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Fraud
Stories
From
Patrick
Crowley
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Fraud
News Wire
| Last Updated |
Thursday,
February 1, 2007, |
04:49
PM |
Texas
Time |
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Crooked Lawyers
A former Kansas elected official who is in trouble along with her attorney husband for alleged mortgage fraud highlights the latest edition of Lawyers Gone Wild.
Katheryn Shields, 60, the former Jackson County executive and her husband, attorney Philip Cardarella, 59, have been indicted along with nine other people on federal charges of "conspiracy and wire fraud for their role in a scheme to engage in mortgage fraud," according to a statement from U.S. Attorney Bradley Schlozman.
"This case represents another tragic example of intelligent individuals -- including lawyers and prominent elected officials -- thumbing their noses at the law in the pursuit of quick and easy cash," said Schlozman, the U.S. Attorney for the Western District if Missouri in Kansas City.
The couple could not be reached to comment, but they have maintained their innocence in published reports.
MortgageDaily.com
subscribers read Patrick's full story
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
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February
1, 2007
Flipping
Scam Lands 5 Sentences
A fraudulent flipping scheme involving distressed
property landed Kristy N. Packer, Marcy Irby
and Jafus Jones II probation terms ranging from
five to three years and restitution to Countrywide
Mortgage, and Phillip N. Weary and William Vaston
Fairley prison sentences ranging from 7 to 19
months.
read
story from the Hattiesburg American.
Lawyer
Suspended for Inflated Property
Attorney Morris I. Olmer has been suspended
from practicing law for his involvement in a
real estate transaction in which the sales price
of a property was inflated and proceeds generated
were pocketed, and may be a case of mortgage
fraud.
read
story from the Connecticut Law Tribune .
Realtor's
Fraud Conviction Appeal Unsuccessful
A federal appeals court upheld the conviction
and sentence of Sally L. Gibson, a Realtor who
led a $1.4 million mortgage fraud scam in which
borrowers were promised $100 if Century Mortgage
couldn't find and qualify them for a home purchase,
but ultimately borrowers ended up in loans for
properties with inflated values and with balloon
payments and high interest rates.
read
story from the Spokesman Review.
21
Accused of Mortgage Fraud
A grand jury charged 21 people connected to
two cases of alleged mortgage fraud that included
illegally acting as a real estate broker and
appraiser, a false down payment, and inflating
property value.
read
story from the Plain Dealer .
Fraud
Lands Woman Prison Sentence
Christa M. Eker was sentenced to five months
in prison after admitting to cooperating in
a scheme that 6 others have been sentenced for
and in which false deeds and other documents
were used to get title to properties and then
use these as collateral to obtain more than
$2.5 million in loans.
read
story from the South Florida Sun-Sentinel.
January
31, 2007
3
Experts Discuss Fraud Growth
Frank McKenna, Kevin M. Cloyd and Dr. Raphael
Bostic available to talk about increase in mortgage
fraud
Patients'
IDs Stolen for Mortgages
Four sentenced for bank fraud and aggravated
identity theft
January
30, 2007
Licenses
Lost
Mortgage fraud is at the heart of several mortgage
license revocations spanning two states.
MortgageDaily.com
subscribers read full story.
AVMs
Reduce Fraud
Guaranteed automation value models can help
reduce the risk of mortgage fraud.
read
story from Newsday.
Fraud
Detection Product Suite Launched
Features enhanced due diligence, put back review
and trending analysis
Tool
Detects Most Current Fraud
New Model Helps Mortgage Lenders Detect More
Fraud at Low Review Rates
Mortgage
Scam Suit Dismissed
A judge dismissed a lawsuit brought fourth by
a couple, who allege a mortgage broker scammed
them out of their home by keeping the money
they would give him for the mortgage, because
the couple failed to list the home as an asset
in a bankruptcy filing shortly after the alleged
scam.
read
story from Newsday.
How
to Avoid Fraudulent Online Loans
The Better Business Bureau advised consumers
to watch out for fraudulent online lenders by
keeping an eye on things such as being guaranteed
a loan before an application is submitted or
a company that has a Web site but refuses to
provide a street address and a working telephone
number.
read
story from Mercury News.
January
29, 2007
Mortgage
Fraud Closer to Being Felony
The bill that would make mortgage fraud a felony
in Utah, with a potential prison sentence of
1 to 15 years, is closer to becoming a law,
as the House approved it and now the Senate
will consider it.
read
story from the Daily Herald.
Mayor
Candidate's Fraud Trial Scheduled
The trial for Kansas City, Mo., mayoral candidate
Katheryn Shields, accused of trying to sell
her home for about $0.5 million higher than
its value, will begin in June.
read
story from KSHB-TV.
Complaints
Piled Up on Investigators
Even with more additions to the Minnesota Commerce
Department's team of mortgage investigators,
some still believe it will not be enough to
handle all the mortgage-related complaints --
as just five investigators were each juggling
an average of 210 open cases of consumer complaints
at some point last fall.
read
story from the San Francisco Examiner.
Foreclosure
"Rescue" Becoming Common
Officials are warning of fraudulent foreclosure
"rescue" help, which is becoming a
common problem in line with the growing number
of defaults borrowers are receiving, such as
the 37,000 Californians that received such notices
in the last quarter of 2006 alone -- the highest
level in eight years.
read
story from Tribune Interactive.
January
26, 2007
Mortgage
Fraud Index Worsens
Overall mortgage risk was low in 2006, compared
to previous years -- although fraud risk is
on the rise.
MortgageDaily.com
subscribers read full story..
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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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