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Archives April 16, 2006

 


 
Fraud Stories From
Patrick Crowley
Fraud Wire



Investors Force Mortgage Co. Into Bankruptcy
A family that invested $4 million in a mortgage brokerage firm that finances nontraditional loans has forced the firm into bankruptcy amid allegations of a Ponzi scheme.

The U.S. Bankruptcy Court for the Northern District of California has ruled in favor of appointing trustees to oversee operations of the San Jose-based California Plan Inc. The firm's president, Michael J. Schneider, is named in the ruling, which effectively forced California Plan into Chapter 11 bankruptcy.

According to federal court documents, Schneider allegedly bilked members of the affluent Aspromonte family of Santa Cruz by telling them he would invest money in high risk mortgage loans that were secured by property. He would then collect fees from servicing the loans.

But Schneider then allegedly did not invest the money as he promised and instead converted the money for his own use.

read the rest of Patrick's story at MortgageDaily.com
(subscription required)



Pair Arrested for Stealing Titles
Police in California recently ended a six-month investigation with the arrest of the owners of two California mortgage companies. The men are accused of forging mortgage documents and notary seals to steal equity from homeowners.

Sacramento police have announced the arrest John Wilfred Curley, 37, owner of JC Lending, and Muhammad Adenwala, 30, owner of Mountain View Lending and a certified notary public, on suspicion of real estate fraud.

"Investigators determined that Curley and Adenwala utilized information from customers to falsify quitclaim deeds," Sacramento Police said in a statement. "The suspects, without the customers' knowledge, would record the forged documents and obtain loan proceeds from the false information."

Police say they aren't sure how many people were victimized by the alleged scam.

read the rest of Patrick's story from MortgageDaily.com .
(subscription required)

April 14, 2006


Broker, 2 Builders Get Off Easy for Fraud Scam
Mortgage broker Rose Perdue and builders Steven Parisi and Donald Kishbaugh were each sentenced only to probation for forging signatures and documents and inflating home prices on transactions with 41 Poconos borrowers.
read story from the Pocono Record .



Bill Targets Foreclosure Scam Co.s
The Illinois senate has passed a bill that will help delinquent borrowers back out of bailout deals from foreclosure scam companies.
read story from the Chicago Tribune .



Mortgage Prospect Data Stolen
Neal Elbaum and Ralph Donza, former employees of Old Merchants Mortgage Inc., and current employee Carlos Orellano have been arrested in connection with a theft of mortgage lead information from Old Merchants which were then used for Elbaum's & Donza's own mortgage company, Old Commonwealth Mortgage LLC.
read story from the North County Gazette .


April 10, 2006


The Other Side of Fraud
DALLAS, (April 10) When the FBI accused Fred Damaia of mortgage fraud, his life was turned upside down.


Homeless Man Died Owning Several Properties
Matthew Cox, a mortgage fraud fugitive that has evaded law enforcement officials as he has criss crossed the country, used the identification of Johnny Moon Sr. -- a homeless drug addict that has since died -- to purchase more than a half-million dollars worth of real estate.
read story from the St. Petersburg Times .

read full coverage of Matthew Cox at MortgageDaily.com .


Fraud Soaring
Mortgage fraud has become one of the fastest-growing white-collar crimes.
read story from MarketWatch .


Mother, Son Indicted
Eric Kendall Taylor and his mother, Doris J. Taylor, were indicted for using straw buyer to purchase foreclosed properties in a $5 million fraud scheme.
read story from The Kansas City Star .


Employment Fraud
Marcy Irby has pleaded guilty to helping Richard Lucas and eight other defendants by falsifying her income and job information on her loan application.
read story from the Mississippi Business Journal .

 
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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