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Archives January 8, 2006


Fraud Stories From
Patrick Crowley

Fraud Wire

Dead Fraud
Two previously convicted mortgage brokers have been indicted for using the identities of dead people to commit mortgage fraud. But neither has yet been apprehended.

Mark D. Musselman, 48, of Piqua, Ohio, and his alleged accomplice, Mark S. Edwards, 49, of Clayton, Ohio, were indicted for allegedly using phony information to secure more than $1 million in mortgages from InterFirst Mortgage Lenders, an Ann Arbor, Mich.-based unit of subprime lender ABN AMRO Mortgage.

Musselman's indictment included 59 felony criminal charges, while Edwards faces 48 charges, according to the Montgomery County Prosecutors office.

The criminal charges include engaging in a pattern of corrupt activity; aggravated theft of over $100,000; forgery; and tampering with records.

read the rest of Patrick's story at MortgageDaily.com
(subscription required)

LO Steals Down Payment

Bruce and Martha Miles thought they were putting down $53,000 with a North Carolina mortgage loan officer to buy a new house.

Instead, they lost their money, were forced to file and bankruptcy and don't have a new home.

"It's a not a good situation," the Raleigh, N.C., lawyer representing the couple, told MortgageDaily.com. "I'm just surprised how easy it is to (allegedly) steal money in the mortgage industry."

A loan officer and her associate are facing charges that they duped the couple into putting up the money for a mortgage and then spending the money on themselves.

read the rest of Patrick's story at MortgageDaily.com
(subscription required)

Chicago police and prosecutors have tied some of the fraud that allegedly took place at Associates to a $70 million fraud ring that totaled more than 100 phony mortgage applications and involved members of the Traveling Vice Lords street gang.

January 6, 2006

Judge Throws Out Charges Against Politician
Charges of corruption against former Pennsylvania county official Thomas P. Gordon were thrown out by a judge, while one-time aide and co-defendant Sherry L. Freebery will still stand trial on separate mortgage fraud charges.
read story from The News Journal .

January 5, 2006

First Horizon Stung on $960,000 2nd
Former car lot owner David B. Todd III was sentenced Thursday to nine years in prison after being convicted of helping mortgage broker David John defraud First Horizon Home Loans Corp. on a $960,000 second mortgage loan.
read story from The City Paper .

Free Fraud Prevention
A Florida company is giving away free fraud prevention services.
read story from MortgageDaily.com
(subscription required)

January 4, 2006

ABN AMRO Settles FHA Fraud Charges

ABN AMRO Mortgage Group has agreed to the largest FHA settlement ever.
read the entire story at MortgageDaily.com
(subscription required)

Former Politician Facing Fraud Charges
A Judge has scheduled a private telephone conference in the mortgage fraud case of Sherry L. Freeberry, a former delaware public official.
read story from The News Journal .

Pair Indicted for Preying on 90-year Old Woman
William Alan Gay, owner of Southern Financial Corp., and alleged accomplice James Christopher Smith were indicted for allegedly convincing a 90-year old woman to get a $320,000 mortgage and directing $210,000 in loan proceeds to a company controlled by Gay.
read story from the Denver Post .

Miami Scam Targets Delinquent Borrowers
Miami police have received a rash of complaints from homeowners who are facing foreclosure and contacted by scammers who ultimately steal the homes.
read story from Local 10 news .

2 Processors Plead Guilty
Ike Bronson, a former loan processor at Seven Hills Financial, and Bryan Young, another Cincinnati-area loan processor, both pleaded guilty to mortgage fraud charges.
read story from the Cincinnati Enquirer .

January 2, 2006

Feds Ponder Mortgage Industry Fraud Registry
The Conference of State Bank Supervisors and the American Assn. of Residential Mortgage Regulators have spearheaded an effort to create a national database to include disciplinary actions and license revocations imposed on industry workers including mortgage brokers, finance company loan officers and appraisers.
read LA Times article .

Mortgage Broker Bares Bad News
Applying for her first mortgage with a mortgage broker, Michelle Hummel was informed she had a number of accounts outstanding that she knew nothing about -- leading her to start a statewide campaign for stiffer laws in Minnesota against identity theft.
read story from WCCO 4 News .

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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