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U.S. Attorney's Office

Sina Moayedi Allegedly Paid Lucrative Bribes to State Department Insider in Exchange for Confidential Bidding Information, and Fraudulently Induced State Department to Pay His Company Approximately $100 Million

Audrey Strauss, the United States Attorney for the Southern District of New York, and Michael Speckhardt, the Special Agent in Charge of the U.S. Department of State, Office of Inspector General, announced the arrest today of SINA MOAYEDI, the owner of a construction company, on charges including bribery and fraud. MOAYEDI was arrested in Castleton, Virginia, and will be presented later today in the Western District of Virginia before U.S. Magistrate Judge Joel C. Hoppe.

Manhattan U.S. Attorney Audrey Strauss said: 'As alleged, Sina Moayedi made misrepresentations about his employees' qualifications and his company's ownership in order to induce the State Department into awarding approximately $100 million in lucrative construction contracts to Moayedi's company, Montage, Inc. Moayedi also allegedly cultivated a State Department insider, and paid the insider lucrative bribes in exchange for confidential State Department bidding information. Moayedi must now be held accountable for his alleged brazen fraud on the government.'

Special Agent in Charge Michael Speckhardt said: 'As alleged, the defendant's scheme to undermine the Department's procurement process for personal gain caught up with him today and he will now be held accountable. His alleged actions not only hurt other legitimate businesses competing for awards, but also damage the public's trust in the effective and efficient utilization of taxpayer money.'

According to allegations in the Complaint[1]:

Montage, Inc. ('Montage') is a U.S.-based business that is primarily involved in worldwide Government construction projects, including embassies, military posts, consulates, and similar overseas properties owned and operated by the United States Government. Montage has performed over $220 million in contracting work for the U.S. Government, including for the Department of Defense, the Department of Justice/Federal Bureau of Investigation, the State Department, the Department of the Interior, the Department of Agriculture, the National Aeronautics and Space Administration ('NASA'), the Equal Employment Opportunity Commission ('EEOC'), and the Department of Veterans Affairs. Since 2014, Montage appears to have focused primarily on competing for and obtaining contracts with the State Department. During that period, the State Department has awarded Montage approximately six overseas U.S. Embassy/Consulate construction project contracts totaling $100 million, in locales such as Ecuador, Spain, Sudan, the Czech Republic, and Bermuda. The founder of Montage is SINA MOAYEDI.

Montage engaged in at least two fraud schemes. The first scheme alleges that, from approximately 2014 to September 2020, MOAYEDI and Montage lied that it was a female-owned business in order to secure unmerited advantages in the bidding process. By way of context, it is advantageous to a company, when bidding for federal government contracts, to be majority-owned by an individual from a socially or economically disadvantaged community. In fact, certain contracts (or portions of contracts) are 'set aside' for – i.e., only available to – such companies. MOAYEDI and Montage repeatedly represented falsely in submissions to the State Department that Montage was female-owned, or female-owned and minority-owned, in order falsely to induce the State Department to award Montage lucrative construction contracts. In actuality, MOAYEDI repeatedly lied about Montage being a female-owned business, and indeed, MOAYEDI controls Montage and makes all material decisions on Montage's behalf. As MOAYEDI revealed to a bank that inquired about Montage's ownership status, 'I am the sole owner and president of Montage and have always been.' Montage and MOAYEDI also repeatedly misrepresented, and significantly overstated, the qualifications of Montage employees. MOAYEDI made these misrepresentations in order to, among other things, meet State Department and contractual requirements for minimum experience in certain key positions.

