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March 28, 2008
Mortgage Fraud Losses Could Top $10 Billion
A new report suggests losses from mortgage fraud could top $10 billion over the next five years.
read story from MortgageDaily.com
Florida Woman Gets Prison Time for Mortgage Fraud
Andrea Batronie received more than two years in prison and three years ensuing probation for her involvement in a $6 million mortgage fraud operation in Tampa Bay, Fla. Luis Uribe, a licensed mortgage broker, also pleaded guilty to his participation in the scheme and could face up to 30 years in prison and a fine of $1 million.
read story from The Tampa Tribune
Pennsylvania Councilman to Plead Guilty for Mortgage Fraud
Marlin Sprouts Jr., a Uniontown, Pa. councilman, said he will plead guilty to conspiracy to commit mortgage fraud in a scam he and his daughter, Tiffany Lynn Sprouts, operated that aided straw purchasers acquire more than $2.4 million in loans. Sprouts also said he will resign from his position.
read story from Philly.com
March 27, 2008
Oklahoma Man Convicted for Mortgage Fraud
Terry Hugh Mahon was convicted on four counts for his involvement in a mortgage fraud operation in Oklahoma that provided him more than $10,000 in criminal proceeds. A week ago, co-defendant Grover Harold Phillips pleaded guilty to conspiracy and money laundering in correlation with the scam.
read story from KUSH
Florida Man Guilty of Mortgage Fraud
Luis Uribe pleaded guilty for his involvement in a $6 million mortgage fraud operation in Tampa Bay, Fla. Uribe, once a licensed mortgage broker, could be up against as much as 30 years in prison and a fine of $1 million.
read story from The Tampa Tribune
Kansas Man Faces 20 Years for Mortgage Fraud
James Lamm is accused of obtaining $1.5 million in a mortgage fraud scheme in Kansas. He has eight counts of wire fraud against him and faces 20 years in prison and fines worth $250,000 per count.
read story from Kansas City Business Journal
Mortgage Fraud Costs the Industry Billions
Mortgage fraud could cost the industry $2.5 billion yearly for several years to come, research firm Tower Group said in a report. The $10 trillion mortgage industry has seen the growth of suspicious activity reports (SARS) in recent years, but the rate is expected to slow as fraud continues to be investigated.
read story from Reuters
Mortgage Fraud Can Lead to House-Stealing
The most current form of crime plaguing homeowners is house-stealing via identity theft and mortgage fraud. It’s not the most common issue at the moment, but the FBI is watching for trends and major cases that may arise.
read story from KAIT
Mortgage Memo at Chase Promotes Cheating
A memo circulating in JPMorgan Chase gives pointers on how to get bad mortgage loans approved by Zippy, the in-house loan underwriting system for the company. “Zippy Cheats & Tricks,” as the document is entitled, says the answer is to inflate the borrowers' incomes or falsify their loan applications. Tom Kelly, spokesman for Chase, claimed the memo is not a reflection of corporate policy.
read story from The Oregonian
Ohio Man Arrested for Mortgage Fraud
Randall Davidson was arrested for his operation of a mortgage fraud scheme in Ohio that totaled $20 million during a seven-year period.
read story from Akron Beacon Journal
Man Sentenced to 12 Years for Mortgage Fraud
Torrence James pleaded guilty to charges of wire fraud and money laundering in correlation to a mortgage fraud operation in Denver that cost lenders $3.7 million. James, who was one of seven involved in the scheme, was sentenced to 12 years in prison. Nicole Puller, Glenn Puller, Talita James, Taiwan Lee, Cindy Ingram and Ronald Fontenot were James’ cohorts in the operation.
read story from Denver Business Journal
March 26, 2008
Three Colorado Men Indicted in Fraud Case
Mark Strodtman, Nelson Feliciano and Flora Carmona were indicted for their involvement in a mortgage fraud operation in Greeley, Colo. Each faces multiple charges in the scheme that defrauded lenders and left many homeowners facing foreclosure.
read story from The Greeley Tribune
Man Falls Victim to Identity Theft and Mortgage Fraud
Eugene Tucker was the victim of identity theft and mortgage fraud that cost him more than $300,000 in fees for lawyers and private investigators so he could keep his house in Washington, D.C.
read story from nbc4.com
Defendants Required to Testify in Mortgage-Fraud Case
Amanda J. Lower and Angela L. Soukup will be forced to testify against other defendants in a mortgage-fraud case Evergreen Investment Corp. after the two women agreed to plea bargains. Both women pleaded guilty to three charges of fraud relating to mortgage documents, while Soukup also admitted to one count of grand theft.
read story from The Akron Beacon Journal
Erie Man’s Plea Trial Rescheduled
Frank Kartesz II, who is an integral subject in a mortgage-fraud investigation in Erie, Pa., had his plea hearing rescheduled for Monday, March 31. Kartesz is accused of being involved with others in a scam of purchasing run-down homes and selling them at artificially inflated prices.
read story from Erie Times-News
Three in Ohio up against Mortgage Fraud Charges
Clarissa Foster, her mother Bettie Simpson and Corritha Wells all face charges for their participation in a mortgage fraud operation in Cleveland. Foster, who is a former president of a title company, was one of six people arrested last year in a mortgage fraud scheme.
read story from WEWS Cleveland
March 25, 2008
McCollum Announces Unlicensed Broker Gets Three Years in Prison for Mortgage Fraud
Melissa Sabrina Miranda must serve three years in prison, be on probation for 10 years after that and pay $1.4 million in restitution to multiple South Florida lenders for her involvement in a mortgage fraud scheme.
Argent Exec Charged in Massive Fraud Scheme
Former Argent Mortgage Co. vice president Orson Benn is accused of accepting more than $100,000 from Tampa, Fla. mortgage brokers David Tuggle Jr. and Eric Steinhauser to make sure that bad loans received approval. More than 280 fraudulent loans for more than $34 million were funded through the scheme.
read story from MortgageDaily.com
Three St. Louis Men Sentenced For Mortgage Fraud
Floyd Irons, Michael Noll and John Mineo Jr. were sentenced to jail time for wire and mail fraud in correlation with a mortgage fraud scam in St. Louis. Irons, a former basketball coach at Vashon High School, was sentenced to one year in prison and must pay $653,147 in restitution to the victim lending institutions. Noll received 20 months in prison, while Mineo Jr. will serve a year and a day and will pay restitution of more than $1 million.
read story from St. Louis Business Journal
Funds Lacking to Combat Rising Fraud
The FBI puts New York in its list of top 10 places in the country for mortgage fraud, and Queens District Attorney Richard Brown said that cases involving such a crime have tripled in the last few years. Councilman Peter Vallone even said that fraud is carried out in one of every five foreclosures.
read story from wnyc.org
March 24, 2008
Attorney General Indicts 10 in Mortgage Fraud Case
Colorado Attorney General John Suthers indicted 10 people for their involvement in alleged mortgage fraud. The defendants, including a real estate broker, mortgage broker, secretary/assistant, buyer and investors, are up against 29 charges after fraudulently acquiring $10.9 million between 2004 and 2006.
read story from Denver Business Journal
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