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Archives March 26, 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 23, 2006

Task Force Tackles Fraud
Since a flipping and predatory lending task force in Maryland was created in 2000, flipping cases have dropped 77% and more than 100 appraisers, attorneys, settlement officers and phony homebuyers have been convicted for real estate fraud, U.S. Attorney Rod J. Rosenstein said.
read story from the Baltimore Sun .

$1 Million Fraud Ringleader Pleads Guilty
Theodore Antonucci Junior, who police say was the ringleader of a conspiracy to defraud banks out of more than $1 million, plead guilty.
read story from I-Team 10 .

Fraud Hurting Schools
An FBI Special Agent in Charge warned a South Carolina Realtor and its customers rapidly spreading mortgage fraud in the area is negatively impacting the tax roll revenue of school districts.
read story from the Morning News .

Lease To Own Deal a Sham
Michael Cary, president of management company Harris Pauley, is accused of misleading renters in a lease-to-own scam operated in North Texas.
read story from WFAA-TV .

Mortgage Fraud Leads to Tax Fraud Guilty Plea
Robert Kohlman pleaded guilty to charges of mortgage fraud and tax fraud and faces up to 30 years in prison.
read story from Gateway Newspapers .

Man Used 4 IDs for Fraud
Suleyman Dikyol allegedly used four identities to defraud at least eight banks out of $500,000.
read story from 4 WNBC .

Chase Mortgage Among Accused in Fraud Case
Chase Manhattan Mortgage Corp., builder Gene Percudani, appraiser Dominick Stranieri and several others are accused of engagin in widespread fraud to sell new homes at inflated prices in a lawsuit that is set for trial in July 2007.
read story from The Morning Call .

March 22, 2006

Man Arrested for Fraud on NFL Player's Home
Oltha Austin Jr., who is accused of committing mortgage fraud on the home of former Dallas Cowboy star Deion Sanders, was arrested when he wrecked his car.
read story from CBS 11 News .

March 21, 2006

Real Estate Agent Pleads Guilty
William E. Mendez plead guilty Friday to wire fraud and money laundering and faced up to 20 years in prison.
read story from the Denver Post .

Fraud Suspect Arrested in Canada
Michael Kakvand, who fled the country amid mortgage fraud charges in a $29 million scheme, was arrested in Canada and extradicted to Chicago to face trial.
read story from the Chicago Tribune .

Appraiser Joins in Guilty Plea
Michael T. Cox and appraiser Jacqueline B. Mosley are pleading guilty to conspiring with RIchard Lucas to duping mortgage lenders.
read story from the Hattiesburg American .

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 .

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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