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| Last Updated |
Tuesday,
April 15, 2008, |
3:30 PM |
Texas Time |
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April 15, 2008
Mortgage Fraud Index Jumps
Mortgage fraud surged in several states -- lifting the first quarter FraudBlogger Index higher.
Mortgage Professionals Charged with Fraud
Former credit union loan officer Diane Shelton, real estate agent Terry Hart and licensed real estate appraiser Mark Brown were charged with mortgage fraud for an operation they ran in Illinois that netted them more than $1.9 million on as many as 40 properties. If convicted, each defendant could face up to 30 years in prison and a fine of $1 million per offense of mail fraud committed.
read story from Originator Times
Man Cleared of Mortgage Fraud
Wesley A. Snyder, a mortgage broker in Reading, Pa., has been cleared of mortgage fraud by U.S. District Judge James T. Giles, who ruled that the banks that underwrote the mortgages had no reason to monitor Snyder. Prosecutors had claimed Snyder defrauded 811 borrowers and 31 investors out of $29.2 million. Snyder did, however, plead guilty to mail fraud last November.
read story from The Centre Daily Times
Mortgage Fraud Investigation Takes Front Seat
Investigation of mortgage fraud has become a top priority in the state of Colorado as policing efforts are becoming more intense at both the state and local levels. The Colorado Division of Real Estate is the main watchdog for the licensing and regulation of real estate brokers, appraisers and mortgage brokers.
read story from The Colorado Springs Gazette
Arraignment Date Set for Mortgage Fraud Defendants
An arraignment date has been set for William Bowling Jr., Georgia Bowling and Gregg Russell for their conspiracy of mortgage fraud on a mortgage broker in Kettering, Ohio. The three cohorts swindled $3.5 million to purchase 24 four-unit apartment buildings and now could face 20-year prison terms and fines up to $250,000 plus restitution.
read story from Middletown Journal
April 14, 2008
Ohio Man Incarcerated for Defrauding Those Nearing Foreclosure
Randall L. Webb was sentenced to 15 months in prison for his role in a mortgage fraud scheme that victimized homeowners about to lose their properties through foreclosure in the Dayton and Cincinnati areas of Ohio. Webb offered help to his prospective clients for a charge of between $600 and $700, which he collected up front.
Authorities Warn Others of Mortgage Fraud Scheme
Butte County, Calif., District Attorney Mike Ramsey and County Clerk-Recorder Candace Grubbs gave warning to local property owners nearing foreclosures to beware of others offering assistance during the processes after a common scheme in the area was made known to Grubbs. So far, two people have been charged in the scam that brought the cohorts profits from homeowners in Alameda, Fresno and Napa, Calif.
read story from The Gridley Herald
Two Guilty Pleas of Mortgage Fraud in Pennsylvania
Aaron Thompson and Randy Carretta both pleaded guilty to one count each of participating in wire fraud for their involvements in two separate mortgage fraud operations in Pennsylvania. Both men face up to 20 years and prison and fines of $250,000.
read story from Media Newswire
Man Uses Mortgage Fraud to Leave Buyers in Plights
Dwight Jenkins used the real-estate boom to his advantage to net $1 million on six properties in Dorchester, Mass. and leave his victims in housing crises. Jenkins already had a federal record as a bank fraud felon.
read story from TradingMarkets.com
April 11, 2008
Sprouse Could See More Charges in Mortgage Fraud Case
Victoria Sprouse, already a key target in a mortgage fraud case of more than $15 million in loans in Charlotte, N.C., could also face charges of racketeering. Though the indictment on the case lists a total of six defendants, Sprouse is the only one listed in each of the four alleged scams in the case.
read story from The Charlotte Observer
Man Admits to Mortgage Fraud of More Than $2.6 Million
Donald F. Green pleaded guilty to one count of tax evasion, one count of conspiracy to commit bank fraud and wire fraud and one count of bank fraud for his involvement in a 2003 and 2004 mortgage scam in which he obtained $2.6 million. Aryeh Schottenstein, Jeffrey Lierberman and Shawn Griffin were also indicted last year for their participation in the scheme.
read story from Columbus Business First
Three Ohio Men Indicted for Mortgage Fraud
William Bowling Jr., Georgia Bowling and Gregg Russell are accused of defrauding Fort Mitchell, Ohio mortgage company Countrywide Home Loans on more than 24 properties outside Dayton. Each suspect faces up to 20 years in prison if convicted.
read story from WKRC-TV Cincinnati
April 10, 2008
Jackson Men Guilty of Mortgage Fraud
David Kennedy was sentenced to two years in prison with three years of supervised release, while LaVonne Hamilton must serve16 with two years of supervised release for their involvements in two separate mortgage fraud operations in Jackson, Miss. The combined fraudulent loan total the two men obtained was more than $835,000.
read story from The Clarion-Ledger
April 9, 2008
Interthinx Announces Ability for Lenders to Score Third-Party Originators
Interthinx, provider for tools for mortgage fraud prevention and other various aspects of the mortgage industry, announced Tuesday its ability to review and score third-party originators. Broker Risk Score bases its assessment on proprietary loan data and weighted “alerts” in the system to help lenders make better informed decisions in all processes in the business.
