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Mortgage Fraud Archives

Week Ending May 20, 2011

Mortgage Fraud News

Case Activity

Broker Moved Family Into Mansion Through Fraud
May 20 -- The Wax House investigation in North Carolina has yielded a nearly two-year sentence for a mortgage broker who moved his family into a mansion that was part of the scheme. In all, nearly three dozen people have been charged in the case.
read full story at MortgageDaily.com
New NC Law Leads to 4 Convictions
May 20 -- Prison sentences ranged from eight to 62 months for four defendants whose mortgage fraud convictions were made possible through a relatively new law in North Carolina.
read full story at MortgageDaily.com
1-Day Sentence for $1.5 Million in Fraud
May 20 -- A former mortgage broker who now is a bodybuilder with his own fitness center has been sentenced to just one day in prison for originating $1.5 million in fraudulent loans.
read full story at MortgageDaily.com
Credit Plus, Inc. Automates More Fraud Detection Tools
May 19 -- Salisbury, Md. – Credit Plus, Inc., a leader in the credit information industry since 1928, has automated more of its Validation Plus fraud detection tools in order to help mortgage professionals verify loan application data and prevent mortgage fraud.
read full story at MortgageDaily.com
New Schemes Morph From Fraud
May 19 -- A recent incarnation of mortgage fraud has real estate agents deceiving mortgage lenders about the value of a home, secretly buying the home at a discounted price and quickly flipping it for a profit. Another scam has fake servicers contacting borrowers.
read full story at MortgageDaily.com
Mortgage Fraud Prevention Secrets
May 19 -- LAS VEGAS -- A panel at this week's Global Technology Summit tackled mortgage fraud and talked about practical ways to prevent mortgage fraud at lending institutions.
read full story at MortgageDaily.com
(subscription required)
Interthinx Bolsters Employment and Income Analysis in FraudGUARD
May 17 -- AGOURA HILLS, Calif.--(EON: Enhanced Online News)--In response to its own findings that employment and income mortgage fraud risk rose significantly in 2010, Interthinx has integrated new critical data points to help lenders identify high-risk borrowers.
read full announcement at MortgageDaily.com
Q1 Mortgage Fraud Index Up 44%
May 16 -- LAS VEGAS -- /PRNewswire/ The first three months of this year brought a 44 percent increase in the dollar volume of mortgage fraud case activity, according to the First-Quarter 2011 Mortgage Fraud Index from MortgageDaily.com. The report, which is being announced from the floor of the Global Technology Summit 2011, indicated that prosecution of mortgage fraud occurs around four years after the crime.
read full announcement at MortgageDaily.com
Date Defendants State Amount of Loans Overview Source
May 20 Wrenl Burge, Albert Lewis Ellis CA $1,559,702 Sentences: Burge 41 months; Ellis 33 months. Deapartment of Justice
May 20 Christian Joel Juan, A.J. Adewunmi, Denisse Olmos MO $127,000 in restitution Juan sentenced to 1 year and 1 day. Ksdk.com
May 19 Ronald Lee Wheeler, Russell Eugene Blessman IA $1,280,000 Indictments. Wells Fargo and Citibank victim lenders. Department of Justice
May 19 Daniel Sporrer, Robert Arakelian, Karen Atkison PA Sporrer to pay $575,000 in restitution. Sporrer sentenced to 27 months. Department of Justice
May 19 Gregory S. Chew, Richard C. Confer, Jr. FL $4,700,000 Chew sentenced to 5 years. Daytondailynews.com
May 19 Norma Valdovinos, Claudia Valdovinos, Linda Dung Tran, Elaine "Queenie" Ly, Pablo Curiel, Jesus Chavez CA $40,000,000 Indictments. Department of Justice
May 19 My Dinh Lam, Ashley Elizabeth Prasil MN $4,200,000 Guilty pleas. Department of Justice
May 19 Walter Staton Jr., Lisa Staton, Dan Richards (37 - 70 total) NC $100,000,000 Sentences: Walter Staton 23 months; Lisa Staton 15 months; Richards 12 months. MortgageDaily.com
May 19 Douglas Scott Allen, Renee Keiser, Antonious Iskander, Matthew Garrett NC Multiple properties Sentences: Allen 44 to 62 months; Garrett 18 months probation plus $5,000 fine; Iskander 18 months probation plus $2,000 fine; Keiser 8 months previously served. MortgageDaily.com
May 19 Ryan Blankenship OH $1,500,000 Sentenced to 1 day in prison, 5 years probation and $617,869 in restitution. MortgageDaily.com
May 19 Alan David Tikal, Bruce Blankenhorn, Luis De Leon, Linda Voss CA Multiple properties Previously indicted; Tikal asked for case to be thrown out of court. Abclocal.com
May 18 Gerald L. Wolfe, Andrew Bohuslavizki, William Bohuslavizki CA $2,000,000 Wolfe convicted; Andrew and William pleaded guilty. Ocregister.com
May 17 Jamaar Manlove DE Multiple loans Acquitted. Abclocal.com
May 17 Vera Kuzmenko, Nadia Kuzmenko, Aaron New, Peter Kuzmenko, Sergey Blizenko, Veniamin Markevich, Edward Shevtsov, Vanik Atoyan CA $9,600,000 Indicted. Centralvalleybusinesstimes.com
May 16 Eliza Bautista WA Multiple properties Sentenced to 13 months. King5.com
May 16 Joseph Guaracino FL $16,500,000 Trial resumes after missing lawyer returns. Sun-sentinel.com
May 16 Ronald Harris Jr., Sterling Bruce, Pia Perkinson, Sabir Muhammad NJ $10,000,000 Guilty pleas from Harris, Bruce, Perkinson. Muhammad indicted. Department of Justice

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