home mortgage fraud newsletter full stories advertise mortgage industry newsletter RSS about us
 
HOT Topics Fraud Resources Fraud Prevention Mortgage Litigation News Appraisal News

Sign Up for Free Mortgage Fraud Newsletter


 
 
twitter linkedin
facebook google+
Mortgage News

Search
Search mortgage fraud news by keyword.

Mortgage Fraud News
News, analysis and statistics about mortgage fraud.

Local Mortgage Fraud
Stories about individual mortgage crime cases.

Mortgage Fraud Statistics
Statics by year about real estate fraud.

Mortgage Fraud Index
Quarterly index based on case activity.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage Fraud Feedget RSS code
The latest case activity tracked by FraudBlogger.com for your Web site or for your RSS reader.

Mortgage Fraud Archives
Archive of FraudBlogger.com entries going back to 2005.

 

Mortgage Industry Fraud
news and insights

Archives February 12, 2006

 


 
Fraud Stories From
Patrick Crowley



Fraud Wire



Full Service Fraud Forms
An accountant has been charged with running what prosecutors have described as a clearinghouse for fake documents -- including phony pay stubs -- used to obtain mortgages, loans and federal assistance.

Abrar Haque, 44, of Berea, a Cleveland suburb, was selling the bogus documents for $75 to $300, according to the U.S. Attorney's office in Cleveland. He has been charged along with 15 others in a 79-count federal indictment. The charges against Haque include racketeering, wire fraud, bank fraud, money laundering, health care fraud and conspiracy.

Also charged were Haque's wife, Nuzaira Haque, and two of his business partners, Mohammed Shahabuddin and Omar Abedrabbo. Ten employees, former employees and clients of Haque's accounting firm were also charged with offenses that include wire fraud, mail fraud, false statements and aiding and abetting immigration fraud.

In addition to running an accounting business, Haque is also one of the founders of a Cleveland area mosque and Islamic school. The charges against him include allowing school employees to avoid paying taxes by not withholding taxes from their salaries.

read the rest of Patrick's story at MortgageDaily.com
(subscription required)


Fake Paystubs Online
A Florida Internet company has allegedly offered online services for mortgage loan applicants that needed fake paystubs.

NoveltyPayCheckStubs.com, operating out of Tampa, has boasted that for $89.95 it can make "authentic looking (paycheck) stubs" that "will definitely fool anybody."

But a legitimate payroll company has gone to court with a trademark infringement lawsuit against the now-defunct Web site.

And The Florida Attorney General has launched a civil investigation of the company.


read all of Patrick's story at MortgageDaily.com
(subscription required)


February 10, 2006


Prison, Home Confinement for Convicted Flippers
Jonathan Bornstein and David Willer were sentenced for grand theft in a classic flipping scheme.
read story from Broker Universe .


Government Issued Fake IDs
Kimberly Murray was the second former Michigan Secretary of State employee to admit to issuing fraudulent driver's licenses and identification documents for $300 each.
read story from The Detroit News .


Mortgage Brokers Discuss Fraud
The practice of taking advantage of soaring home prices and flipping the properties could amount to mortgage fraud if the borrowers disguised their income source on loan applications.
read story from The Washington Times .


February 9, 2006


How to Prevent Being Flip Victim
Purchases of homes involved in flipping schemes can be avoided by dealing with known people in the purchase process and researching comparable properties for value.
read story from the Hattiesburg American .


25+ Have Plead Guilty in Cincinnati Case
David Lockwood, operator of Lockwood Real Estate, plead guilty in a $50 million mortgage fraud case that has already yielded guilty pleas from around 25 people.
read story from The Enquirer .


Pocono Victim Lawsuit May Proceed
A judge ruled Eagle Valley Homes, two appraisers and several lenders allegedly violated the Racketeering Influenced and Corrupt Organizations Act -- enabling a civil lawsuit to proceed.
read story from the Pocono Record .

read complete Pocono saga
(subscription required)


Lenders Deceived Hispanics
Five mortgage lenders have settled with the state of Florida over charges of deceptive and misleading advertising in Spanish-language newspapers.

Mortgage Fraud Makes Florida's Top 10 List
Financial, banking and lending fraud were No. 4 on a list of top categories of fraud complaints received by Florida's attorney general's office in 2005.
read story at Insurance Journal .


February 8, 2006


Met Exec Copping a Plea
Thomas Turner, the former No. 2 executive at failed Metropolitan Mortgage & Securities Co., is negotiating with federal prosecutors on a plea deal in what might be the first conviction in the $450 million fraud scheme that resulted in the collapse of the company.
read Associated Press story .

