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Mortgage Fraud Archives

Week Ending March 1, 2012


Mortgage Fraud News


Case Activity


Guilty Plea in $15 Million Mortgage Fraud Case Follows Arrest in Murder Case
Mar. 1 -- The alleged mastermind of a $15 million mortgage fraud scheme in New Jersey admitted conspiring to defraud financial institutions and launder stolen funds, U.S. Attorney Paul Fishmancq announced.
read full story at Mortgage Daily


Appraisers Among 4 convicted in Mortgage Fraud Case
Feb. 28 -- Four people were convicted in Summit County Common Pleas Court for taking part in a mortgage fraud scheme in Summit and Stark counties, Ohio Attorney General Mike DeWine said Wednesday.
read full story at Mortgage Daily


Homebuyer Admits Role in Mortgage Fraud
Feb. 27 -- Myrtle Beach, S.C., resident Stephen Yura pleaded guilty this week in federal court in Florence to one felony charge of making a false statement on a credit application in order to influence a lender to make a home loan.
read full story at Mortgage Daily


Long Beach Mortgage Wholesale Rep Sentenced to Prison
Feb. 27 -- SACRAMENTO, Calif. -- A San Ramon man will spend 30 months in prison for his part in a scheme that defrauded his employer of more than $3 million, prosecutors said Monday.
read full story at Mortgage Daily


Mortgage Broker, Pastor Convicted in Mortgage Fraud Case
Feb. 27 -- A Birdsboro, Pa., woman and a former minister with a criminal past in Berks County were convicted Tuesday of defrauding the former Chase Manhattan Bank of more than $6 million in home loans.
read full story at Mortgage Daily


Risk of Valuation Fraud Increases
Feb. 26 -- Mortgage lenders are more likely to be deceived about the valuation of a property than they are about any other mortgage fraud category, according to the latest set of mortgage fraud risk indices.
read full story at Mortgage Daily (subscription required)


Loan Officer Admits Role in Mortgage Fraud
Feb. 26 -- SACRAMENTO, Calif. -- A Tracy man pleaded guilty on Monday to mail fraud charges in connection to a mortgage fraud operation, U.S. Attorney Benjamin Wagner announced.
read full story at Mortgage Daily



Date Defendants State Amount of Loans Overview Source
Mar. 1 Lance Kellow, Jason Kellow, Vinson Kellow NV $1,000,000 in losses Lance convicted. Department of Justice
Mar. 1 William R. "Rusty" Beamon, Jr. GA Multiple properties. Indicted and arraigned. Appalachian Community Bank victim lender. Department of Justice
Feb. 28 Patience Lavon Jackson, Anthony Davis, Jr. TX $2,801,662 in restitution Jackson sentenced to 63 months. Department of Justice
Feb. 27 Judy Bonas, Peterson Cherimond, Allison Gates MA $936,600 in restitution Bonas sentenced to 6 months. Department of Justice
Feb. 27 Brandon Shepherd, Laura Habre, Jeff Sadler OH $1,000,000 Pleaded guilty. Wells Fargo and Argent victim lenders. MortgageDaily.com
Feb. 27 Timothy Ricks, Orlando Allen (11 total) NJ $15,000,000 Pleaded guilty. Department of Justice
Feb. 27 Stephen Yura SC Undisclosed Pleaded guilty. MortgageDaily.com
Feb. 26 William M. Silvi CO $606,097 Sentenced to 43 months. Department of Justice
Feb. 26 Michael Wilkerson, Denise Haines, Joyce Wilkerson, Lee Garell PA $6,000,000 Wilkerson and Haines convicted. Chase Manhattan Bank a victim lender. Department of Justice
Feb. 26 Cynthia Suratos Lorica CA $1,000,000 restitution Sentenced to 18 months. Department of Justice
Feb. 25 Patrick Cody Morgan, John Elias, Reginald Anderson, Viktor Ly, Christopher Pearson TX $39,000,000 Morgan sentenced to 324 months. Department of Justice
Feb. 25 Joel Blanford CA Multiple properties Sentenced to 30 months. Long Beach Mortgage victim lender. Department of Justice
Feb. 25 Ashley Elizabeth Prasil, Sheri Delich, My Dinh Lam MN $8,900,000 Prasil sentenced to 3 years probation. Department of Justice

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