The second scheme charged in the Complaint is a bribery scheme during at least 2016 and 2017. Insider-1 is employed in the State Department's Overseas Building Operations ('OBO'), which, according to OBO's website, 'directs the worldwide overseas building program for the Department of State and the U.S. Government community serving abroad.' Specifically, Insider-1 works for the State Department's OBO Project Development and Coordination Division, European division. In connection with overseas construction projects, the State Department has a Technical Evaluation Panel (TEP) that considers all aspects of an offeror's plan to execute the project. The TEP has the power to disqualify an offeror. Insider-1 oversaw the TEP for the Hamilton, Bermuda, project – a project that was awarded to Montage. In at least 2016 and 2017, MOAYEDI paid cash bribes to Insider-1 in exchange for confidential State Department bidding information relating to a particular multimillion-dollar contract in Bermuda, for which Montage was then bidding. In connection with the bidding process for the Bermuda project, Insider-1 informed MOAYEDI, in sum and substance, that: His bid was low; Montage could raise its bid by $300,000 and would still be the low bidder; and he should kick back 20 percent, or $60,000, to Insider-1 in return for this information. Shortly thereafter, Montage increased its bid by nearly $1 million. In a letter accompanying the revised bid, MOAYEDI falsely represented to the State Department that Montage's revised bid was attributable to 'an arithmetic error in our estimate worksheets.' MOAYEDI then paid Insider-1 $60,000 in cash, in three separate payments, using two men as intermediaries.

* * *

MOAYEDI, 66, of Chevy Chase, Maryland, is charged with one count of wire fraud, and one count of conspiracy to commit wire fraud, each of which carries a maximum potential prison sentence of 20 years, and one count of bribery of a public official, which carries a maximum potential prison sentence of 15 years.

The maximum potential penalties are prescribed by Congress and are provided here for informational purposes only; any sentencing of the defendant will be determined by the judge. Soulver 3 v3 0 1.

Ms. Strauss praised the outstanding investigative work of the State Department, Office of Inspector General, Special Agents from the United States Attorney's Office for the Southern District of New York, and the Internal Revenue Service. She also thanked Special Agents from the United States Attorney's Office for the District of Columbia and the Montgomery County, Maryland, Police Department. Pycharm 2016 2 3 download free.

The Office's Complex Frauds and Cybercrime Unit is handling this criminal case. Assistant U.S. Attorneys Michael D. Neff and Louis A. Pellegrino are in charge of the prosecution.

[1] As the introductory phrase signifies, the entirety of the text of the Complaint and the description of the Complaint set forth below constitute only allegations, and every fact described should be treated as an allegation. Alfred 4.

Labor & Employment
Updated May 28, 2021
Do you want a better annual percentage rate?

You want to double-check that your potential lender is making you a fair offer.

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The annual percentage rate (APR) on a mortgage is a better indication of the true cost of a home loan than the mortgage interest rate by itself. The APR takes into account not only the mortgage rate, but also things like closing costs, discount points and other fees that are charged as part of the loan. This Mortgage APR Calculator takes all of that into account to determine what your APR will be on a home loan. It will also calculate what your monthly payments will be, as well as showing your interest costs and payments over the entire length of the loan.

FAQ: Learning the difference between a mortgage interest rate and an APR

Mortgage Loan APR Explained

A mortgage loan APR stands for annual percentage rate, a way of showing the true cost of a home loan or other type of loan. It takes into account not only the interest rate you pay, but also the closing cost fees that are charged as part of the loan and expresses them in terms of an annual percentage. Our mortgage APR calculator makes it easy to calculate the numbers and compare lenders.

FAQ: Shopping for a mortgage can be confusing. Borrowers have to sort through a mix of interest rates, fees, points and all the rest to try to figure out what's the best deal.
Many borrowers make the mistake of focusing solely on the mortgage interest rate when they go shopping for a home loan. But the mortgage rate is only part of the picture. Closing costs and other fees can significantly affect the total cost of a mortgage. Discount points in particular can reduce your rate but mean much higher costs up front. The mortgage APR takes all of these into account and expresses them in terms of an interest rate.

Mortgage APR is defined as the annualized cost of credit on a home loan. It is the interest rate that would produce the same monthly payment on your loan amount with no fees as you would pay if you rolled all your fees into the loan itself.

For example, suppose you have a 30-year fixed rate mortgage for $200,000 at 3.25 percent. Your monthly mortgage payments would be $870.41, not including property taxes and insurance. Now, suppose you have $2,800 in closing costs fees and include those in the loan, the Loan APR would be 3.361 percent.

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That's what this mortgage APR calculator can determine for you, in addition to calculating your interest costs and producing a full amortization schedule.

