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Mortgage Fraud Archives

Week Ending May 13, 2011

Mortgage Fraud News

Case Activity

Two More Plead Guilty in $2 Million Mortgage Fraud Case
May 13 -- With guilty pleas from two more defendants in a $3 million case of mortgage fraud, a total of seven defendants have now admitted guilt. Three more defendants still face trial.
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30 More Face Possible Indictment in Massive Fraud Case
May 13 -- Dozens of new defendants are expected to be named in a $100 million mortgage fraud case in North Carolina. The scheme involved jumbo loans.
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More Penalties for Convicted Originator
May 13 -- A former loan originator who has already been sentenced to a decade in prison for mortgage fraud crimes that cost lenders more than $650,000 has been hit with additional penalties from the the State of Minnesota.
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Mortgage Broker, Mfg Home Dealer Released on Bond
May 12 -- A mortgage broker and the former owner of a manufactured housing dealership who are accused of stealing more than $2 million in fraudulent manufactured home loans will be released on bail.
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A Decade of Rising Fraud
May 11 -- The number of reports of mortgage fraud filed by mortgage lenders was higher for the 10th year in a row and reached an all-time high.
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Defense Attorney a No-Show at Major Mortgage Fraud Trial
May 11 -- As a major mortgage fraud trial got underway this week, the ringleader's defense attorney -- who is also the brother of one of the defendants-- was nowhere to be found. So a federal judge issued an arrest warrant for him.
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Mortgage Fraud Diminishes in 2010
May 09 -- Mortgage fraud reports tumbled last year, and almost all of the fraud reported occurred prior to 2010. Appraisal fraud continues to be a problem.
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Mortgage Fraud Helped Sink NC Bank
May 09 -- A North Carolina mortgage broker was sentenced to nearly two decades of hard time after admitting his role in a case involving $15 million in fraudulent mortgages. Prosecutors claim that the crime helped bring down a bank in the state.
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Broker, Processor & Executive Guilty
May 09 -- Three defendants -- including a mortgage broker, loan processor and mortgage executive -- have pled guilty in a $2.9 million mortgage fraud case in Kentucky.
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Former BoA Employee Gets 2-Day Sentence
May 05 -- A former employee of Bank of America has been sentenced to just two days in jail for preparing fraudulent verifications of deposit in a mortgage fraud scheme. Lenders lost nearly $1.4 million in the case.
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Date Defendants State Amount of Loans Overview Source
May 13 Walter Bressler NH $2,500,000 Guilty plea. Department of Justice
May 12 Robert Ibraham, Valdas Duoba NY $10,200,000 Arraigned.
May 12 Quang Joseph Nguyen MA $1,800,000 Sentenced to 4 years and plus 3 years supervised release and $1.1 million in restitution.
May 12 John Chiavetta PA $274,000 in restitution Sentenced to 12 months and 1 day plus 3 years supervised release. Department of Justice
May 12 Craig Alleva NJ Approximately $525,000 Guilty plea. Department of Justice
May 12 Kenneth Garabedian, llen Seymour, Raymond A. Desautels III, Erik Tancun MA Multiple properties Guilty pleas. Department of Justice
May 12 John Fabey NJ $1,200,000 Guilty plea. Department of Justice
May 12 Joseph Woods, Aaron Simmons, Gary Wood, Denis Hickey, Jennifer Jackson, Anthony Willis (up to 70 total) NC $100,000,000 Sentences: Woods 24 months; Simmons 22 months; Wood 21 months; Hickey 15 months; Jackson 14 months probation; Willis 5 months probation.
May 11 Domingos Dias, Hector Natera CT $3,000,000 Indicted. Department of Justice
May 11 Darcey Greenfield CA $3,265,000 Arrested. Department of Justice
May 11 Glenn Vaught, Michael Fortenberry SC $2,000,000 Arraigned.
May 11 Darnell Disroe, Michael Lentine, Michael Starace FL $1,300,000 Sentenes: Disroe 10 years plus $1.1 million in restitution; Lentine 51 months; Starace 18 months.
May 11 Jay Whitham FL $5,300,000 Real Estate Appraisal Board calls for fraud charges.
May 10 Chadwick Amsden, Adam Perkins, Joel Rosabal (10 total) OR $3,000,000 Guilty pleas. First Franklin Financial Corp., Decision One Mortgage, Hyperion Capital, Ace Mortgage, Millennium Funding victim lenders.
May 09 Jason Thomas Williams, Benjamin Jackson, Joseph Bowen Brown (5 total) AZ $9,956,349 Guilty pleas from Williams and Jackson; Brown scheduled for trial. Department of Justice
May 09 Craig Keith Richards, Thomas Martin Brandenberg II, Paul Robert Lindemann SC $3,400,000 Indictments.
May 07 Michael Pahutski, Michael Gee, Victoria Sprouse, Gregory Mascaro, Jules Springs, Gregory Rankin NC $15,000,000 Sentences: Pahutski 19 years plus $3.5 million in restitution; Gee 24 months plus $3.56 million in restitution; Mascaro 24 months; Springs 24 months; Rankin 5 years probation.
May 07 John Howard, Kevin Mullins, Brenda C. Stone KY $2,900,000 Guilty pleas.

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