Radian Guaranty Announces Program to Assist Borrowers
Radian Guaranty announced the launch of Radian FastAdvance, a program that seeks to help troubled borrowers by modifying the terms of loans or creating structured repayment plans. Radian also revealed the partnership with partnership with Consumer Credit Counseling Service of Delaware Valley to assist and communicate with borrowers and servicers who opt to use FastAdvance.
Virginia Man Gets Prison for Mortgage Fraud
Khalil Salim Arbid was sentenced to 16 months in prison for mail fraud for his involvement in a mortgage fraud operation of $2 million in Vienna, Va. He will also be on supervised release for three years after his prison sentence is served, and he must pay more than $650,000 in restitution.
read story from Vienna Connection
Six Charged with Fraud in Indianapolis
Mehran Valiyi, Brian Beach, Marcus Ward, Ladarius Patrick, Omar Dillard and Preston Forte were all charged with theft and fraud for their participation in a mortgage fraud scheme of nearly $38 million on 568 homes in Indianapolis.
read story from the Examiner
Mortgage Fraud Warrants Prison Time
Portland resident Ryan Bonneau must spend 30 years in prison and have five years of supervised release to follow for his role in a mortgage fraud scheme in that defrauded Union Federal Bank of Indianapolis. Leann Booth and Troy Martin were also involved in the scam of two properties and, among other punishments, must serve 45 days of house arrest and give up their shares of the profit.
read story from The Oregonian
April 8, 2008
Governor Takes Action on Foreclosure Problem in Maryland
Maryland Gov. Martin O’Malley signed emergency legislation in order to provide assistance to thousands of homeowners in the state who are at risk of losing their properties. The bills also strive to prevent future foreclosures and make efforts to fight mortgage fraud crimes.
Broker Pleads Guilty to Racketeering in Mortgage Fraud Case
Celeste Skaar, owner of a Chanhassen, Minn., mortgage brokerage, New Day Capital, pleaded guilty to a charge of racketeering in a mortgage fraud case that brought in $2.5 million to Skaar and her cohorts, Scott R. Rosenlund and Shinon Lindberg. Rosenlund and Lindberg have eight pending charges against them in the case, and Skaar’s license was revoked.
read story from The Minneapolis Star Tribune
April 7, 2008
Mortgage Fraud Grows, But Who Hurts the Most?
Writer Zac Bissonnette wonders who really suffers the most from mortgage fraud, and he has come to the conclusion that those victimized are “pretty much anyone who wasn’t participating” in the fraudulent operations.
read story from WalletPop
Broker Loses License and Faces Investigations in Colorado
Danny DeGrande had his real estate broker’s license revoked last week for a year for mortgage fraud complaints issued against him in Arvada, Colo. DeGrande is up against multiple investigations on him and is still under further investigation for fraudulent real estate deals.
read story from Rocky Mountain News
“Fraud-for-Profit” Continues to Hurt Mortgage Industry
Recently, federal law enforcement has directed a great amount of its focus on “fraud-for-profit” mortgage scams in which those in the industry join together in fraud operations, split the proceeds, and then vanish elsewhere. More commonly, victims are those who are on the verge of foreclosure, and all this crime is only adding to the dilemma that already plagues the subprime arena.
read story from The Chicago Tribune
Suspect to Change Plea in Erie Mortgage Fraud Case
Gregory M. Finney, who originally entered a plea of not guilty to charges of fraud, conspiracy and money-laundering in a mortgage fraud scheme case in Erie, Pa., is expected to change his plea in the coming weeks, according to the lawyer of the former president of A&M Homes. The change comes largely as a result of a previous conviction for delivery of cocaine, which could hurt him at his sentencing.
read story from Erie Times-News
Two Mortgage Fraud Cohorts to Appear in Court
Celeste Skaar pleaded guilty to charges of racketeering in a mortgage fraud operation in Minneapolis. Scott R. Rosenlund and Shinon Lindberg are also named in the case and faced with charges of racketeering and theft by swindle. Rosenlund and Lindberg are due in court today.
read story from The Minneapolis Star Tribune
Former Criminal Now Seeks to Stop Crime
Frank Abagnale, former con man and author of Catch Me If You Can and Stealing Your Life, helped design a service called PrivacyGuard to monitor credit and give notifications of new applications and developments to help fight identity theft and fraud.
read story from New York Daily News
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