FAQ: This is not for APR's on a Adjustable Rate Mortgages (ARM). Go here for APR Calculator on Adjustable Rate Mortgages

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Using the Mortgage APR Calculator

Here's how it works:

  1. Enter how much you wish to borrow in the 'Mortgage Amount' box. Note that you can use the sliders to adjust this amount if you want to see results for a range of figures.
  2. Enter the length of the loan and the interest rate you expect to pay in the boxes indicated.
  3. At this point, the Mortgage APR Calculator will show the monthly payment for the loan amount, term and interest rate you have entered.
  4. Choose 'Annually' or 'Monthly' for 'Report Amortization.' This will not affect your results on this page but will determine how your amortization schedule will be shown on the following page, after you click 'Show Report' at the top of the page.
  5. Click 'Closing Costs' to expand that section if it is not already visible. Note that you can display or hide different sections of the calculator by clicking the ' ' or '–' figures at right.
  6. Enter the percentage of your loan that will be charged as an origination fee (if applicable). Note that you can manually enter a decimal amount if your fee is not whole percent.
  7. If you plan to pay for discount points, enter the number of points you plan to buy here. Note that you can enter negative points, which are used when the lender is covering some costs in return for a higher rate.
  8. Enter the total of all other fees you will be paying on the loan.

Your mortgage APR will automatically display and be updated by the calculator as you enter or change information. The 'Total Payments' chart will show your total interest and principle costs for the life of the loan, while 'Principle Balance by Year' will chart the gradual decline of loan principle as you pay the loan off over the term of the loan.

Clicking 'View Report' at the top of this page will take you to another page that will explain how your APR figure was arrived at for the loan information you entered. It will also display a payment schedule/amortization table showing how your principle and interest payments will change over the term of the loan, and your accumulated interest and principle payments over time. This will be shown in yearly or monthly increments, depending on the choice you made under 'Report Amortization' at #4, above.

FAQ: This is a valuable tool for comparing lenders and deciding on length of loan, costs and loan program that works best for you.

Using APR to shop for a mortgage

As noted above, APR provides a more accurate indication of the true cost of a mortgage than simply looking at the mortgage rate. In some cases, mortgage lenders may charge higher fees to offset an unusually low rate they may be offering. APR can help you detect that.

By law, the APR must be disclosed in any loan estimate, including mortgages, and in any advertising for loans that specifies an interest rate. Such advertising for mortgage rates must also include the number of discount points the rate is based on, the more discount points that are included, the larger the difference there will be between the rate and the mortgage APR.
While mortgage APR is a useful guide for comparing the costs of different loan offers, it does have some shortcomings. Because it is based on annualized cost of fees amortized over the full length of the loan, it will not give a fully accurate picture of costs if you sell or refinance before the loan is paid off.
As a rule of thumb, it's often better to accept higher fees in return for a lower rate on a long-term loan, where you have more time to amortize their cost. But if you're only going to have the loan for a few years, it's often better to minimize fees even if you're paying a higher rate.

FAQ: Our Mortgage APR is for fixed rate loans and does not give an accurate comparison of the costs on adjustable-rate mortgages (ARMs), because it cannot anticipate how the rate on the loan may change over time, and does not take into account factors such as the frequency of rate changes and limits on how much rates may be adjusted, which vary from loan to loan.

Widsmob Montage 1 15 Percent

FAQ: See FAQ above under section 'Mortgage Loan APR Explained' for APR's on an Adjustable Rate Mortgage (ARM).

Why use an APR Mortgage Calculator?

Widsmob Montage 1 15 Percent Calculator

Your lender will figure your APR for you, and will advertise it in loan offers. However, you may wish to see yourself how the APR will vary if you make certain changes in the loan, such as buying more or fewer points. Or you may want to compare loan offers from lenders with different fee schedules and want to see how different fee schedules affect the APR and total cost of the loan.

FAQ: It is also helpful if you: Are working with a tight budget and need to know exactly how much you can afford.

Widsmob Montage 1 15 Percent Coupon

FAQ: You want to compare the true total monthly payment required from two or more providers. For the best way to do this, click Get FREE Quote (at the top of this page).





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