim bank to the straw seller (who was the straw purchaser in the first transaction). . The amount of profit was the difference between the price paid by the straw purchaser in the first transaction and the price paid by the straw purchaser in the second transaction, less transaction costs. Since none of the straw purchasers made any significant loan payments, the targeted properties usually went into foreclosure, resulting in over $5.8m in actual losses to banks
Chukwuka was sentenced 9 years in prison to be followed by 3 years of supervised release, and ordered to pay restitution in the amount of $5.8m. Sandra Petgrave was sentenced to one year, six months in prison, to be followed by 3 years of supervised release, and ordered to pay restitution in the amount of $1.1m
Another fraud. Well, I am sure those peddling rumours of conspiracy theories ( whatever that means) and after all other "countries doing the same thing" will see nothing wrong with this story!
Shame on her and her husband.
Its true what they say- true beauty in the inside of a person is hard to judge in a competition.
Those commenting on state of origin - will one day realise crime is an option ANYONE can sign up to!
In the morning it was Idris (and some defended on Gistmania his actions) and NOW it is Chiedu.
Posted: at 25-02-2016 02:46 PM (8 years ago) | Gistmaniac
What is wrong with we Nigerians just yesterday a Nigerian was sentenced because of fraud and today another one follow it's painting the image of our beloveth country bad.
Posted: at 25-02-2016 03:15 PM (8 years ago) | Upcoming
if americans or foreigners say that Nigerians are scammer,,some idiots will be angry..This is an all too common occurrence abroad..IF A BLACK PERSON IS INVOLVED IN ANY SCAM OR FRAUD ABROAD..95% OF THE TIME .ITS A NIGERIAN
Posted: at 25-02-2016 04:40 PM (8 years ago) | Gistmaniac
What is wrong with we Nigerians just yesterday a Nigerian was sentenced because of fraud and today another one follow it's painting the image of our beloveth country bad.
perhaps it's better to live in zoo than Biafraud.
Posted: at 25-02-2016 04:42 PM (8 years ago) | Gistmaniac
dynasty4all
Zaki68
princedafe
gogoman
zeigbo
bright1love
yebo15
mr2lydreal
ficull
dareper
Mykie010
nwaafoigbo
kp45
eric2000
BournIdentity
TRENDING GISTS 
Watch Touching Video Of Lady Surprising Boyfriend Who’s An Okada Rider
Sports Minister, John Enoh Roots For Peseiro’s Return To Super Eagles
Just in: EFCC Withdraws Suit Against Yahaya Bello In Appeal Court Over Alleged Fr@ud
Federal Govt Suspends Dana Airline Indefinitely Over Safety Concerns