A hard money lender who resides in University Place, Washington was arrested today after being indicted by the grand jury for conspiracy, making false statements on loan applications, and mail fraud. Emiel Kandi was taken into custody by the FBI and will make his initial appearance on the indictment in U.S. District court in Tacoma.

“The business practices of this defendant harmed individuals who lost their homes. Then, the lies told in mortgage documents harmed taxpayer funded institutions such as the Federal Housing Administration,” said U.S. Attorney Jenny A. Durkan. “These mortgage fraud cases result from thorough and intensive investigations. I’m grateful for the hard work of the dedicated agents and investigators working to hold Mr. Kandi accountable.”