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Mortgage Fraud Archives
Week Ending May 14, 2010
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Mortgage Fraud News
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Case Activity
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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
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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
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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
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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
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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
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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
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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
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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
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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
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| 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 |
ROGER HUGGINS, INDERPAUL SOOKRAJ, SHAWN D. CHAND, TREVOR RUPNARAIN, ANAND BHARAT, PRAHALAD MAHADEO, MANGAL SINGH, ARIEL HUGGINS, MOHAMMAD ABDALLAH, MICHAEL ABDUL, FAIZ ALI, JAGDESH KULDIP, PURNIMA MAHAMMED, ANEESA MOHAMMED, KRISHNA RAMROOP, VADIANUTH SANICHAR, DAVID SOOKDEO |
NY |
proerties valued at $13,000,000 |
Charges filed. |
NY.US |
| 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
TwinCities.com
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| 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
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| May 10 |
Nathaniel Blanton |
CA |
4 applications on 2 propoerties |
Indictment returned by grand jury. |
FBI.gov
Sacramento Business Journal
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| 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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