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Archives May 21, 2006

 


 
Fraud Stories From
Patrick Crowley
Fraud Wire



Contract Underwriter Pleads Guilty

A contract mortgage loan underwriter faked her own death to avoid charges of mortgage fraud.

But federal prosecutors in Virginia eventually caught on to Kym Salisha Saloman's scheme and she now faces up to 22 years in prison and $250,000 in fines after pleading guilty to wire fraud and identity theft charges, according to a statement from U.S. Attorney Chuck Rosenberg of Richmond, Va.

Saloman, 43, was a contract underwriter for GE Mortgage Contract Services. In early 2005 she began working as a loan underwriter for Ivanhoe Financial, a mortgage lender.

In March of 2005 Saloman launched her fraud scheme, the prosecutor said.

read Patrick's full story at MortgageDaily.com
(subscription required)




Husband, Wife Admit Scam

Hard charging New York attorney general Eliot Spitzer, who has his sights set on the governor's mansion and possibly the White House, is continuing his aggressive crackdown on mortgage fraud.

Spitzer has announced that a husband and wife from western New York have admitted to running an advance fee loan scheme that defrauded customers of over $170,000.

Just last month Spitzer, a Democrat running for governor who has been mentioned as a possible future presidential candidate, announced indictments against eight members of what he described as a wide ranging mortgage fraud ring alleged to have stolen millions.

"My office will take aggressive action against those individuals who steal customers' hard-earned money using false promises and deceit," Spitzer said in a statement.

read the rest of Patrick's story at MortgageDaily.com
(subscription required)

May 21 2006


Online Mortgage Fraud Conference
Several executives from a wide range of mortgage-related companies debated mortgage fraud issues and prevention in an online roundtable.



Stock Broker Deceived Mortgage Investors
Former Morgan Stanley registered representative Carlos H. Soto has entered into a final judgment with the SEC, which accused him of luring investors with promises of GNMA MBS investments but instead sending the funds to his own companies.



Florida Worst Fraud State
A 16-page mortgage fraud report indicates the Sunshine State had more fraud than the rest last year, though Colorado and Illinois have placed more prominently in the rankings during the past few years.
read story from MortgageDaily.com
(subscription required)



Man Stole Relative's I.D.
Corey Williams is charged with using a family member's name multiple times since 2004 in fraudulent credit applications.
read story from NBC 10 .



2 Face Judge in $7 Mil Scam
Roger Dale Watson Jr.and Michael Shinall faced a judge for charges of assisting Brian Dupree and his company, Dupree Investments, in a $7 million mortgage fraud scam.
read story from the Athens Banner-Herald .



A Sicilian Thing
David Alan Hawkins, whose construction company was driven into bankruptcy during the '80s because of a corrupt savings and loan, execute a personal vendetta by filing fraudulent liens against attorneys, judges and S&L executives involved in the former case and taking out mortgages against two of their homes.
read story from the King County Journal .



Government, Private Enterprise Tackle ID Theft
The public and the private sector are tackling the theft of personal data used for fraud -- including mortgage fraud.
read story from the Bradenton Herald .



Foreclosure Help Leads to Foreclosure
Mortgage broker Mitchell Sims was convicted of pressuring a couple on the verge of foreclosure to sell their house to him under false premises, collecting their rent payments but not paying the mortgage -- leading to a foreclosure.
read story from Newsday .



Fraud Fugitive Found
Fugitive Owen Larman, the mastermind of a $12 million mortgage fraud scheme helped by six accomplices, was captured in Brooklyn.
read news story from the New York Daily News .



Bank Employee Steals From Customers
Lori Kracinovsky pleaded guilty to using personal information of customers from her employer, National City, to get a mortgage.
read story from the Post Gazette .


May 17, 2006


Florida Fraud Worst
In its annual mortgage fraud report to the Mortgage Bankers Association, MARI reported the Sunshine State had the most lender cases, while fraud in Colorado and Illinois has soared.

read about the complete 16-page report at MortgageDaily.com .
(subscription required)


May 16, 2006


Fraud Data to Be Shared by Regulator
The regulator of Fannie Mae and Freddie Mac, which both manage trillions of dollars in mortgages, will begin sharing fraud data on those loans with the Financial Crimes Enforcement Network.



Fraud Report Launched
Fidelity National Information Services launched FraudDetector, a one-page fraud report that utilizes borrower data and property data to determine high risk borrower prospects at the point of origination.



Order Issued Against Foreclosure Rescue Firm
Karen Reinisch and her company, My House Saver LLC, has been ordered by a judge to make refunds to three consumers because she allegedly failed to comply with various laws governing mortgage rescues.
read story from Consumer Affairs .



Queen of Fraud Pleads Guilty
Rebecca Marie Hauck pleaded guilty to helping Matthew Cox in a multistate mortgage fraud spree.
read story from the Atlanta Business Chronicle .

read complete Rebecca Hauck coverage at MortgageDaily.com .



2005 Fraud $1 Billion
Mortgage fraud exceeded $1 billion last year, the assistant attorney general of Georgia told a group of mortgage bankers meeting about real estate finance fraud.
read story from the Journal Sentinel .



4 State Fraud Symposium
HUD has teamed up with the FBI, the U.S. Attorney's office and Fannie Mae and Freddie Mac to create the first four-state mortgage fraud symposium.
read story from the Bradenton Herald .



Mortgage Fraud Hero
The Georgia Real Estate Fraud Prevention and Awareness Coalition was founded by Ann Fulmer because of crime activity in her neighborhood brought on by mortgage fraud.
read story from the Chicago Tribune .



Daughter Among Fraudster's Victims
Donna Glock, the former owner of American Title and Escrow, was sentenced to 21 months in prison for stealing the identies of friends and relatives -- including her daughter -- to obtain fraudulent mortgage loans.
read Associated Press story .



NFL Player Duped in Fraud Scheme
Darrick Dwayne Moore was arrested for allegedly bilking an NFL football player out of $400,000 through mortgage fraud.
read story from the Houston Chronicle .

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

Email Patrick at: PatCrowley@FraudBlogger.com
 
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