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Fraud
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Patrick
Crowley

Fraud News Wire

Last Updated Wednesday, March 21, 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

March 23, 2007

FTC Fights ID Theft Fraud
FTC Testifies on Identity Theft and Social Security Numbers




Mortgage Broker Accused of Fraud
Jay Berger, who owned broker United Mortgage Service Co. and title insurer Imperial Abstract & Settlement Co., is accused of defrauding refinance borrowers, mortgage lenders and title-insurance companies of $4.6 million by keeping settlement money rather than using it to pay off existing mortgages.

read story from The Philadelphia Inquirer




Broker Admits Fraud
Mortgage broker Joseph S. Kohen faces up to 63 months in prison after admitting he helped Solomon Dwek defraud PNC Bank of more than $20 million by using a copy of a check from one of Dwek's lawyers to facilitate a real estate transaction and letting PNC know a large bank wire was on its way, although most of the funds had been withdrawn.

read story from the Ashbury Park Press




OCC: Fraud Fuels Subprime Defaults
The Office of the Comptroller of the Currency said predatory lending and fraud in the mortgage application process helped subprime mortgage defaults increase.

read story from Bloomberg




March 21, 2007

Utah Tops Fraud Ranking
More fraud activity was reported during 2006, according to preliminary data provided to MortgageDaily.com. Georgia was removed from a list of the 10 worst states.

read story from MortgageDaily.com




Broker Faces Fraud Charges
Mortgage broker Angela Renee Williams-Buchanan was charged with allegedly submitting false information for a mortgage on home she inflated the price by $85,000 and diverting the extra proceeds to her husband's companies through invoices of work on the property that was never done.

read story from the St. Louis Post-Dispatch




March 20, 2007

Licensed LO Directory Combats Fraud
Mortgage loan fraud drives demand for reputable loan officers.




Officals Warn Lenders about Fraud
Considering that mortgage fraud has exploded in recent years through, among other things, a rise in bogus real estate appraisals and misrepresentations on applications in order to flip homes in the same day for thousands of dollars above the sales price, officials told lenders at a conference that they should be on the lookout for such incidents to avoid increased scrutiny from regulators.

read story from the South Florida Sun-Sentinel




Ex-mortgage Employee Sentenced
Joy Lloyd, who admitted she created fraudulent loans and diverted proceeds from Bank of Springfield, was ordered to repay more than $480,000 to the bank.

read story from WQAD




Fraudulent LO Sentenced
J. Anthony Hansen, an independent contractor with Country Home Finance, was sentenced to 68 months in prison for charging consumers an average of $600 to put them in mortgage loans he never enrolled them in.

read story from The News Tribune




March 19, 2007

Attorney Amongst Alleged Mortgage Fraudsters
Mary Reagan, a closing attorney, Adriene Newby-Allen, Brinson Allen, and James Howard Bailey III, were charged with engaging in a scheme that involved inflated property values and borrower misrepresentations, including in income and assets, on loan applications to pocket millions of dollars in extra mortgage proceeds.

read story from the Atlanta Business Chronicle




Borrowers Sue Builder for Fraud
Homebuilder Mark Strodtman of JS Real Estate LLC faces legal action by over 20 borrowers who alleged he defrauded them by falsifying their documentation, such as employment and annual earnings information, to approve them for loans they could not afford and for homes that were priced much above the market price.

read story from The Tribune




Portland Focuses on Mortgage Fraud
The Portland Police Bureau is following Washington state's practice of regularly imprisoning financial predators by stepping up its investigations of mortgage fraud, with emphasis on foreclosure rescue scams against the elderly and unsophisticated borrowers.

read story from the Portland Business Journal




Broker Charged with Mortgage Fraud
Ronald Clark Joseph, a licensed mortgage broker who worked for LHS Inc., faces a combined maximum of 70 years in prison after being indicted on charges that allege he was involved in 40 fraudulent loans that involved applications with inflated property values, among other misrepresentations, and phony settlement statements to lenders.

read story from Shakopee Valley News
 


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

Email Patrick at: PatCrowl ey@FraudBlogger.com
 
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