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Search mortgage fraud news by keyword.
News, analysis and statistics about mortgage fraud.
Stories about individual mortgage crime cases.
Statics by year about real estate fraud.
Quarterly index based on case activity.
Reach mortgage executives, loan originators and other people tied to mortgage industry.
Free mortgage news for prospective borrowers.
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The latest case activity tracked by FraudBlogger.com for your Web site or for your RSS reader.
Archive of FraudBlogger.com entries going back to 2005. |
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Mortgage Fraud Archives
Week Ending April 5, 2012
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Mortgage Fraud News
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Case Activity
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Real Estate Broker Going to Prison for Mortgage Fraud
Apr. 5 -- ST. LOUIS -- A St. Louis County man was sentenced to 37 months in prison Thursday for bilking mortgage lenders out of more than $2 million, prosecutors said.
read story at Mortgage Daily
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Ringleader in MN Mortgage Fraud Case Headed to Prison
Apr. 4 -- Described as the ringleader in the Cloud 9 Sky Flats mortgage fraud case, an Eagan man was sentenced Wednesday to a year and a day in prison for his role in the scheme.
read story at Mortgage Daily
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23 CA Properties Behind Multiple Mortgage Fraud Indictments
Apr. 4 -- A federal grand jury has returned indictments against seven people in connection with a regional mortgage fraud scheme.
read story at Mortgage Daily
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Realtor Indicted for Multiple Mortgage Fraud Schemes
Apr. 4 -- A Stockton man has been charged along with six others in connection with a mortgage fraud scheme involving the purchase of nearly a dozen homes.
read story at Mortgage Daily
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Mortgage Servicers Frequently Victims of Crime
Apr. 4 -- Thanks to a chaotic distressed loan marketplace, criminals are seizing opportunities to deceive mortgage servicers and line their own pockets. Servicers are being misled about the condition, maintenance and sale of distressed assets. Other recently active mortgage-related criminal cases include a mortgage broker who collected illegal up-front fees, a subprime lending employee who used mortgage fraud to increase his commissions and a registered broker-dealer who misled buyers and sellers of residential mortgage-backed securities.
read story at Mortgage Daily (subscription required)
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Borrowers Duped by Promises of Debt Reduction
Apr. 4 -- The promise of debt reduction lures in unsuspecting borrowers who fork over thousands of dollars in up-front fees to criminals that never deliver lower or eliminated loan balances. In some cases, defendants take the scheme to the next level by using mortgage fraud to strip equity from the properties involved.
read story at Mortgage Daily (subscription required)
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Credit Unions Prominent in Bank Crimes
Apr. 4 -- Federal and state prosecutors are prosecuting a host of alleged crimes by employees and executives of financial institutions that include of mortgage fraud, bribery and embezzlement. While customer accounts are often the target of the crimes, it's the banks that take the hit. Credit unions figure prominently into the latest spate of criminal activity.
read story at Mortgage Daily (subscription required)
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Another Prison Sentence in $14 Million MN Mortgage Fraud Case
Apr. 3 -- Described as a minor player in the Cloud 9 Sky Flats mortgage fraud case, an Eden Prairie, Minn., man on Tuesday was sentenced to three years' probation for his role in the multimillion-dollar scheme.
read story at Mortgage Daily
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Mortgage Fraud Prisoners Escape
Apr. 1 -- Two multimillion-dollar fraudsters in their 60s fled a minimum-security federal prison camp near Duluth, Minn., leaving behind years of unfinished sentences, authorities said Sunday.
read story at Mortgage Daily
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| Date |
Defendants |
State |
Amount of Loans |
Overview |
Source |
| Apr. 5 |
Reginald R. Harper, Troy A. Fouquet |
LA |
$3,000,000. First Community Bank victim lender. |
Harper sentenced to 24 months, Fouquet sentenced to 18 months. |
Department of Justice |
| Apr. 5 |
Adam Teague |
GA |
$5,840,517 forfeiture. Appalachian Community Bank victim lender. |
Sentenced to over 70 months. |
Department of Justice |
| Apr. 5 |
Michael Gangadeen, Savitri (a.k.a. Savi) Gangadeen, Paul Constante |
NY |
$3,300,000 |
Charged. |
Queens County District Attorney |
| Apr. 5 |
Rhonda L. Wyland, David Burrus Jr. |
VA |
$2,300,000 in losses |
Wyland sentenced to 6 months. |
MortgageDaily.com |
| Apr. 4 |
Adan R. Cueva, Angel C. Cueva-Castro, Adan L. Cueva |
NJ |
Multiple properties |
Arrested. |
Bergen County Prosecutor |
| Apr. 4 |
Golden First Mortgage Corp., David Movtady |
NY |
$12,000,000 in losses |
Civil lawsuit filed. |
Department of Justice |
| Apr. 4 |
Robert Mikail, Ging-Hwang "Felicia" Tsoa |
VA |
$20,000,000 |
Indicted. |
Department of Justice |
| Apr. 4 |
Jerrick Hawkins |
MO |
$2,300,000 in restitution |
Sentenced to 37 months. |
MortgageDaily.com |
| Apr. 4 |
Dontaya S. Devore, Willie G. Manley, Jr., Eric Ponder, Rashika J. Moon |
PA |
$20,000,000 |
Devore indicted. |
Department of Justice |
| Apr. 4 |
James Gordon Fields |
VA |
$14,000,000 |
Pleaded guilty. Wachovia a victim lender. |
Department of Justice |
| Apr. 4 |
Jon C. Cooper |
DC |
Undisclosed |
Indicted. |
Department of Justice |
| Apr. 3 |
James Sotolongo |
FL |
$50,000,000 |
Realeased on signature bond. |
News-JournalOnline.com |
| Apr. 3 |
David R. Sharrock |
OH |
$1,300,000 |
Amended indictment filed. |
MansfieldNewsJournal.com |
| Apr. 3 |
Gloria Arias |
FL |
$250,232 |
Pleaded guilty. |
Department of Justice |
| Apr. 3 |
Joseph Steven Meyer |
MN |
$14,000,000 |
Sentenced to 41 months. |
MortgageDaily.com |
| Apr. 3 |
Kenneth Koehler |
MD |
$1,007,812 in restitution |
Sentenced to 18 months. |
Department of Justice |
| Apr. 2 |
John Halvor Ketcham |
MN |
$14,000,000 |
Sentenced to 3 years probation. |
MortgageDaily.com |
| Apr. 1 |
Michael Saad |
IA |
$131,575 in restitution |
Sentenced to 6 months. |
Department of Justice |
| Apr. 1 |
Linda Kay Miller |
KS |
$200,000 |
Sentenced to 2 years probation. |
Department of Justice |
| Mar. 30 |
Michael Krzyzaniak, Gerald Greenfield |
MN |
$28,500,000 |
Discovered missing from prison. |
MortgageDaily.com |
archived case entries back to 2005
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