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Archives March 19, 2006

 


 
Fraud Stories From
Patrick Crowley
Fraud Wire


Georgia takes Action Against 2 Mortgage Brokers
Two women have been banned from originating mortgages in Georgia. Alleged mortgage fraud prompted the revocation of one's broker license while action was taken against the other as a result of operating without a license.

The Georgia Department of Banking and Finance has revoked the mortgage broker's license held by Diana Martin of Platinum Plus Financial Services in Atlanta. In a written statement, the department said it had uncovered evidence "that showed that Ms. Martin and Platinum Plus had made numerous misrepresentations in loan files that were submitted to lenders."

The department also announced it received a court order against Stone Mountain, Ga., mortgage broker Sonya Brown that requires her "to cease and desist from brokering mortgage loans."

A cease and desist order was actually ordered against Brown in September of 2004. But in a statement Rod Carnes, deputy commissioner for non-depository financial institutions, said the state "received evidence that Ms. Brown was still brokering mortgage loans in direct violation of state law."

read the rest of Patrick's story at MortgageDaily.com
(subscription required)


Land Contract Operation a Scam
A formerly high-flying land-contract brokerage has crumbled amidst criminal charges, burned investors and stunned borrowers.

At one time, Rod Wolford Sr. operated one of the largest land contract brokerages in the Midwest, handing millions of dollars worth of deals after learning about the business through cable TV infomercials and seminars.

Now, even his own son has turned against him.

Rod Wolford II testified against his father during an Iowa criminal trial that ended with the elder Wolford being convicted of 17 felonies and facing up to 165 years in jail. He will be sentenced April 21.

read all of Patrick's story at MortgageDaily.com
(subscription required)


March 17, 2006


At It Again
El-Wahid Ali-Bey, a.k.a. Richard L. Wilson and a.k.a. John Doe, who was previously arrested on multiple charges of fraud in a case linked to a mortgage company, plead guilty in another fraud case.
read story from the St. Petersburg Times .


Ringleader Pleads Guilty
Robert Lee Kohlman pleaded guilty to leading a mortgage fraud scheme on 27 houses for more than $1.6 million in bad loans.
read story from the Pittsburgh Post-Gazette .


Man Mortgages, Rents Someone Else's Property
Richard "Rico" Lenard was sentenced to five years in prison for getting a fake $160,000 mortgage on someone else's property and renting out the house.
read story from the Plain Dealer Reporter .


Processor Indicted for Fraud
Loan processor Micaela Martin, aka Ivy Carter, and an accused murderer were among 40 people indicted for scamming 71 people with mortgage fraud.
read story from The Daily Reflector .


March 15, 2006


Woman Commits Mortgage Fraud on Way to Prison
Sherrie Ali Benson, a native of Trinidad who was scheduled to report to federal prison for tax fraud, admitted she used her father’s social security number to get a home mortgage.
read story from the Advocate .


Homeland Security Employee Busted for Fraud
Brinson Allen, a Homeland Security employee, allegedly posed as an FBI agent and used fake information to buy a $3.3 million property -- hoping to walk away from the closing with around $800,000 in addition to the return of the $842,000 down payment .
read story from the Atlanta Business Chronicle .


Fraud Convict Tricks Attorneys, Judges
Richard Gottfried, a self-proclaimed criminal sentencing expert who previously spent time in prison for mortgage fraud, allegedly used a bogus law degree to trick attorneys, a newspaper and judges into authorizing payments to his consulting business even though he didn't perform any services.
read story from The Philadelphia Inquirer .


Myrtle Beach Area Mfg Housing Mortgage Fraud Growing
Thousands of pages of documents that were reviewed and dozens of homeowners who were interviewed revealed questionable lending practices in the manufactured home industry.
read story from The Sun News .


CO Bill Could Deter New Brokers
The $25,000 bond requirement for registration of mortgage brokers passed by the Colorado House of Legislators could easily hinder prospective new brokers from entering the business.
read story from the Rocky Mountain News .


Accused Helps Accuser
Jack Barnhill, who owns Barnhill Realty and Affordable Housing in Florida, offered a renter who accused him of mortgage fraud a one-year lease immediately after the judge dismissed his attempts to evict the renter.
read story from The Sun News .


March 13, 2006


2 GA Women Banned From Mortgage Brokering
Two women have been banned from originating mortgages by the Georgia Department of Banking and Finance, according to MortgageDaily.com.


140 Victims in Real Estate Scam
J.R. Parker is being prosecuted for his alleged role in a multi-million dollar real estate fraud scheme that victimized 140 people.
read story from First Coast News .


Radio Host Loses Fraud Lawsuit
Radio-show host Joseph P. White was found liable for fraud and ordered to pay almost $400,000 for allegedly acting as an agent between a borrower but failing to make mortgage payments.
read story from the Colorado Springs Gazette .

 
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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