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Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Friday, February 23, 2007, 04:49 PM Texas Time


Crooked Lawyers

A former Kansas elected official who is in trouble along with her attorney husband for alleged mortgage fraud highlights the latest edition of Lawyers Gone Wild.

Katheryn Shields, 60, the former Jackson County executive and her husband, attorney Philip Cardarella, 59, have been indicted along with nine other people on federal charges of "conspiracy and wire fraud for their role in a scheme to engage in mortgage fraud," according to a statement from U.S. Attorney Bradley Schlozman.

"This case represents another tragic example of intelligent individuals -- including lawyers and prominent elected officials -- thumbing their noses at the law in the pursuit of quick and easy cash," said Schlozman, the U.S. Attorney for the Western District if Missouri in Kansas City.

The couple could not be reached to comment, but they have maintained their innocence in published reports.

MortgageDaily.com subscribers read Patrick's full story




Legislator Accused of Foreclosure Fraud

The Maryland Attorney General is looking into claims that a state legislator duped a woman into selling her home to him.

In a lawsuit filed in Anne Arundel County Circuit Court, Teresa Milligan accuses Maryland State Delegate William "Tony" McConkey, a Republican and a real estate broker, of foreclosure rescue fraud.

McConkey has denied Milligan's claims that he somehow tricked Milligan into singing over her house to him.

Kevin Enright, a spokesman for Maryland Attorney General J. Joseph Curran, confirmed to MortgageDaily.com that the attorney general's office is "looking into the matter."

MortgageDaily.com subscribers read Patrick's full story

February 23, 2007

Investor Sentenced for Mortgage Fraud
Indiana man to serve 2 years.




Government to Host Anti-fraud Workshop
Agency Seeks Development of Tools to Thwart Identity Theft
.



Man Sentenced for Fraud
Alaa "Alex" Ramadan must serve three-and-a-half years in prison and will afterwards be deported to Jordan for leading a mortgage fraud scheme.

read story from the Deseret Morning News.




Sentenced Exec May be Released
A judge will soon decide whether to release Ronald Sheppard, former executive of HomeGold Financial who was sentenced to 20 years in prison, while he appeals his convictions on securities fraud.

read story from WLTX.




7 Sentenced for Illegal Flipping
A mortgage flipping scheme landed sentences for seven individuals, including Richard Lucas, the alleged ringleader who must serve 14 years in prison.

read story from WAPT.




Mortgage Employee Victim of Fraud
The attorney of Robert O. Bryant, charged with securities fraud, claims his client was a victim of a Ponzi scheme operated by National Consumer Mortgage, a company Bryant worked for that was owned by Salvatore Favata who allegedly misused funds investors gave for loans that were supposed to be secured by real property owned by borrowers.

read story from the Denver Post.




Attorneys Accused of Mortgage Fraud
Lawyers John Lewis and Angelyn Johnson and four other individuals are being accused of orchestrating a scheme that used fraudulent mortgage applications to straw buyers and show' checks to steal a woman's home.

read story from the New York Daily News.




Current Market Prompts Fraud
Under current real estate market conditions, mortgage fraud will continue growing through factors such as buyers cheating their way into a loan before rates go higher, borrowers in adjustable-rate mortgage bending rules to obtain a batter loan, and desperate sellers who are enticed by fraudsters to find a way out.

read story from the Telegraph.




February 22, 2007

Mortgage Broker Sentenced for Fraud
Romero Brice, a broker and owner of Promise Land Mortgage, received an 87-month prison term for altering appraisal values to borrow more money than homes were worth and pushing 83 homes into foreclosure, a scam that caused losses of $2.73 million for ABN Amro.

read story from the Indianapolis Star.




February 20, 2007

Investigators Quickly Spotting Fraud
While it previously took years for investigators to unveil and take action against mortgage fraud, they are now able to quickly crack such cases, including those of two Kansas City public officials, Katheryn Shields and Sandra McFadden-Weaver, who are accused of engaging in fraudulent transactions.

read story from the Morning Call.




February 16, 2007

Man Accused of Mortgage Fraud
Michael J. Edison was indicted on charges for allegedly stealing more than $2 million from a San Francisco woman as he used her name to obtain funds for things including a mortgage and second credit line with Countrywide Mortgage.

read story from the San Francisco Gate.




Undercover Investigations Bust Mortgage Fraud
Police in Houston are fighting mortgage fraud by doing undercover investigations, an effort landed Doris Chen and seven others in jail.

read story from the KHOU.




Seniors: Targets of Mortgage Fraud
One of the more serious forms of fraud scam artists use against elderly people is persuading seniors to sign mortgage papers before having a chance to review them.

read story from the Record.




Man Admits FHA Fraud
Timothy Falls pleaded guilty to forming part of a mortgage fraud scam in which he falsified his income, credit and the value of a home when he applied for a Federal Housing Administration-insured loan through Citywide Mortgage Co., which prosecutors say was also in on the scam.

read story from KATC 3.








 


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

Email Patrick at: PatCrowley@FraudBlogger.com
 
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