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Last Updated Friday, February 6, 2009 10:00 PM Texas Time
 

February 6, 2009

23 Banks and 1 Investment Firm Swindled

Four of five men who pleaded guilty to their participation in a $2.6 mortgage fraud scheme that duped 23 lenders and one investment firm have been sentenced. Sentences range from one year to three and a half years and millions in restitution for charges of conspiracy and money laundering.


Confessed Thief Flees the U.S

The mortgage broker who confessed to defrauding homeowners and lenders of almost $1 billion in mortgage loans has fled the country on a private jet.


Probation Only for Guilty Broker

An Illinois woman who pleaded guilty to charges of falsifying loan applications in order to get them approved received two years felony probation, 240 hours of community service and a fine of $1,000.


Two Associates of Shady Developer Charged

Four people were charged in a mortgage fraud-related investigation, including two that were affiliated with a Mt. Lebanon, Penn.-based developer and Brazilian native who is currently under federal investigation for incomplete real estate developments and millions of dollars in debt to U.S. banks.


Mortgage Fraud Defendant's Wife Stabbed

A Grand Blanc, Mich. man suspected of participating in a multimillion-dollar mortgage fraud scheme attempted to bargain a plea deal at his pretrial hearing but the notion was rejected by the judge. His wife was stabbed by an alleged victim that was duped out of $90,000.


February 5, 2009

Guilty on 51 Counts

A Maryland landlord was busted in 2001 for participating in a $3 million mortgage fraud scheme that resulted in 70 homes falling into foreclosure. As part of his plea, he began to help the Feds convict several mortgage fraud conspirators as an informant providing prosecutors with valuable information.


Caught Up in the Fraud

A lawyer is facing disbarment after being implicated in a mortgage fraud scheme that allegedly involved his fraudulent notarization of a deed. In any case, he conducted a refinance closing in a state in which he is not licensed.


Fraudulent Collections

A South Carolina man conned an elderly woman into giving him $15,000, she thought it was being applied to her mortgage. Her home is now in foreclosure.


An Anniversary Celebration

The first year anniversary for the Western Pennsylvania Mortgage Fraud Task Force ended with mortgage fraud-related charges against 17 people.


Guilty Plea in Massive Mortgage Fraud

A Sarasota attorney is the second defendant of four to plead guilty in an $83 million mortgage fraud scheme. He faces up to 30 years in prison and as much as $1.5 million in fines.


Plea Agreement Turns Fraudster into Informant

A Maryland landlord was busted in 2001 for participating in a $3 million mortgage fraud scheme that resulted in 70 homes falling into foreclosure. As part of his plea, he began to help the Feds convict several mortgage fraud conspirators as an informant providing prosecutors with valuable information.


Rent-to-Own Scam Busted

Four people have been charged and a fifth suspect is being sought in a $3 million mortgage fraud scheme that preyed on tenants who were promised a rent-to-own situation.


Guilty Plea in Mortgage Fraud Ponzi Scheme

Two men pleaded guilty in a New Jersey courtroom to an alleged $20 million mortgage fraud scheme that bilked investors by offering them high annual interest rates by renovating and reselling homes. Instead of doing what was promised the men along with another who is in federal custody pocketed the money.


February 4, 2009

Federal Land Grant Company Charged

Ten people charged with operating a foreclosure rescue scam are challenging the accusation. Five of the defendants were involved in a previous case that was dismissed.


String of Fraud in Ohio

Three mortgage fraud cases in Northern Ohio have led to the indictment of 22 individuals and two companies. Over $4 million in loans were fraudulently obtained.




February 3, 2009

Confessions of a Thief

A 27-year-old California con artist is asking for forgiveness of almost $1 billion in mortgage fraud in a confession posted on the home page of a mortgage company's Web site.




Fraud Prompts Task Force Creation

A Pennsylvania man pleaded guilty to a multimillion-dollar mortgage fraud scheme that was responsible for motivating the local law enforcement to create a special task force.




February 2, 2009

Fraud Scheme Funded Movie Production

A “Bollywood” promoter and film producer who owned his own mortgage company was sentenced to seven years for charges relating to mortgage fraud that cost lenders $33 million. He was allegedly raising money to fund a $16.5 million movie.




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