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Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Friday, January 19, 2007, 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 19, 2007

Bill Seeks Tougher Broker Laws
A proposed bill for Colorado bars mortgage brokers, lenders and anyone else involved in a house transaction from compensating, coercing or intimidating appraisers to inflate property values, and, among other things, allows prohibiting registration to brokers who have been banned from practicing in other states in the past five years.

read story from the Daily Record.




Homebuilder Employee Admits Fraud
Katrina Arrington is the third employee of N.J. Affordable Homes to plead guilty to participating in Ponzi scheme that included submitting loan applications, to mortgage lenders, that falsified the incomes, assets and employment statuses of supposed borrowers of the homes the company sold.

read story from the Home News Tribune.




Cop Serves Time for Fraud
Indianapolis Police Department veteran Michael C. Smith, who moonlighted as an appraiser, was sentenced to 57 months in prison for his role in a mortgage fraud scheme that involved inflated property values.

read story from the Indianapolis Star.




January 18, 2007

Free Fraud Prevention Tool Enhanced
Informative Research Launches Credit Score Verifier.




11th Sentenced in Flipping Scheme
Man receives sentence for alleged role in mortgage fraud scam
.



January 17, 2007

Jury Picked for Ex-CEO Trial
A jury was chosen to determine the future of Ronald J. Sheppard, former chief of defunct HomeGold Financial Inc., a subprime lender that went bankrupt after allegedly engaging in a Ponzi scheme.

read story from The State.




Massive Fraud Trial Begins
Phillip Hill, accused of a mortgage fraud scheme in which he allegedly used straw buyers to get mortgages for properties that he resold at much higher, inflated prices to pocket proceeds, and 11 co-defendants who allegedly collaborated, filled a courtroom today to begin a trial expected to take three months.

read story from the Atlanta Journal-Constitution.




January 15, 2007

Fraud Teleconference Call Series Continues
Realtor Ralph Roberts continues his successful teleseminar series on Feb. 6th.




Lawyers Allege SC Fraud Scheme
$1.2 billion claim against alleged perpetrators of Ponzi scheme involving home loans
.



2 Await Mortgage Scam Sentence
Carlos Bent and Frank Padilla face up to five years after admitting to charges in connection with a $13 million scheme in which the pair kept the extra proceeds of 23 loans for homes sold above the listing price to straw buyers.

read story from the Arizona Daily Star.





Ex-Mortgage CEO Awaits Trial
On Tuesday, prosecutors will begin trying to prove that Ronald J. Shepperd, former chief executive of HomeGold Financial, engaged in securities fraud through the company, which collapsed in 2003 in South Carolina’s largest-ever bankruptcy that left more than 8,000 investors holding more than $277 million of worthless notes.

read story from The State.




FBI Doubles Fraud-Fighting Efforts
Citing that mortgage fraud cases ended fiscal 2006 at nearly 36,000, or 64 percent higher than a year earlier, the FBI said it has redoubled efforts to work with the industry and other law enforcement agencies to address the problem.

read story from the New York Times.




January 12, 2007

Man Imprisoned for Mortgage Fraud
Lawrence Randall Benham was sentenced to 97 months in prison after pleading guilty to his involvement in a multi-million dollar scheme in which he allegedly used straw buyers and exaggerated their financial resources and ability to repay mortgage loans for properties priced in excess of their true value.

read story from KHOU.




Unlicensed Appraiser Sentenced
Chester Underhill was sentenced to 30 months in federal prison and received three years probation for allegedly using his late father's license number to perform more than 1,000 appraisals for five years at the request of mortgage brokers.

read story from 21 WMFJ.




Attorney Arrested on Stealing Charges
Denise Cooper, a lawyer that represented a homeowner in a foreclosure sale, is being accused of using $100,000 gathered from the transaction for her personal use rather than depositing to a county finance commissioner.

read story from the Journal News .




Mayor Candidate Denies Fraud
Katheryn Shields, who has filed to run for Kansas City mayor, and her husband, Philip Cardarella, pleaded not guilty to mortgage fraud charges and alleged their signatures were forged on documents involving the sale of a home they owned.

read story from KMBC-TV.









 


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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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