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Week Ending May 14, 2010


Mortgage Fraud News

Case Activity

June 18, 2010

The $2 Billion Mortgage Fraud Sting
More than a thousand defendants who helped close more than $2 billion in fraudulent mortgages have been charged as part of a federal crackdown. Among the defendants were many who are mortgage brokers.

Seeking to show victories against the kind of ground-level fraud that contributed to the housing crash, federal authorities said Thursday that they had filed criminal charges in recent months against 1,200 mortgage brokers and others accused of cheating banks and borrowers of $2.3 billion.

White-collar crime experts said the size and scope of what the government presented Thursday -- dubbed Operation Stolen Dreams -- represented an unprecedented crackdown on mortgage fraud.
read full story at MortgageDaily.com
June 17, 2010

Mortgage Fraud Rose and Getting Worse
An annual report from the government indicates mortgage fraud continued to increase last year, is even worse this year and is expected to deteriorate further. Areas of rising concern are schemes tied to reverse mortgages, commercial mortgages and distressed mortgages.
read full story at MortgageDaily.com
June 8, 2010

Valuation Fraud a Growing Problem
A spike in the risk of appraisal fraud has pushed the overall risk of mortgage fraud higher, according to the latest quarterly index. Five states were identified as potential problem spots for mortgage lenders. Chances that a borrower is lying about occupying a property, however, have declined.
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.
read full story
May 4, 2010

Fraud Initiative Yields $350 Million in Mortgage Fraud Convictions
The U.S. Attorney’s Office Mortgage Fraud Strike Force has prosecuted more than 300 mortgage fraud defendants in cases involving around $350 million in fraudulent loans.
read announcement from U.S. Department of Justice
May 3, 2010

MASS. Senate Passes Mortgage Fraud Bill
A bill that would make mortgage fraud a crime has made it through the Massachusetts Senate
read full story at 95.9 WATC-FM
April 29, 2010

HUD OIG Creates New Region to Address Growing Fraud
CHICAGO -- Mortgage fraud in the Midwest has gotten so bad that the U.S. Department of Housing and Urban Development's watchdog had to break up the region.
read full story at MortgageDaily.com
April 26, 2010

Appraisal Fraud Leaps
Lenders have made significant headway reducing fraudulent deposit and employment verifications, but appraisal fraud is way up. One-quarter of all mortgage fraud activity occurred in just three metropolitan areas.
read full story from MortgageDaily.com

Mortgage Fraud Rises 7% in 2009
LexisNexis Mortgage Asset Research Institute reported that the rate of increase for mortgage fraud reports fell to 7 percent last year from 2008's 26 percent.
read full story from the Associated Press

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
Date Defendants State Amount Overview Source
May 14 Melody Delgado, Andrew Lewi, Durel Castil, Michael Smith IL $1,500,000 Smith convicted in Operation Stolen Dreams Pioneer Press
May 14 SYED A. BABAR aka "Ali" CT losses of $2,500,000 Charges filed. FBI.gov
May 14 Ana Monteiro, Aaron Dare NY $2,300,000 6-year sentence. EmpireStateNews.net
May 13 Jared Arambel NV restitution of $2,664,950 41-month sentence. IRS.gov
May 13 MENACHEM YOSEF LEVITIN aka Joseph Levitin CT 50 multifamily properties Arrest. Justice.gov
May 13 BRIAN RICKERT MO restitution of $700,000 27-month sentence. Justice.gov
May 13 Yvonne L. Robertson, Maria Henderson, Joseph M. Garner Jr. VA na Charges filed against Robertson. FBI.gov
May 13 Monique Mitchell, Sheldon Martin FL $1,250,000 home Guilty pleas. FBI.gov
May 12 Cameron Roland Baird MN losses of $3.1 million Guilty plea. FBI.gov
May 12 Edward Seung Ok CA $12,000,000 Restitution hearing scheduled. FreedomBlogging.com
May 12 Dale Charles Dodge Jr., MN $800,000 Guilty plea. FBI.gov
May 12 Richard A. Sand MN $2,000,000 Criminal investigation in case where Bank of America was victim. Star Tribune


May 12 John Star NY $10,000,000 Defendant jumped bail. New York Daily News
May 11 DELROY DAVY GA millions of dollars in mortgage loans Guilty plea tied to failure of Omni National Bank. FBI.gov
May 11 KAMILLE RANDOLPH MO 2 loans 2-year sentence. Justice.gov
May 11 D’Von Massey MD $1,205,267 Guilty plea. FBI.gov
May 11 April J. Lucero AZ 37 properties, losses of $9,500,000 2-year prison sentence. Justice.gov
May 10 Yvette Gonzalez Valdes, Jeannine Valdes-Perez, Joseph Gonzalez, Victor Perez, Catherine Maiz FL $500,000 Charges filed. Justice.gov
May 10 Joseph Miller, Jason Vitulano, Peter Hartofilis, Robert Hofler, Steve Vento FL $5,000,000 Guilty plea by attorney Miller in TopDot Mortgage case where Washington Mutual was victim. Justice.gov
May 10 Jake Weathers, Glenn Watkins, Kevin Watkins, Frederick Davis, Paul Yearby Jr. CA losse estimated at over $1,000,000 Indictments returned by grand jury. FBI.gov

Sacramento Business Journal

May 10 Nathaniel Blanton CA 4 applications on 2 propoerties Indictment returned by grand jury. FBI.gov

Sacramento Business Journal

May 10 Anson Joachin, John Fisher, Tracey Balli, Delano McLennon FL $2,300,000 Charges filed. FBI.gov

The Associated Press

South Florida Business Journal

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