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Week Ending March 2, 2012


Mortgage Fraud News


Case Activity


Mortgage Fraud Cases Fall, Reports Rise
Feb. 29 -- Last year saw fewer federal cases of mortgage fraud than the government's prior fiscal year as lender losses dropped off. But the number of suspected mortgage fraud reports filed by banks and credit unions grew.
read story at MortgageDaily.com
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Bid Rigger Pleads Guilty
Feb. 29 -- A Lodi man pleaded guilty in court Friday to conspiring and rigging bids as well as to committing mail fraud at public auctions for foreclosed homes held in California's San Joaquin County.
read story at MortgageDaily.com

R.E. Fraud Complaints Diminish as ID Theft is Top Category
Feb. 29 -- More complaints were filed by consumers for identity theft than any other type of fraud last year as the number of complaints in the category grew 5 percent. One good sign is that the share of complaints about real estate fraud is diminishing.
read story at MortgageDaily.com
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Former Wachovia VP Among Defendants Charged in Florida Case
Feb. 29 -- The U.S. Attorney's Office in South Florida said it filed charges Monday against several Palm Beach County residents alleging a multi-million dollar mortgage fraud.
read story at MortgageDaily.com

Mortgage Fraud Risk High in California Community
Feb. 27 -- The Bakersfield, Calif., area has the fourth-highest mortgage fraud risk of any real estate market in the nation, according to an Agoura Hills, Calif., company that assesses risk for lenders and investors.
read story at MortgageDaily.com

Flagstar Settles With HUD
Feb. 27 -- A lawsuit that accuses Flagstar Bank of disregarding Federal Housing Administration guidelines and falsely certifying government-insured mortgages has been settled for more than $100 million.
read story at MortgageDaily.com
(subscription required)
California Realtors Earned Up to $100k in a Day
Feb. 27 -- Two Sacramento, Calif., real estate agents were indicted for their alleged roles in a property flipping and mortgage fraud scheme.
read story at MortgageDaily.com


Date Defendants State Amount of Loans Overview Source
Mar. 2 Michael T. Sampson AL Multiple properties Indicted. DothanEagle.com
Mar. 2 Phillip E. Narum AZ $225,756 Convicted. Department of Justice
Mar. 2 Joseph Guaracino FL $16,000,000 Sentenced to 43 months prison plus 3 years supervised release and $2,969,439 restitution. Department of Justice
Mar. 2 Robert Coyle, Sr. PA $10,000,000 Indicted. Department of Justice
Mar. 1 Patrick J. Belzner, a/k/a "Patrick McCloskey" MD $14,700,000 Indicted. Department of Justice
Mar. 1 Susan Levy, Risa Levy AZ Approximately $800,000 Susan sentenced to 8 months prison and $700,000 in restitution; Risa sentenced to 3 years probation and $83,441 in restitution. Department of Justice
Mar. 1 Stephen French, Michael Martino NJ $1,957,525 French sentenced to 33 months prison and $1,957,525 restitution. Martino previously pleaded guilty. Department of Justice
Feb. 29 Judy Grace Tabor FL Multiple properties Arrested. ActionNewsJax.com
Feb. 29 Oscar Bravo, Jorge Bravo, Sean Dickens FL $9,000,000 Each sentenced to 37 months prison. Department of Justice
Feb. 28 Jerry Eugene Parker, Al Carson Rockett Jr., Scott Eric Perry AL $2,000,000 Parker sentenced to 12 months prison plus $12,150 in restitution; Rockett previously sentenced; Perry pleaded guilty and awaits sentencing. International Mortgage Corporation and Taylor, Bean and Whittacker victim lenders. Department of Justice
Feb. 27 Donald MacPherson, Carrie Coakley, George Guldi NY $82,000,000 MacPherson sentenced to 4-12 years prison; Coakley awaits sentencing. www.thevillager.com
Feb. 27 Jacinto Puentes, Elinor Puentes, Raul Salabarria FL $8,000,000 Indicted. Department of Justice

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