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Fraud News Wire

Last Updated Wednesday, May 9, 2007, 04:49 PM Texas Time

May 9, 2007

Accidental Fraud Expert
Ann Fulmer's path to being a nationally recognized mortgage fraud expert and fighter started over 10 years ago, when as a stay-at-home mom she decided to find the reasons behind the spiraling quality of her neighborhood.

read story from the 11 Alive News




Man Denies Mortgage Fraud
Gary Knox has filed a motion to dismiss the charges he pleaded guilty to a year ago that involved buying run down homes through his company Central Illinois Management and Development Co. and using inflated property values to obtain loans for unwitting buyers interested in investing in rental property.

read story from the State Journal-Register





Mortgage Insiders Fined for Alleged Fraud
After a three-month investigation by Illinois regulators, over 12 outside real estate finance individuals have been fined $5,000 to $25,000 for allegedly participating in a mortgage flipping scam that duped cash-strapped elderly homeowners.

read story from the Chicago Sun Times




May 7, 2007

AZ Eyeing Escrow Officers
With five escrow officers being banned from practice in Arizona this year, the state is cracking down escrow officers involved in stealing home-sale funds.

read story from the Mohave Daily News




ID Theft, Drugs and Foreclosure
Theresa M. Stanley-Morgan is being accused of giving an elderly woman crack cocaine, without her knowledge, to get her high and obtain a credit card in her name. The elderly woman's home, where Stanley-Morgan moved into, is now in foreclosure.

read story from St. Petersburg Times




Colo., GSEs Fight Fraud
As part of an effort to help the Colorado Real Estate Commission crack down on fraud, Fannie Mae and Freddie Mac have hired local independent appraisers to help build a case against other appraisers and real estate finance insiders that may be involved in inflated appraisals.

read story from Coloradoan




3 Accused of Fraud
Officials have issued warrants for the arrests of Mohamed A. "Mike" Mohamed, a property buyer, Jeremy K. Virgin, an appraiser, and Karen Axline, a clerk for a title agency, for allegedly inflating property appraisals and sharing the extra proceeds obtained through fraudulent mortgages.

read story from The Columbus Dispatch




Fraudster Faces Sentencing
Jason E. Branch Sr. has been convicted for a series of schemes that involved pocketing the advance money loan investors and even a church paid for loans and lines he promised them but never intended to provide.

read story from Kansas City Business Journal




Fraud Legislation Halts
Amid a broad range of abusive practices and fraud being uncovered in Arizona, a bill that spells out residential mortgage fraud is stuck in the House after sailing through the Senate and wings have been cut for a legislative effort that tried to stop "mortgage rescue" schemes.

read story from The Arizona Republic




FL Seeks to Criminalize Mortgage Fraud
A bill that would make mortgage fraud a crime in Florida is on its way to the state governor and, if signed, could take effect Oct. 1.

read story from Yahoo! Finance




17 Flippers Face Discipline
Mortgage originators, Illinois Mortgage Association, Carteret Mortgage, New Family, Inc., and appraisers and title agencies are among 17 businesses and individuals who will face disciplinary action for their involvement in a mortgage-flipping scheme that targeted elderly cash-strapped homeowners.

read story from Chicago Tribune




May 4, 2007

Mortgage Co. Advises on Avoiding Fraud
National City provides free financial seminar on budgeting, credit and identity theft at all Southeast Michigan branches, 6-7 p.m. on Wednesday, May 16, 2007.




Couple Sentenced for Mortgage Fraud
Isaac Lee Woods and Regina Bailey Woods to serve a combined 9 years in prison.




Realtors Seek Mortgage Fraud Probe
Sacramento realtors are seeking a criminal investigation of the local mortgage industry after a news channel uncovered how Jim Martin and his business partners at VFM Investment Group falsified applications to qualify investors for more than $9 million in loans they could not afford.

read story from KCRA 3




FL Loses Mortgage Fraud Crown
After being in the top spot, Florida placed second among all states in mortgage fraud.

read story from Orlando Sentinel




FBI Warns of Cash-Backs
FBI officials warned consumers that it is illegal to participate in cash-back deals, where a real estate agent or buyer offers thousands more than the asking price on a home that has been on the market for a while under the agreement that the seller gives back excess funds generated from a mortgage obtained with an inflated appraisal.

read story from Anchorage Daily News




Police Chief Accused of Fraud
Joseph Woods, the Carver Bible College police chief who leads a number of officers facing criminal charges such as murder, is accused of stealing the home of a deceased grandmother.

read story from WSB-TV Atlanta




AZ: Fraud Hot Spot
Arizona is the state with the most identity theft and is seventh in mortgage fraud.

read story from Arizona Republic




Mortgage Fraud's Unsuspecting Victims
At a hearing, officials said home sales fraud in Pennsylvania includes many mortgage borrowers who never find out they are victims because they never see the fraudulent alterations made to their loan documents.

read story from Pocono Record




Lawyer Admits Mortgage Fraud
Ex-attorney Dennis Vourderis admitted stealing more than $678,000 that came from mortgage borrowers' checks that he would deposit into bank accounts rather than sending to lenders.

read story from Staten Island Advance


read archived blog entries

  Patrick Crowley is fraud journalist for MortgageDaily.com and a reporter and columnist for The Cincinnati Enquirer.

Email Patrick at: PatCrowl ey@FraudBlogger.com
 
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