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Fraud
Stories
From
Patrick
Crowley
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Fraud
News Wire
| Last Updated |
Wednesday, March 21,
2007, |
04:49
PM |
Texas
Time |
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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
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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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