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Last Updated Friday, February 8, 2008 5:45 PM Texas Time
 

February 8, 2008


Colorado Mortgage Broker's License Suspended
Adriana Arzate has had her mortgage broker license suspended by the Director of the Colorado Division of Real Estate after an investigation brought to light questionable activity and grounds to believe that Arzate falsified loan documents.
read the Suspension Order




Utah Attorney General Accuses Businessman of Fraud
Val Edmund Southwick was charged in Salt Lake City's 3rd District Court for a commercial mortgage fraud investment scheme that cost 817 investors millions of dollars in losses. The Securities and Exchange commission is pursuing a separate civil case against Southwick accusing him of creating 150 companies to raise $180 million from defrauded investors.
read story from The Deseret Morning News




Mortgage Fraud Probe Uncovers Drug Money Laundering
A federal investigation has uncovered a massive Chicago area mortgage fraud scheme involving approximately 150 properties and $25 million in lender losses. Of the 25 people indicted, ring leaders Augustus Wright, Nowell Lando, and Raymie Henderson have been accused of using the fraudulent real estate transactions to launder drug money.
read story from CBS 2 - Chicago




Home Sales Spark Suspicions Of Fraud
Numerous homes selling for much more than their actual values, and then quickly going into foreclosure in Hernando Beach, Florida have raised suspicions of local law enforcement authorities and may lead to a mortgage fraud probe by Federal agents, who are still looking for evidence of a larger scam.
read story from The St. Petersburg Times




3 Texans Accused of Defrauding HUD
In a scheme that cost the U.S. Department of Housing and Urban Development $3 million due to falsified mortgage documents for the sale of manufactured homes in Texas, Darrell L. Marriott, Kandace Y. Marriott, and Karen Hayes could face sentences of up to life in prison and fines of up to $10,000.
read story from The Dallas Morning News




$21 Million Fraud Scam Lands Tax Accountant In Jail
Kalil Khalil, a tax accountant from Dearborn Heights, Michigan, has been sentenced to sixty months in prison for stealing $21 million from lenders during a two-and-a-half year long mortgage fraud scheme.
read story from The Detroit Free Press




Real Estate Investment Scam Trial Proceeds
Unless a settlement is reached between Superior Mortgage and several immigrants from Africa, the case will go to trial. Gladys Zoleko and Paul Davies are two of the immigrants who are accusing the owners of Mishawaka, Indiana based Superior Mortgage, Michael Shenaman, his son Jeremie Shenaman, and Andrew Beam of taking advantage of them through a real estate investment scheme.
read story from The South Bend Tribune




Disbarred Lawyer Admits To Mortgage Fraud
Rafael Pantoja, a former lawyer from Hartsdale, New York, admitted in court to a $2 million real estate scam in which he used his dead father's social security number to obtain a first and second home mortgage.
read story from LoHud.com




February 6, 2008


Florida City Official Awaits Sentencing For Mortgage Fraud
Matthew Price II, the former Director of Housing and Economic Development for Florida City, has plead guilty to using his position and a straw buyer to obtain a mortgage for his personal residence that he could not qualify for on his own.




Denver DA Charges Three In Refinance Scheme
Three men, Scott Steven Richardson, Thomas Sarantinos, and Anthony Sarantinos, were charged by Denver's District Attorney for swindling $30,000 from an elderly woman in a refinancing scheme they ran through Richardson's Northglenn, Colorado based company Absolute Lending Solutions.
read story from The Rocky Mountain News




Mortgage Fraud Bill Faces Final Vote In Senate
Senator Sheldon Killpack, sponsor of SB134 which would make mortgage fraud a felony and allow states to pursue cases more aggressively, is urging the Senate to pass the bill in a final vote so that it may be sent to the House for consideration.
read story from The Deseret Morning News




Mortgage Scam Ring Leader Under Microscope
Further details about the life of Tiffany Lynn Sprouts are coming into focus a day after she was accused as being the central figure of a massive Pittsburgh area mortgage scam. Once a rising star at California University of Pennsylvania, Sprouts allegedly used inflated appraisals and straw buyers to bilk lenders out of $2.5 million.
read story from Observer-Reporter.com




February 5, 2008


City Council Member Included In Fraud Charges
Uniontown, Pennsylvania councilman Marlin Sprouts Jr. has been charged for his participation in a fraud scheme his daughter, Tiffany Lynn Sprouts, and her business partner, Michael Pope, orchestrated to swindle a mortgage lender out of $922,500 and two banks out of $372,000 in fraudulently obtained lines of credit.
read story from The Pittsburgh Tribune-Review




Texas Man Convicted in NH Court For Loan Fraud
Larry Stallings, a Texas native, has been sentenced in a Concord, New Hampshire federal court for a fraud scam in which he, his son, and several others advertised that they could make loans to credit risky borrower that could not qualify for conventional loans. The victims were conned out of more than $2 million.
read story from WMUR.com




Loan Officer Accused Of Multimillion Dollar Fraud
Larry Maxwell, a loan officer at Worldlink Mortgage in Minneapolis, has been charged as being the ringleader in a massive mortgage fraud scam involving at least 80 loan closings across Minnesota, and the arrests of several other coconspirators.
read story from TwinCities.com




February 4, 2008


Fraud Exceeds $4 Billion in 2007
Mortgage fraud activity jumped past $4.0 billion last year -- with California and Ohio leading the way.




PA Prosecutors Charge 24 For Mortgage Fraud
Twenty-four individuals have been charged by federal prosecutors in Pittsburgh for multiple mortgage fraud scams involving hundreds of properties worth more than $13 million all together. The indictments coincide with U.S. Attorney Mary Beth Buchanan's announcement of a new mortgage fraud task force comprised of federal, state, and local agencies.
read story from The Denver Post




Broker Sentenced In Mammoth Mortgage Investment Scheme
A Santa Clara, California mortgage broker has been sentenced to 28 years and 4 months behind bars. Michael Schneider was accused and found guilty of defrauding his clients out of more than $43 million through a real estate investment scam involving dozens of properties throughout the Bay Area.
read story from The Mercury News




International Businessman Accused Of Forging Loan Documents
Shih Siang Shawn Liao, an international businessman and resident of Manhattan, has been charged with forging a power of attorney to obtain a $360,000 mortgage on his mother-in-law's Queens, NY. condominium without her knowledge.
read story from The North Country Gazette





Coco Salazar is an associate editor and staff writer for MortgageDaily.com.

e-mail: MortgageWriter@aol.com



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