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Last Updated Friday, March 14, 2008 5:30 PM Texas Time
 

March 14, 2008


Understanding Mortgage Fraud Today
Mortgage fraud today is characterized by new twists on old games with new players -- including violent criminals, crooked sellers and desperate home builders. And by making more payments on fraudulent loans before defaulting, their schemes are continuing longer before being detected, according to speakers at a fraud conference this week.
read story from MortgageDaily.com




Five Charged with Mortgage Fraud in New Jersey Scheme
John Pereless, Kevin Deickmann, Ramon Iglesia, Susan Pereless and Erza Lustado all face one count each of second degree conspiracy to commit theft by deception and second degree theft by deception for their involvement in a mortgage fraud scam that cost lenders more than $4 million in Monmouth County, N.J.
read story from Newsday




Mortgage Fraud Task Force Catches Its First Criminals
The new Southern Nevada Mortgage Fraud Task Force cracked its first mortgage fraud case with the arrest of Eve Mazzarella and her husband, Steve Grimm, for their participation in a scam that swindled banks out of about $15 million. It is believed the couple used fake buyers to obtain more than 200 homes at inflated costs.
read story from Las Vegas Now




Erie Man Receives Sentence for Mortgage Fraud
Robert L. Dodsworth, a businessman in Erie, Pa., will serve more than six years in prison for involvement in a scandal of mortgage fraud. Dodsworth, one of five charged in the case, pleaded guilty in November last year after he and his cohorts bought run-down Erie homes and sold them at fraudulently inflated prices to mostly low-income citizens who were not too knowledgeable on how to purchase a house.
read story from Erie Times-News




Two Indiana Women Indicted for Fraud
Beverly Ross and Donella Locke were indicted in Indiana on 36 counts of fraud and one count of conspiracy after their mortgage fraud scheme in which they purchased 34 homes—two of the twice—with 36 fake loans tallying $23.5 million from 2004 to 2007. The two women could each face 30-year prison stints and $1 million fines on each of the 36 counts of fraud.
read story from The Indianapolis Star




March 13, 2008


Worst Mortgage Fraud States
Four of the five states with the highest level of mortgage fraud last year were also among the five states with the highest foreclosure rates. And an analysis of recent loan applications indicates fraud activity is still very heavy.
read story from MortgageDaily.com




Missouri Senate Cracks Down on Mortgage Fraud
The Missouri Senate accepted a proposal that gives more power to state agencies in investigating and regulating the mortgage industry in an effort to uncover fraudulency. According to FBI reports, mortgage fraud has gone up 400 percent in the past 12 years, and there were more than 1,200 cases of such crime in the nation last year.
read story from Missourinet




Former Company Employees Under FBI Investigation
The FBI is investigating the former employees of 1st American Mortgage, a company that went out of business in the fall of 2007, in Washington for their involvement in mortgage fraud. The allegations on the company include two District property owners claiming that their vacant properties were illegally taken through forged deeds, and the fund bankrolled a total of $2 million in loans for the stolen properties.
read story from The Washington Post




Couple Caught in Mortgage Fraud Scandal
Eve Mazzarella and her husband, Steven Grimm, face federal charges of bank fraud, money laundering and aiding and abetting after they netted millions of dollars in a mortgage fraud scandal in Las Vegas. The two allegedly operated dealings worth more than $100 million and caused at least 118 foreclosures because of their defaulting on mortgage payments.
read story from KTVN.com




March 11, 2008


Countrywide Under FBI Investigation
The FBI has begun investigation on Countrywide Financial Corp., the No. 1 mortgage company in the nation, for some of its business practices concerning the incomes and assets of thousands of its borrowers. Investor lawsuits are focusing on Countrywide Chief Executive Officer Angelo Mozilo for recently selling more than $400 million in company stock.
read story from The Wall Street Journal




Investigation Underway at the Sexton After Guilty Plea
The U.S. Attorney’s Office is investigating mortgage fraud at the Sexton, a condominium complex in Minneapolis. Joseph Huebl pleaded guilty to mail fraud and conspiracy for his involvement in the scandal that netted him and the agent of an unnamed developer $333,244, with Huebl getting $272,980 in two wire transfers. Huebl could face a prison stint of 18 to 24 months, two to three years of supervised release and a fine of $4,000 to $40,000.
read story from The Star-Tribune




Mortgage Fraud Costs Dallas Man 22 Years
Charles Cooper Burgess, a businessman in Dallas, must serve nearly 22 years in prison and pay $3 million in restitution after pleading guilty more than two years ago to two counts of mortgage fraud and real estate investment fraud in correlation with Arkansas golf course property.
read story from The Dallas Morning News




March 10, 2008


Married Fugitives Face Exile from Jamaica for Mortgage Fraud
Fugitive mortgage broker Yvette Scott Patterson and her husband, Delroy Patterson, were arrested last week in Kingston, Jamaica after they ran away from Fort Lauderdale, Fla., to dodge federal charges in a multimillion dollar mortgage fraud scandal. The two now face exile from their Jamaican homeland following their case that involved more than $10 million in fraudulent mortgages as part of Operation Whose House, a scheme that has resulted in guilty pleas from eight defendants and one defendant being convicted after a trial that lasted 10 days in April 2007.
read story from Caribbean World News




Attorney General Files Suit for Mortgage Fraud
Massachusetts Attorney General Martha Coakley’s Office filed suit against a mortgage broker based in Quincy, accusing Lehi Mortgage Services of submitting false asset and income information for loan applicants to lenders. Coakley wants civil penalties and reimbursement of costs and fees for attorneys, and the State wants the company stopped from serving as a mortgage broker.
read story from Turnto10.com




Colombian Classmates Seek to Fight Mortgage Fraud
Esteban Reyes, Juan Carlos Perdomo and Diego Espinosa created the Verification Bureau, based in Miami, to help detect and prevent mortgage fraud. The 1003 AppScan is a 15-second screening process on the Web that gives mortgage applications more than 150 tests created to pull out both small fibs and larger criminal schemes used to con lenders.
read story from Miami Herald




Ex-Labor Leader Has 45 Minutes Worth of Crimes
Brian M. McLaughlin, former head of the New York City Central Labor Council, pleaded guilty to charges of racketeering and gave a 45-minute speech that detailed his crimes in Manhattan, N.Y. He cited 21 separate criminal acts on two counts, and he possibly will be forced to forfeit as much as $2.2 million in illicit proceeds that he obtained from taxpayers, along with his car and Long Island home. McLaughlin could also face up to 50 years in prison, though it is more likely that he will only get eight to 10 years because of his guilty plea.
read story from The New York Times




Employee Pleads Guilty in Mortgage Fraud Case
Former mortgage loan officer Laurie Waltz pleaded guilty to charges of bank fraud and money laundering for her involvement with William D. Edgar, Brian Tray, Daniel Laffey and Michael Altman—all employees of America's Mortgage Outlet in Monroeville, Pa.—in a scam that cost lenders between $400,000 and $1 million. Edgar is currently serving a 37-month prison sentence after his guilty plea last year, and Waltz will be sentenced in June.
read story from The Denver Post






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