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Week Ending Feb. 19, 2010

 

Mortgage Fraud News

Case Activity

Feb. 19, 2010


NY Officials Kick Off Mortgage Fraud Campaign
New York Mayor Bloomberg joined other city officials launched a campaign to combat mortgage fraud.
read story from New York Daily News
Feb. 18, 2010


Risk of Valuation Fraud Skyrockets in CA Areas
The risk of mortgage fraud is higher in several areas of California than any other metropolitan areas of the country -- pushing the risk of fraud in the Golden State higher than in any other state. In fact, the risk of property valuation fraud has more than tripled in four California areas -- the worst in the country.
read story from MortgageDaily.com


Legislation Would Require ID Verification
U.S. Rep. Kenny Marchant (R-Texas) introduced the Mortgage E-Verify Act, which would require that the Department of Homeland Security's E-Verify program be used on agency loans to prevent illegal aliens from committing mortgage fraud.
read story from About.com
Feb. 16, 2010


Financial Institutions Face Significant Mortgage Fraud Losses
A report from the Federal Financial Institutions Examination Council said mortgage fraud schemes have significantly inreased -- leaving U.S. financial institutions facing more losses.
read story from Dow Jones Newswires
Feb. 15, 2010


Sen. Warns About IL Mortgage Fraud
Illinois Sen. Dale Risinger (R-Ill.) announced that his state has become a hotspot for mortgage fraud as a greater number of banks reject mortgage refinance applications.
read story from Bureau County Republican
Feb. 11, 2010


Mortgage Fraud Generating Local Bubbles
The FBI says mortgage fraud is at epidemic levels -- possibly fueling the development of local bubbles.
read story from NuWireInvestor
Feb. 8, 2010


MO Mortgage Fraud Lighter Than in Harder Hit States
While Missouri has a problem with mortgage fraud, its nothing like what has been seen in states like Arizona and California.
read story at St. Louis Globe-Democrat
Feb. 5, 2010


GA Gov. Announces Fraud Legislation
Mortgage fraud legislation that would grant the Georgia Bureau of Investigation jurisdiction to initiate investigations on offenses related to mortgage fraud has been introducted into the state senate.
read press release
Date Defendants State Amount Overview News
Publication
Feb. 19 Calway Cauley, William Ervin, Ladon McClellan, Joyce Wilturner, Truemeatra Warner NV Losses up to $400,000 Cauley convicted. Justice.gov
Feb. 18 Eric Wayne Moen, Kevin Ray Winkelmann MN $640,000 18-month sentence. GreenPoint Mortgage was victim. WCCO
Feb. 18 Jerold Minney CO $8 mil in kickbacks Administrative law judge found defendant responsible. Lost real estate license. Denver Post
Feb. 18 Michael Anthony Prieskorn, Richard Mathew Laho MN $5,000,000 Recent indictment. Albert Lea Tribune
Feb. 18 Jeffrey Bennett, Stephen Doherty, Ed McCusker, Jacqueline McCusker, John Bariana PA $14,600,000 Guilty plea. Bucks County Courier Times
Feb. 18 Edward Seung Ok, Vladimir Stefanovic, Cynthia Valenzuela, Maria G. Juarez, Martha Rodriguez CA $13,000,000 15-year sentence. Orange County Register

Huntington Beach Independent

Inman News

Feb. 18 Al Carson Rockett Jr. AL $1,090,046 in illegal proceeds Charges filed Associated Press

The Birmingham News

Media Newswire

Feb. 18 Joel D. Surprenant OR losses of $241,000 Guilty plea. First Franklin Financial Corp. and Bank of America were victims. The West Linn Tidings
Feb. 18 Louis Cherico, Dominick DeVito, Robert DiDonato, John Liscio, Louis Cordasco Jr. NY scheme involved multi-million dollar properties Indictment. Mid-Hudson News Network

The Journal News

Feb. 17 Martha Rodriguez, Edward Seung Ok, Cynthia Valenzuela, Vladimir Stefanovic, Maria G. Juarez CA $40,000,000 Sentences handed down. IRS.gov
Feb. 16 Eric Farrington and 10 others TX na Jury selection begins. FOX 4 NEWS
Feb. 15 Kurt Heintz, James Fish MI Restitution of $14,467,547 65-month sentence. The Flint Journal
Feb. 15 Debbie Sferrazza OH $3,000,000 Additional time granted to prepare for trial. Journal News
Feb. 15 Ricky Dean Unruh, Randell Lee Hall, Charles M. Davis, Shanda Lynn Moore, Cheryl Joan Kassebaum, Scott Allen Kassebaum, Steven Ray Spencer MO $1,149,158 15-month and 21-month sentences. News-Leader
Feb. 15 Randy Berger, Elleni Berger PA losses between $1 million and $2.5 million Guilty plea for couple. Pittsburgh Post-Gazette
Feb. 15 Kurt Warren Heintz, James Fish MI losses of $14,467,547 65-month sentence. Victims include Indy Mac Bank, Fifth Third Bank, Bank of America, Independent Bank, Mercantile Bank and Union Federal Bank Huliq News
Feb. 15 Michael Ohayon, David Papera CA $19,800,000 Indictment. Victim Washington Mutual Bank. Huliq News
Feb. 13 Patrick Downey AZ damages of $32,000 Civil lawsuit won against American Home Mortgage. press release
Feb. 13 Charles Murphy, Robert Brunt, Tracey Scullark, John Farano, Douglas Blanchard, Armani D'Aifallah, Walter Jackson IL $11,000,000 Indictment. Sun Times
Feb. 13 Lisa Torres RI $674,000 46-month sentence. Victims include MetLife, Bank of America, Wachovia, IndyMac Bank and CitiMortgage Providence Journal

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