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Mortgage Fraud Archives

Week Ending April 5, 2012

Mortgage Fraud News

Case Activity

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

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

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

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

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)

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)

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)

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

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

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.
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.
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.
Apr. 3 David R. Sharrock OH $1,300,000 Amended indictment filed.
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.
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.
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.

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