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Man pleads guilty to wire fraud, avoids prosecution for mortgage scheme

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Former Filipino Chamber of Commerce President Stephen Callo pleaded guilty in U.S. District Court today to wire fraud for lying about his income to secure a $553,501 loan to buy a Makakilo home in 2006.

In exchange for the guilty plea, the federal prosecutor promises to drop 13 other charges against Callo for his alleged participation in the largest mortgage fraud scheme uncovered in Hawaii.

Those charges allege that Callo, a certified public accountant, prepared and signed letters containing false information about the employment histories of loan applicants and signed another fraudulent loan application.

Callo is among 14 people named in two August 2010 indictments charging them with conspiracy, wire fraud and making false statements on loan applications involving 46 residential properties on Oahu.

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