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Week Ending January 27, 2012

Mortgage Fraud News

Case Activity

Famous Runner Requests New Mortgage Fraud Trial
Jan. 26 -- GREENSBORO, N.C. -- Charlie Engle, the local ultra marathon runner who beat drug addiction to become a world famous runner and subject of a noted documentary, is seeking a new trial to overturn his conviction of mortgage fraud.
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HUD Releases Revised Regulation
Jan. 25 -- More than a year ago, a rule was proposed that would impact mortgagees on loans that are insured by the Federal Housing Administration. Among issues addressed by the proposed rule were indemnification requirements and mortgagee termination. A final rule addresses some of the concerns that have since been raised including indemnification on loans with mortgage fraud.
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6 Indicted Over NC Builder Kickbacks
Jan. 25 -- Federal prosecutors have filed charges against six Charlotte, N.C.-area defendants over mortgage fraud-related offenses and a "builder kickback" scheme, the latest fallout from the housing market bust.
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R.I Broker Handed Down 30-Month Sentence
Jan. 25 -- A Rhode Island mortgage broker who helped the leader of a New London-based home-purchasing scheme collect millions of dollars in fraudulent loan money will spend up to two and a half years in federal prison, U.S. Attorney David B. Fein announced Monday.
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Tampa Trio Convicted in Florida Fraud Scheme
Jan. 25 -- TAMPA, Fla. -- The heads of a local mortgage company have been convicted of leading a mortgage fraud scheme against 10 lenders.
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Reverse Mortgage Fraud Nets 70-Month Sentence
Jan. 25 -- A Delray Beach, Fla., loan officer was ordered to pay more than $2 million in restitution Friday for his role in a nationwide $2.5 million reverse mortgage fraud scheme.
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Ohio Mortgage Brokers Plead Guilty in $15 Million Case
Jan. 23 -- Two Pickerington, Ohio, men have pleaded guilty in federal court to $15 million in mortgage fraud, the U.S. Department of Justice announced today.
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Oregon Developer Deceived Banks and Employees
Jan. 23 -- Tyler Fitzsimons, the man at the center of one of the biggest financial frauds to emerge in Oregon during the great housing boom, has opted to change his plea to guilty in the ongoing criminal case.
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Indicted Alaska Condo King Sued Over $16 Million in Delinquent Loans
Jan. 23 -- Four years after his financial world began collapsing, Anchorage condo king Lee Baker Jr. has been indicted by a federal grand jury on charges that he lied and cheated on federal credit union loans connected with his construction projects, the U.S. Attorney's Office announced Friday.
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WMC Probe Focuses on Fraud
Jan. 23 -- Federal authorities have launched an investigation into defunct subprime lender WMC Mortgage Corp. to determine whether senior managers condoned mortgage fraud, sources said.
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$750k in Mortgage Fraud Among Multiple Counts in Conn. Case
Jan. 23 -- HARTFORD, Conn. -- A Woodbridge man waived his right to indictment and pleaded guilty today to one count of mail fraud for operating multiple schemes that resulted in more than $1.5 million in losses to individuals and lenders, the Connecticut U.S. States Attorney Office said today.
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2 Guilty Pleas in MN Condo Scheme
Jan. 23 -- Two real estate professionals have pleaded guilty in connection with kickbacks at the troubled Cloud 9 Sky Flats development in Minnetonka, a scheme that prosecutors say defrauded lenders out of $7 million to $20 million.
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Date Defendants State Amount of Loans Overview Source
Jan. 27 Akinola George DC $2,400,000 Sentenced to 40 months prison plus $2,021,346 restitution. Department of Justice
Jan. 27 Randall B. Causey (7 total) IN $650,000 Convicted.
Jan. 27 Donna Harris (aka Donna Meade), Gary Atkinson IN $1,300,000 Entered "not guilty" pleas.
Jan. 27 Andrey Kim, Sultanmurod Rashidov CA $180,000 Indicted. Department of Justice
Jan. 27 Richard Scott Spady, Michele Denise Sengstock MN Multiple properties Indicted. Department of Justice
Jan. 26 Marc Engelmann, Paul Bieber, Mary Lee Reinking, Natalie Long, Mary Pat Lord, Darryl Hanneken, Robert Herdrich IA Multiple properties Sentences: Engelmann sentenced to 3 years prison plus restitution; Bieber previously sentenced to 3 years probation and $37,969 in restitution; Reinking and Long previously sentenced to probation; Lord awaits sentencing; Hannekin and Herdrich each previously sentenced to 40 months prison.
Jan. 26 Kathy P. Harps VA $1,200,000 Sentenced to 54 months prison. Department of Justice
Jan. 26 Charlie Engle NC $400,000 Filed motion asking for new trial.
Jan. 25 James Delbert McConville CA Multiple properties Guilty plea.
Jan. 25 Steven Carver MN $3,300,000 Charged. Hearing scheduled for 2/16/12. Department of Commerce
Jan. 25 Eugene Lockhart Jr. TX $20,000,000 Filed motion asking judge to release defendant on bond due to health issues.
Jan. 25 Sean Dalton Williams, Roderick D. Williams, Alfred Samuels, Channing Holit, Elena Z. Karadzhova, William Chad Hadden NC $42,000,000 Indicted.
Jan. 23 Nathan Russo, Syed Babar (13 total convictions) CT $4,750,000 Russo sentenced to 30 months prison plus 3 years supervised release and $1,157,753.25 restitution. Department of Justice
Jan. 23 Louis Gendason, Kimberly Mackey, Marcos Echevarria, John Incandela FL $2,500,000 Gendason sentenced to 70 months prison and $2 million restitution. Mackey, Echevarria, and Incandela previously sentenced. Department of Justice
Jan. 23 Cameron Green, Jason Simcox OH $15,000,000 Pleaded guilty.
Jan. 23 Harvey Miles Lowell FL $1,000,000 Pleaded guilty.
Jan. 23 Kim S. Morris NJ $708,855 Sentenced to 33 months prison and $708,855 restitution. Department of Justice
Jan. 23 Lee Baker Jr. AK $16,000,000 Indicted. Denali Alaskan Federal Credit Union a victim lender.

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