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February 13, 2009
Two of three suspects wanted in connection to a $100 million mortgage fraud scheme have been apprehended - one is awaiting extradition from Spain, which might not happen until later this year. The other was apprehended trying to re-enter the U.S.
The organizer of an $18 million mortgage fraud scheme that involved the straw buying of 25 properties pleaded guilty. Three men and a 44-year-old woman have been found guilty in connection to the case.
Two others have been arrested.
The former chairman for HomeGold, charged with securities fraud and conspiracy, allegedly continued to collect over $27,000 a month in salary and expenses after he resigned his position, but remained a company director.
Fifteen people have been charged with forging deeds on more than 80 vacant homes in Philadelphia and selling them to buyers that had limited English speaking skills and little understanding of real estate transactions.
A former mortgage broker accepted a plea deal that would only charge him with one fraudulent mortgage transaction although there appears there were more.
February 12, 2009
A 45-year-old man admitted to falsifying mortgage information on 16 transactions involving seven properties totaling about $3.7 million. Pleading guilty to one count of conspiracy to commit wire fraud, aggravated identity theft and money laundering has left him facing up to five years imprisonment, a fine of $250,000 and two to three years of supervised release. Sentencing is set for May 5.
A Kansas man has been sentenced to 154 months after admitting to participating in more than $12 million worth of mortgage fraud. He submitted false loan applications, forged documents, used fake appraisals and stole identities.
Another individual charged in the multimillion-dollar mortgage fraud scheme in Washington D.C. has pleaded guilty. He paid straw buyers $10,000 per property to buy houses in the scheme. Prosecutors said he received more than $3.8 million in the scam. Most of the properties have been foreclosed on.
Mortgage fraud cases have doubled over the last two years, according to FBI testimony. Officials said losses from the Savings and Loan scandal are small in comparison to the billions in loss already from the mortgage fraud crisis.
A commercial loan officer was convicted and will spend 12 years in prison for wire and mail fraud.
The self-professed mortgage fraudster who confessed to his involvement in about $1 billion fraudulent mortgage loans -- then fled by private jet -- has been apprehended.
February 11, 2009
One of several charged with mortgage fraud has pleaded guilty to a real estate scheme that involved 25 properties in the Washington, D.C. of which most fell into foreclosure.
A Brooklyn lawyer was found guilty on 18 counts relating to a multimillion-dollar mortgage fraud scheme after a two-week jury trial.
One of the defendants in an $83 million mortgage fraud scheme was apprehended in Jordan and is being extradited to the U.S. to stand trial.
A real estate agent and his son are being questioned about their involvement in the purchase of five houses that fell into foreclosure.
Three people are charged with committing mortgage fraud against an elderly couple, one of which is handicapped. The couple thought they were refinancing their mortgage only to find out that their home had subsequently fallen into foreclosure.
February 10, 2009
A 55-year-old real estate agent was sentenced to 41 months in federal prison, ordered to pay almost $650,000 in restitution, forfeiture of almost $140,000 and a special assessment of $1,300 to be contributed to a victims of crime fund.
A former fraudster is now the president of a South Florida consulting firm that focuses on helping people who have been victims of predatory lending. He offers his thoughts on how lenders are dealing with the current fraud environment.
The chairman of a subprime lending bank is set to stand trial for securities fraud and conspiracy that left elderly investors penniless. If convicted, the 70-year-old faces up to 25 years and over $100,000 in fines.
A real estate agent whose actions are being questioned after more than 150 foreclosures and millions in losses occurred after his involvement is not being charged.
A Southern Florida title company owner has been sentenced to five years in prison for participating in a multimillion-dollar mortgage fraud scheme involving a condominium complex.
February 9, 2009
Mortgage fraud continues its ascent to new heights with total volume that jumped almost 300 percent from the year prior. A West Coast state tops the list representing more than 20 percent of the volume while an East Coast state is introduced to the top ten.
A 31-year-old Maryland woman admitted her role in helping pull off a mortgage fraud scheme that resulted in the deposit of almost $800,000 in her personal account. The plot involved duping homeowners who were facing foreclosure.
A 41-year-old Pennsylvania woman spent years forging mortgage loan documents and deeds behind her husband's back, also forging her mother-in-law's name. She took out almost a half million dollars in loans over a three-year span.
A New York lawyer's office was searched as part of an ongoing investigation into mortgage fraud involving a large number of properties in the Hamptons.
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