Financial Fraudster Sentenced to 90 Months in Prison

PHILADELPHIA—Jason Bloom, 39, of Mt. Laurel, NJ, was sentenced today to 90 months in prison for wire fraud stemming from a scheme to defraud homeowners, lenders, title insurance companies, and the City of Philadelphia of approximately $1,730,874. Bloom engaged in this scheme from at least March 2004 through January 2008, acting as a settlement agent and title insurance agent for real estate sales and refinancings. He kept for himself: (1) money received in connection with settlements which was supposed to be used to pay off existing mortgages; (2) tax payments intended for the City of Philadelphia; and (3) refunds due to homeowners as a result of overpayments at closings. Bloom also sent checks to financial institutions knowing that they were written on insufficient funds. Bloom pleaded guilty on July 13, 2009.

In addition to the prison term, U.S. District Court Judge Curtis J. Joyner ordered Bloom to pay restitution in the amount of $1,730,874.

The case was investigated by the Federal Bureau of Investigation and the United States Postal Inspection Service, with the assistance of the City of Philadelphia Office of Inspector General. The case was prosecuted by Assistant United States Attorney Judy Goldstein Smith.