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Week Ending Jan. 1, 2010

 

Mortgage Fraud News

Case Activity

Dec. 30, 2009


Long Beach Mortgage Practices Invited Mortgage Fraud
Management's disregard for red flags contributed to the demise of Washington Mutual Inc. subsdiary Long Beach Mortgage.
read Huffington Post story
Dec. 29, 2009


Departing NJ AG Filed 11 Fraud Lawsuits
During Anne Milgram's four years as New Jersey's attorney general, the division filed 11 lawsuits against 102 defendants.
read story from Star-Ledger
Dec. 16, 2009


Credit Union Sues For Fraud Coverage
Educational Systems Federal Credit Union filed a lawsuit in U.S. District Court for the District of Maryland to determine that fraud losses it suffered were covered by a CUNA Mutual bond.
read story at Credit Union Times
Dec. 15, 2009


Foreclosure Scams Use Mortgage Fraud
In a typical foreclosure rescue scheme, delinquent borrowers are advised to convey title to an investor located by the foreclosure rescue firm. But instead of rescuing the borrowers, the firms line up fake borrowers with fraudulent documentation and extract all available equity -- leaving the borrowers still facing foreclosure. A federal and state initiative has been launched to stop such schemes.
read story at MortgageDaily.com
Dec. 3, 2009


MD County Tackles Fraud
Representatives from the Prince George's County state's attorney's office pledged more effort to combat mortgage fraud.
read story from Gazette.net
Dec. 1, 2009


Fraud Prevention Service Links to SSA
A California fraud prevention firm is touting its status as one of the first enrolled companies in a Social Security Administration program.
read full announcement

DOJ Solifies NC Partnership
The U.S. Attorney's Office for the Western District of North Carolina said the Obama administration's Interagency Financial Fraud Enforcement Task Force formalizes the partnerships it already had with states.
read story at Charlotte Observer

Miami Fraud Task Force Busy
The Miami-Dade Mortgage Fraud Task Force has made more than 175 arrests and opened an additional 780 investigations.
read story at HeraldTribune.com

Nov. 27, 2009


CA's Central Valley Mortgage Fraud Hot Spot
Federal mortgage fraud indictments in California's central region were 50 last year and totaled 30 over the past 12 months -- with each case resulting in losses of $1 million to more than $5 million.
read full story from Business Journal
Nov. 24, 2009


Feds Attack AZ Fraud
U.S. Attorney Dennis Burke has obtained approval to hire three attorneys who will focus on Arizona mortgage fraud cases.
read story from The Arizona Republic

Federal, State Officials Meet on NV Fraud
U.S. Sen. Harry Reid, Federal Trade Commission Chairman Jon Leibowitz and Nevada Attorney General Catherine Cortez Masto were among officials at a mortgage fraud event in Las Vegas.
read story from Associated Press
Nov. 23, 2009


Appraiser Wears FBI Wire

A Kansas City appraiser talks about how he wore a hidden microphone to help bust a huge mortgage-fraud scheme.
read story at KansasCity.com
Nov. 17, 2009


South Chicago Condos Stung Hard by Mortgage Fraud
On the South Side of Chicago, mortgage fraud hit condominium communities especially hard.
listen to full story from WBEC

FBI Warns of Fraud During Foreclosure Process
The FBI's Detroit offices sent representatives to speak to agents at Michigan Re/Max about mortgage fraud during the foreclosure process.
read full story from Daily Press & Argus
Nov. 16, 2009


US AG Reports Huge Rise in Fraud Cases
U.S. Attorney General Eric Holder reported that the Federal Bureau of Investigation is currently investigating 2,400 mortgage fraud cases -- a 400 percent increase from five years ago.
read full DOJ announcement
Date Defendants State Amount Overview News
Publication
Dec. 30 Alternative Lending of Colorado, James W. Dale III, April A. Bigler CO multiple transactions Complaint filed. MortgageDaily.com
Dec. 30 John Sweetland, Joshua Brown, Brian Frank, Linda Defeo, Brian Arrington, Bruce Namenson MA $12,500,000 Charges filed. Mass.gov
Dec. 29 James Benjamin Duncan, Hendrix Moreno Montecastro, Helen Moreno Pedrino, Maurice McLeod, Charlie Sung Muk Choi, Cindi Gayle Kelly, Thuan Nhan Du CA $125,000,000 Criminal complaint filed. MortgageDaily.com
Dec. 29 Jennifer Jackson NC na Guilty plea in "Waxhouse Investigation." JournalNow.com
Dec. 29 Dema Daiga, Oluseun Oshosanya MD $664,493 Indictment. Media Newswire

Baltimore Sun

Washington Post

Dec. 29 Brandon Foley NC multiple transactions over 2 years Guilty plea. Charlotte Observer
Dec. 29 Mark J. Moncher, Richard Nanan, Victor Cedeno, Genesis Valdez FL $3,700,000 Guilty pleas. Orlando Sentinel
Dec. 28 Wayne Marlon Benedic Lezama VA $3,000,000 Guilty plea. The Virginian-Pilot
Dec. 28 Richard N. Garries VA $900,000 Conviction. The Virginian-Pilot
Dec. 28 Brian W. King VA $700,000 Guilty plea. The Virginian-Pilot
Dec. 28 Ronnie E. Brodie VA na Arraignment. The Virginian-Pilot
Dec. 28 Troy A. Titus VA $7,000,000 Conviction. The Virginian-Pilot

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