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Week Ending April 23, 2010


Mortgage Fraud News

Case Activity

April 23, 2010

Detroit Ranked 10th in SARs Filings
The number of Detroit residents named in Suspicious Activity Reports make the city the 10th worst.
read announcement frrom the Department of Justice

Michigan a Fraud Hot Spot
Michigan is ranked by the U.S. Department of the Treasury as the eighth worst state for mortgage fraud.
read full story from Michigan Public Radio
April 20, 2010

Closer Look at Mortgage Fraud
Article outlines how mortgage fraud works the motivation behind the players.
read full story from Investopedia

New Fraud Solution for Mortgage Lenders
Two mortgage fraud prevention service providers have a new offering for mortgage lenders.
read announcement from CoreLogic
April 16, 2010

Fraud Dogged WaMu to the End
Washington Mutual Inc. was never able to recover from its expansion at Long Beach Mortgage.
read story from Puget Sound Business Journal
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
Date Defendants State Amount Overview News
April 23 Louis Gholar, Undrea Harris, Santiago Sutton, Carla Wilson MS restitution of $1,521,842 3 guilty pleas. hattiesburgamerican.com
April 23 Diana Marks CA $336,000 Guilty plea. KLIV.com


April 23 Troy David Chaika, Dustin Lee LaFavre MN $43,000,000 Indictment unsealed. Star Tribune
April 22 Kirk H. Kirby PA $17,000,000 Charges filed. FBI.gov
April 22 Frank J. Dattilo, Michael Giello, Jason Megow PA losses exceeded $1,000,000 Charges filed. FBI.gov
April 22 Nathan Anderson, Kyle Wine, Jeffrey Wine KS $23,324,114 Guilty pleas for Anderson and Kyle Wine. Kansas City Business Journal


April 21 Lyle Clay Smith, Ronald Haycock Sr., Jamis Johnson, Lawrence Skinner UT restitution of $2,384,974 56-month sentence for Smith. IRS.gov
April 20 Bonner OR $120,000 Indictment. Justice.gov
April 20 William T. Bridge, Paul Bridge, Joel Blanford, John Ngo CA multi loans 21-month sentence for William for bribing Long Beach Mortgage employee. MortgageDaily.com
April 20 Fred Loewinger, Mitchell Loewinger, Mark Petti, Heather Shipley OH $1,400,000 Indictment for Loewinger. Sun News
April 19 Romel Esmail, Bassam Haj Yousif IL $73,500,000 Indictments. CIB Bank was victim. FBI.gov
April 19 Melody Delgado, Andrew Lewi, Durel Castil, Michael Smith IL $1,500,000 Castil convicted in Operation Stolen Dreams Pioneer Press
April 19 Jason Vitulano, Joseph Miller, Peter Hartofilis, Robert Hofler, Steve Vento FL $5,000,000 Guilty plea. WaMu among victims. South Florida Business Journal
April 19 F. Jeffrey Miller, Hallie Irvin KS $5,000,000 108-month sentence for Miller, 24-month sentence for Irvin. WIBW.com
April 17 Michael J. Pallozzi NY pp=$375k, hid 2nd of $124k Guilty plea. Times Union
April 17 John Pereless, Susan Pereless NJ $4,000,000 Conviction of son and mother. Associated Press
April 17 Melody Delgado, Andrew Lewi, Durel Castil, Michael Smith IL na Lewis convicted in Operation Stolen Dreams Pioneer Press

archived case entries back to 2005

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