Criminal Charges Filed in Massive Northwest Fraud Case
(subscription required)


Seniors Among Losers in $50 Million Mortgage Company Fraud
Among the investors stung by the revelation of massive fraud at Brasota Mortgage Co. were retired people who depended on that income.
read story from the Bradenton Herald .

Brasota's bankruptcy trustee discloses higher debt
(subscription required)

what the Brasota owner's widow found led her to send the company into receivership (subscription required)


Flipper Indicted
Malcolm Clark, who reportedly worked for Lucas Development and Investment Co. -- also under investigation, was indicted for allegedly participating in a morgage flipping scheme.
read story from NEWS CHANNEL 3 WREG-TV .


Fake Mortgage Broker Steals Edlerly Couple's Home
Mohammed Taqi Akbari is accused of pretending to be a mortgage broker in a refinance transaction that cost Carlyle and Johnnie Drew their home.
read story from NEWS10 KXTV .


REALTORS Report Fraud
The Minnesota Association of Realtors said it mailed state regulators documentation of four fraudulent mortgage deals.
read story from the St. Paul Pioneer Press .


Executive's Ascension Forged by Fraud
Cheryl Swain, a former executive at now-defunct MCA Financial Corp., was sentenced to two years in prison for her role in the fraud that led to the quarter-billion dollar collapse of the Michigan lender.
read story from The Detroit News .

Cheryl Swain pleads guilty
(subscription required)

senior executives of MCA charged with felony fraud
(subscription required)


February 7, 2006


Mobile Home Dealer Indicted for Mortgage Fraud
Donald W. Gupton, owner of a North Carolina mobile home sales lot, and his employee Richard Meador were indicted for allegedly submitting bogus 1003 loan applications on 150 HUD-backed deals for $11 million.
read The Associated Press story .


Ohio Republicans Seek Tighter Mortgage Regulation
An Ohio bill would place mortgage brokers and some mortgage bankers under the state's Consumer Sales Practices Act -- which would enable borrowers to sue bad mortgage companies and give the attorney general more power to pursue them.
read story from The Columbus Dispatch .


February 6, 2006


Mortgage Fraud Makes Top 10 List
Mortgage and escrow company fraud made Colorado's top ten fraud list announced by the attorney general.
read story from the Denver Post .


15 Years for Debt Reduction Scammer
Andrew Capoccia, former owner of Law Centers for Consumer Protection in Bennington, was sentenced to more than 15 years in prison Friday for bilking thousands of debt-reduction clients out millions of dollars.
read story from the Southern Vermont Bureau .


Couple Sued for Foreclosure Scam
HomeSmartz Mortgage owners Doug and Stephanie Heck have been sued by Missouri's attorney general who wants to shut them down for alleggedly preying on a borrower in foreclosure with the intention of stealing the home.
read story from Kansas City info Zine .


Banks Widening Fraud Analysis
Banks are going after "Phishers" and other Internet fraud artists this year by adding analysis of whether users are at home or abroad, whether they are logging in at an unusual time of day or from using an unusual Internet connection.
read story from the Associated Press .

 
Patrick Crowley is fraud journalist for MortgageDaily.com and a reporter and columnist for The Cincinnati Enquirer.

Email Patrick at: PatCrowley@FraudBlogger.com
 
Mortgage Fraud Litigation

Q4-2012 | Q3-2012
Q2-2012 | Q1-2012

Q4-2011 | Q3-2011
Q2-2011 | Q1-2011

Q4-2010 | Q3-2010
Q2-2010 | Q1-2010

Q4-2009 | Q3-2009
Q2-2009 | Q1-2009

Q4-2008 | Q3-2008
Q2-2008 | Q1-2008

full-year 2007
Red Flags Rule
News about the Fair and Accurate Credit Transaction Act.
Analysis of Fraud Enforcement and Recovery Act
The Mortgage Graveyard
Reverse Mortgage Blog
Mortgage Compliance Newsletter
Free compliance newsletter from MortgageDaily.com.



Copyright © 2014 MortgageDaily.com
MortgageDaily.com Subscribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

pricing engine directory

wholesale lender directory

More Mortgage News Resources (MortgageDaily.com full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan officer compensation rule

loan originator compensation rule

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

sales blog

reverse mortgage news

secondary marketing

servicing news

subprime news

wholesale lenders

wireless mortgage news