| |
|
|
|
|
Search mortgage fraud news by keyword.
News, analysis and statistics about mortgage fraud.
Stories about individual mortgage crime cases.
Statics by year about real estate fraud.
Quarterly index based on case activity.
Reach mortgage executives, loan originators and other people tied to mortgage industry.
Free mortgage news for prospective borrowers.
Free e-mail newsletter with the latest headlines from MortgageDaily.com.
The latest case activity tracked by FraudBlogger.com for your Web site or for your RSS reader.
Archive of FraudBlogger.com entries going back to 2005. |
|
|
| |
$15 Million Fraud in One Year
|
| |
March 6, 2009
Six people have been charged with a mortgage fraud scheme that involved more than 200 properties and about $15 million in mortgage loans. One of the defendants recently pleaded guilty to 21 federal charges.
Michael Pahutski admitted to submitting false mortgage loan applications -- a lot of them, according to his attorney. Pahutski , a former mortgage broker, could face as much as 20 years in prison for participating in the scheme that used bribery, fake bank statements and kickbacks to real estate agents and investors.
Three others have pleaded guilty to the fraud that took down Bank of Georgia: Gregory A. Mascaro was sentenced to two years in prison and ordered to pay $62,361 in restitution; Gregory D. Rankin was placed on probation for five years and one year house arrest; and Jules A. Springs is awaiting sentencing.
Two have pleaded not guilty; real estate lawyer Victoria Sprouse and real estate broker R. Michael Gee are scheduled for trial in March.
Read story at The News & Observer
|
|
|
