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Archive of FraudBlogger.com entries going back to 2005.

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Week Ending May 21, 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 21 Melva Massey MD $1,205,267 Guilty plea. FBI.gov
May 21 Anthony G. Symmes, Garret G. Gililland CA $21,000,000 Guilty plea by Symmes. Justice.gov
May 21 Lawrence Davis, Joel Clark,Bill CA $6,000,000 Indictments, arrests. Justice.gov
May 21 Jeremiah Andrew Martin, Darrin Arthur Johnston, Todd Allen Smith, Cheryl Ann Hitomi Peterson CA losses in excess of $1,000,000 Indictments, arrests. Justice.gov
May 21 Brian K. Bowling, Jason Khodadad, Joseph Bowman, Joshua Hughes, Richard Hurkman WI $1,730,000 Guilty plea likely. Justice.gov
May 21 Aleksandr Abramovich, Derek Czerniak, Anthony Palermo, Jimmy Pililimis IL scheme. Indictments. Pioneer Press
May 20 Bonnie Sweeten PA $700,000 Indictment. FBI.gov
May 20 Andrew La Porte; Daniel John Schuetz; Michael Wayne Wickware; Roxanne Yvette Hempstead; Darryl Anthony Wallace, aka Darryl Anthony White; Terrence Smith, aka Terry Lee Smith CA $20,000,000 Indictment unsealed. FBI.gov
May 20 Patricia Morgen CA restitution of $9,000,000 15-year sentence for former fugitive. FBI.gov
May 19 RANDALL PENBERTHY MO na 33-month sentence. Justice.gov
May 19 Daryl Fernandes, Obrian Fernandes IL $887,000 Arrests. FBI.gov
May 19 Kathy Chen, Richard Salgado Gonzalez, Daniel Gonzalez CA $17,500,000 Conviction on Chen. FTB.CA.gov
May 19 Kathy Puckett IN losses of $200,000 Charges filed. FBI.gov
May 19 Joel Rosabal, Chadwick Amsden, Timothy Hills, Misti Wallis aka Misti Cowart, Gerald Wallis, Jo Schermerhorn OR losses of $3,500,000 Indictment returned by grand jury. Justice.gov
May 19 Mark Kellogg OH $5,800,000 14-year sentence. cuyahogacounty.us


May 18 Charles Davis, Scott Kassebaum, Cheryl Kassebaum, Steven Spencer, Shanda Moore MO $1,200,000 Sentences handed down. IRS.gov
May 18 R. Shoop OR $92,985 Guilty plea. Justice.gov
May 18 Amsden, Hills, M. Wallis, G. Wallis & Schermerhorn OR $1,400,000 Indictments. Justice.gov
May 18 Rosabal & Amsden OR $3,022,778 Indictment. Justice.gov
May 17 William D. Timberlake VA $2,200,000 Guilty plea. FBI.gov
May 17 ROSA GARCIA, Jose Guzman CT 200 loans, losses of $3,600,000 Garcia pleaded guilty. FBI.gov
May 17 Angela R. Clark, Jerry R. Emerick, 16 defendants total. MO $12,600,000 Guilty plea by Clark. Justice.gov
May 17 Ania Nowak, Zbigniew Cichy, Kim Salvemini NJ $2,700,000 Charges filed, arrests. FBI.gov
May 17 Lawrence Marshall, co-defendants IL $203,000 Marshall convicted. Pioneer Press
May 17 Melody Delgado, Andrew Lewi, Durel Castil, Michael Smith IL $1.5 million Delgado convicted. Pioneer Press

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