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Week Ending April 9, 2010

 

Mortgage Fraud News

Case Activity

April 6, 2010


Service Predicts Fraud Before it Occurs
A new solution from Wolters Kluwer Financial Services helps "financial institutions predict and prevent financial crimes before they occur."
read announcement from Business Wire

Wells Fargo Implements Fraud Prevention Technology
Wells Fargo has implemented First American CoreLogic's LoanSafe Fraud Manager.
read full announcement at PRNewswire.com
April 1, 2010


Firm Loses FHA Approval Over Old Fraud Case
A 1982 mortgage fraud conviction by the owner of a Gorgia mortgage firm led to a denial for a Georgia license and of FHA approval
read full story at MortgageDaily.com

May 28, 2010

The Rise and Fall of Mortgage Fraud
During the middle part of the decade, the real estate market was on fire. As soon as an agent had a property listed -- multiple offers came in, ultimately leading to a quick sale above the listing price. This lasted for about four to five years, when unfortunately it all came crashing down.

The crash in the real estate market was mostly due to the fact that those who had bid on these homes had no real way of paying for them. They might have had a few months worth of cash on hand to hold the property, but the new home buyers figured that since prices were appreciating so rapidly that they would surely make a quick profit by selling the house in a few months.

The reason that so many buyers were able to secure financing was because of widespread mortgage fraud.
read full story
March 26, 2010


AZ Gets $1.7 mil for Mortgage Fraud
Another $1.7 million funds to fight mortgage fraud brings to nearly $8 million the amount distributed from a federal task force budget.
read story at The Arizona Republic
March 15, 2010


Mortgage Fraud Summit
U.S. Attorney General Eric Holder announced at a mortgage fraud summit that the U.S. Department of Justice is leading an effort to stomp out mortgage fraud.
read full announcement
March 15, 2010


SC Fraud "Staggering"
Former U.S. attorney for South Carolina, Reggie Lloyd, said mortgage fraud cases "are staggering right now."
read story from The Greenville News

Foreclosure Mortgage Fraud Rising
A new type of scheme has listing agents form separate partnerships buying foreclosed or short-sale properties from the banks at a huge discount and quickly sell at a big profit.
read story from Modesto Bee


March 10, 2010


Detecting Occupancy Fraud
FraudGUARD has been enhanced to detect occupancy fraud as a result of an increase in such schemes.
read full announcement
Date Defendants State Amount Overview News
Publication
April 9 Vincent Wallace Aldridge, Tori Aldridge TX $3,700,000 Indictment. Justice.gov
April 9 Kelsey Torrey Hull, Jonathan Alfred Kimpson GA na Guilty pleas in reverse mortgage scheme. Atlanta Business Chronicle

FBI.gov

April 8 Gail L. Mendez, Amy B. Strait, Carlos R. Solis, Marty G. Mendez, David H. Knickmeier WI $8,000,000 Charges expanded, informations filed. Justice.gov
April 8 Tula Rampersaud, Sudesh Rampersaud. Steven Boswell, Jong Shin NJ $1,000,000 3 plead guilty. FBI.gov
April 8 Akin Ayorinde, Anthony Onua, Umana Oton NY $10,000,000 Charges filed. New York Law Journal
April 8 Tyler Forrey FL $4,200,000 Guilty plea by Forrey. Cape Coral Daily Breeze
April 8 Antonious M. Iskander NC $204,797 Arrest. NewsObserver.com
April 7 Tye Brown NV restitution of $19,407 Guilty plea. Las Vegas Sun
April 7 Katherine Vidaurri aka Katherine Pulliam aka Katherine Padilla NM na 2-year sentence. The Associated Press
April 7 Morton Bohn OR $288,171 Guilty plea. Defrauded Countrywide Financial Corp. and Silver Falls Bank. TradingMarkets
April 6 Bohn OR $763,200 12-month sentence. Justice.gov
April 6 Han OR $260,000 3-year sentence, but supervised released. Justice.gov
April 6 Wildor Washinton KS $14,000,000 16-year sentence. IRS.gov

KansasCity.com

Kansas City Business Journal

CJOnline.com

April 6 Vicki Dillard Crowe, aka Vicki R. Dillard CO 19 properties Indictment. PRNewswire.com

BizJournals.com

April 6 Branch Banking and Trust Co. NC losses of $20,000,000 In employment lawsuit, BB&T accused of aiding in fraud scheme. MortgageDaily.com
April 6 Eric Rulack Farrington Jr., Janice Little Shepherd, Rejis Lamont Williams, Kevin Ray Sanderson, James Edward Jones, Edwin Terrence Bell, Micheal Lewis Andrews, Robert John Mason TX forfeiting $8,500,000 Conviction. Associated Press

Dallas Morning News

CourthouseNews.com

April 5 Lorenzo Espinoza CA restitution of $614,000. 100 properties, $2 mil in HUD losses 5-year sentence. HUD  a victim. IRS.gov
April 3 Mark Anthony McBride aka "Charles Conley," "Charles Conley Jr.," "Manuel Evans" GA $2,197,929 in restitution 16-year sentence for McBride. Case tied to failure of Omni Bank. FBI.gov
April 3 Robert Ernest Brandt WA losses of more than $7,000,000 Conviction. SeattlePI.com

The News Tribune

Washington RealEstateRama


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