George Kubini

Yuriy 'George' Kubini is a Russian-Hungarian property manager, know for being a former executive at Admiral Capital Management, which he founded early 2000s along with Dov Ratchkauskas. Before being sentenced, he was a resident of Verona, Pennsylvania. Kubini was the defendant in the case of US vs. Kubini case of 2011-2017.
Property Fraud
Kubini is responsible for losses resulting from all 107 fraudulent transactions because he joined the conspiracy on the date of its inception, i.e., November 23, 2005. He, with Mr.Ratchkauskas (an Israeli native) who joined the conspiracy on March 22, 2007 and is responsible for any losses in 95 transactions, were partaking in a property fraud scheme, in which he operated under the name of his company, Admiral Capital Management. His main focus areas regarding the real estate were those in the Pittsburgh (and surrounding suburbs) area. According to the Government, the remaining 107 transactions included some type of bank fraud, including that:
• No down payments were made by any of the buyers, despite indications on the settlement statements that down payments were being made at the closings;
• The buyers' income and assets were often overstated on mortgage applications, supported by fake verification of deposits made by bank insiders;
• The buyers listed on the mortgages were sometimes not the true purchasers of the properties, with older relatives serving as straw buyers;
• Cash back was paid to many of the buyers but not disclosed to the lenders;
• Agreements to make repairs on properties were entered into at the closing between several of the buyers and sellers but not shared with the lenders;
• Silent second mortgages were taken out on the properties by the sellers and agreed to by a few buyers but same were not provided to the lenders;
• Double closings were sometimes conducted which involved the sellers purchasing the properties from third parties and then selling to the buyers immediately (or, even prior to the initial sale). To make sure the buyers qualified for loans, the pair relied on the help of two corrupt mortgage broker companies, Pittsburgh Home Loans and Riverside Mortgage. The brokers submitted fraudulent loan applications that overstated the borrowers' assets. All of the brokers have pleaded. Both admitting that they and a group of co-conspirators ripped off financial institutions for millions in fraudulent loans. They bought run-down houses out of foreclosure, sent out work crews to make superficial repairs designed to conceal major problems, then advertised the homes as rent-to-own. Their target audience was first-time buyers who couldn't otherwise afford to buy a house.The conspiracy involved crooked mortgage broker companies Pittsburgh Home Loans and Riverside Mortgage, who submitted false loan applications that overstated borrower assets.Shaun Sweeney also stated "most of them (the customers) were desperate to be home-owners," he said. "This was all foreseeable by Mr. Kubini." The superseding indictment also alleges that Kubini filed false income tax returns with the Internal Revenue Service that understated his adjusted gross income and that Smith failed to file his tax returns for the calendar years 2007 through 2009 despite earning sufficient income to trigger his legal obligation to file his income tax returns. and he is said to be released on June 24th, 2022.

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