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Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Thursday, February 1, 2007, 04:49 PM Texas Time


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

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..














 


read archived blog entries

  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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