An unlicensed mortgage broker on Long Island has admitted to his role in a multi-million dollar Ponzi-like scheme to defraud his clients, federal officials announced.

Commack resident Brent Kaufman, age 50, pleaded guilty to stealing $4.7 million in mortgage refinancing proceeds that were meant to pay off the existing mortgages of his clients.

Acting US Attorney Jacquelyn Kasulis said Kaufman worked as an unlicensed mortgage broker and assisted clients in Queens and Long Island with refinancing their mortgages.

At the closing for a mortgage refinancing, the money from the new mortgage is supposed to be wired to the financial institution that holds the existing mortgage so that it can be paid off, she noted.

Between 2016 and 2019, Kaufman, together with others, engaged in a scheme to defraud Home Point Financial Corporation, LoanDepot, United Wholesale Mortgage, and other mortgage lenders by obtaining, and attempting to…

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