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Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Friday, January 5, 2006, 04:49 PM Texas Time


Legislator Accused of Foreclosure Fraud

The Maryland Attorney General is looking into claims that a state legislator duped a woman into selling her home to him.

In a lawsuit filed in Anne Arundel County Circuit Court, Teresa Milligan accuses Maryland State Delegate William "Tony" McConkey, a Republican and a real estate broker, of foreclosure rescue fraud.

McConkey has denied Milligan's claims that he somehow tricked Milligan into singing over her house to him.

Kevin Enright, a spokesman for Maryland Attorney General J. Joseph Curran, confirmed to MortgageDaily.com that the attorney general's office is "looking into the matter."

MortgageDaily.com subscribers read Patrick's full story




Armed & Dangerous

A former mortgage executive who is under indictment for selling the same loans multiple times on the secondary market escaped when federal agents tried to nab him.

Edward Batayeh, who is also known as Ed Bhataybh, has been indicted by a federal grand jury in Oakland on charges of masterminding a $13 million fraud that included reselling loans multiple times.

But when federal agents tried to apprehend him on Nov. 17, he fled in a 2003 BMW X3 with the California license plate 5ETZ317.

"Defendant is a fugitive and should be considered armed and dangerous," the U.S. Attorney for the Northern District of California said in a statement.

MortgageDaily.com subscribers read Patrick's full story

January 5, 2007

Fraud Lands Woman in Jail
Donna Abraham was sentenced to probation and 60 days in jail for allegedly using illegally-obtained credit information to purchase property, and amongst the victims were Alterna Mortgage Co. and Countrywide Home Loans.

read story from the New Jersey Herald .




Ex-Congress Prospect Jailed for Fraud
Former Kansas congressional candidate Adam Taff is serving a 15-month sentence for inflating his monthly income, as well as using and keeping $0.3 million in campaign money for a downpayment on a loan for a $1.2 million home.

read story from the Kansas City Star.




Ex-county Exec Charged with Fraud
Former Jackson County Executive Katheryn Shields, her husband, attorney Philip Cardarella, and nine others were indicted on federal charges of taking part in a scheme in which the value of the couple's home, listed at nearly $0.7 million, was inflated and a fraudulent financial information was used with the intent of having a $1.2 million mortgage approved.

read story from KCTV 5 News.




Mortgage Fraud Ring Busted
Manhattan officials arrested 23 individuals -- many of them Russian, and including brokers and processors from AGA Capital NY Inc. and Northside Capital NY Inc. -- who are blamed for $200 million dollars in fraudulent home loans in New York and New Jersey and cheating lenders of at least $3.5 million.

read story from WNBC.




January 4, 2007

MA Online Mortgage Scams Growing
The number of Internet scams involving mortgage companies is increasing, according to Greylock Federal Credit Union, which advised that consumers can avoid being duped by being wary of red flags, such as closing attorneys recommended by the companies, an excessive number of fees and an APR that is much higher than the interest quoted.

read story from The Transcript.




72 Charged With Mortgage Fraud
Six dozens of companies and individuals were indicted on 303 charges that they submitted applications with false information to acquire over $4 million in mortgages for 38 homes.

read story from Fox 45.




January 3, 2007

Broker Indicted for Mortgage Fraud
Kansas City Councilwoman and Trinity Mortgage broker Saundra McFadden-Weaver and two others received indictments for preparing material false and fraudulent loan applications and documents to obtain funding from MILA Inc., a conspiracy that resulted in foreclosure on a property McFadden-Weaver got a loan for but was for someone else to live in.

read story from the Kansas City Business Journal.




Man Jailed 3 Times
Brian Christopher Dupree ended 2006 with a third incarceration in a period of eight months, with the latest arrest being for alleged unpaid child support, the one prior being for renovating a home without a permit and the first for allegedly being at the center of a $7 million mortgage fraud scheme of inflated home values and straw buyers.

read story from Online Athens.




Man Sought for ID, Mortgage Fraud
Authorities are looking for Jorge Castan Camacho, a fugitive in the past two or three months who owned and controlled USA Mortgage Lending Capital Corp. and is accused of illegally using people's personal information to obtain funding for homes then failing to make payments on the mortgages.

read story from the Denver Post.




January 2, 2007

Contractor Accused of Defrauding Borrowers
Victims of Hurricane Isabel allegedly gave their insurance and FEMA checks to Richard C. Pirozzi, owner of National Restoration Specialists Inc., in exchange for home repairs, but these were seldom made and funds were put into the company's account instead of being sent to mortgage companies.

read story from WVEC.




NC Gives Fraud-Prevention Tips
North Carolina officials gave consumers tips to avoid scams, such as those in which a company contacts a borrower with the promise of rescuing a home in foreclosure trouble in exchange for an up-front fee or those in which a buyer promises to pay off the mortgage once the deed to the property is signed over.

read story from WITN 7.




'Shotgun' Scam Takes Cake
First American Title Insurance Co. recently was able to notify various lenders, ahead of funding, that it received multiple title orders on the same property, but that is not always the case, as "shotgunning," a scheme in which property owners apply for home equity loans with various bankers at the same time or in which a property is sold to multiple buyers, has been labeled the fraud of the year.

read story from the Los Angeles Times.




More Charges for Reverse Scam
Michael Llamas, the owner of Property Line Investments who was booked on four felony charges related to an alleged reverse mortgage scam, may have further charges filed against him.

read story from Inside Bay Area.







 


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  Patrick Crowley is fraud journalist for MortgageDaily.com and a reporter and columnist for The Cincinnati Enquirer.

Email Patrick at: PatCrowley@FraudBlogger.com
 
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