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Mortgage Fraud Archives Week Ending January 07, 2011

Mortgage Fraud News

Case Activity

Nov. 9, 2010

Mortgage Fraud Still a Problem
Among the findings from two mortgage fraud studies is that an increase in the risk of mortgage fraud was mostly due to a government refinance program and loans insured by the Federal Housing Administration. Another finding was that real-estate-owned sales represent more of a problem than short sales. Las Vegas and Nevada respectively represent the city and state with the highest risk of mortgage fraud.
read story at
Nov. 9, 2010

Former Fraud Fugitive Still Maintains CA DRE License
Despite that he tried to flee the country following mortgage fraud charges and was arrested at the Canadian borker, Christopher Jared Warren -- who mortgage fraud trial is in process -- still maintains his broker license in good standing with the California Department of Real Estate.
read story at Sacramento Bee
Nov. 9, 2010

Nevada Receives $1.7 Million to Fight Mortgage Fraud
The U.S. Office of Justice Program has provided $1,700,500 to fund Nevada's mortgage fraud unit.
read announcement from Nevada Attorney General
Nov. 6, 2010

Failed Bank Victim of Huge Mortgage Fraud Scheme
Friday's failure of Pierce Commercial Bank was, in part, the result of losses stemming from a $500 million mortgage fraud scheme, based on criminal and civil legal activity.
read story at
Oct. 24, 2010

Fraud Investigation Firm Raking It In
Investors Mortgage Asset Recovery Co., which audits mortgages to help mortgage insurers find fraud where claims are filed, expects more than $12 million in revenue this year.
read story at Los Angeles Times
Oct. 8, 2010

Banks Get Break on Fraud Prevention Technology
A group of banks are being offered special rates for access to technology that helps prevent mortgage fraud.
read full announcement
Oct. 6, 2010

$1.7 Million for Colorado Fraud
The Colorado Bureau of Investigation has received a $1.7 million grant.
read story from The Denver Post
Oct. 4, 2010

Cost Cuts at SC RE Commission Render it Ineffective
Legislators, consumer advocates and industry experts say that expense cuts at the South Carolina Real Estate Commission have made it an ineffective mortgage fraud watechdog.
read story at
Oct. 1, 2010

LA Hosts Mortgage Fraud Summit
Representatives of the Financial Fraud Enforcement Task Force met in Los Angeles on Sept. 30.
read FBI announcement

LA Has Most Fraud Reports
Based on mortgage fraud reports made since 2008, Los Angeles ranks as the worst city.
read story at
Date Defendants State Amount of Loans Overview Source
Jan. 7 Miguel Romero CA 400 victims, bilked $4.5 million 4-year sentence.
Jan. 7 Richard Garcia FL $12,000,000 3-year sentence, 30-month home confinement, $10 million restitution.
Jan. 7 Salvatore Sferrazza, Keiron Ashurst, Heather Ashurst, Debbie Sferrazza, James Ashurst, Whitney Bonapfel, Tabatha Sturgill OH 8 properties Guilty plea by Salvatore Sferrazza.
Jan. 6 Donald R. Carter II, Roy L. Cooper WV $4,000,000 Guilty plea.
Jan. 6 Natalie Long, Darryl Hannken and Robert Herdrich IA Restitution $97,343, multiple rental homes 5-year probation, 8 month home confinement for Long. Victims include Argent Mortgage and New Century Mortgage.
Jan. 6 Scott Gaib, Erica Gaib, Wayne Gaib OH Restitution total $3,300,000 18-month sentence for Scott Gaib, 1-year sentence for Erica Gaib.
Jan. 6 Nathan Russo RI 5 properties, multimillion dollar scheme Guilty plea.
Jan. 6 Douglas Skibicki MD $1,400,000 Guilty plea.
Jan. 6 Guillermo Fraginals Parra, Pedro Rodriguez , Evelin D. Rodriguez, Rita Jean Garrett Mirilis Miriam Rodriguez, Luisa Deanne Cladera, Lylian Mendez, Jacqueline Izquierdo, Licurgo Constantine, Rigoberto Gamboa, Reynaldo Aleman, Gabriel Bea, Teannes Cladera, Jose Melian, Yant Garcia, Ernesto Matos, Michel Gonzalez and Ross Jimenez FL $11,500,000 Parra arrested.
Jan. 5 Victor Cedeno, Richard Nanan FL Forfeiture of $1,300,000 5-year sentence for Cedeno.
Jan. 5 Anthony Bailey FL 1 mortgage Charges filed.
Jan. 4 Jacob A. Korn, along with Donata Baydovskiy, Vladislav Baydovskiy, Viktor Kobzar, Alla Sobol, David Sobol and Camie Byron. WA $47,000,000 2-month sentence, 4-month home confinement for Korn.
Jan. 4 Taya "Waldon" Romano, Elizabeth Labruna NJ $4,700,000 Guilty plea from Romano.
Jan. 3 Matthew "Beau" La Madrid, Lance La Madrid, along with Eric Montiel, Kevin Fallis, James Hyatt, Mark Busby, Christine Busby, Richard Kassler, and Moises Pacheco CA $30,000,000 Guilty pleas from La Madrid brothers.
Jan. 3 Chael Sonnen, Joel Rosabal and Chadwick Amsden OR $3,500,000 Guilty plea by Sonnen and Rosabal. Victim was Decision One Mortgage.

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