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May 22, 2009
Four people arrested on charges of bank fraud and money laundering have agreed to post a $20,000 bond in exchange for their freedom. But, even a traffic ticket could send them right back into federal custody.
A Florida lawyer convicted of mortgage fraud is facing yet again the possibility of losing his law license as the Supreme Court is set to hear his case.
May 21, 2009
A real estate broker and radio talk show host has been indicted with three others in what prosecutors say was a $3 million mortgage fraud scheme perpetrated through solicitation of radio listeners. Six New York properties were allegedly flipped to straw buyers.
A securities law expert released a new white paper that analyzes the Fraud Enforcement and Recovery Act. The act concentrates on antifraud measures, which he says is a major step toward holding accountable the fraudsters that damaged the U.S. economy.
A 45-year-old man credited with organizing a mortgage fraud scheme that included purchasing multimillion-dollar residential homes in New York has been sentenced to four years and three months in federal prison, followed by three years supervised release and a forfeit of $1.4 million.
Three more defendants have pleaded guilty to participating in a $12.6 million mortgage fraud conspiracy that involved 25 luxury residential properties in Lee's Summit, Mo. Nine defendants in all have pleaded guilty. Straw buyers pocketed over $2 million in proceeds from the fraudulent purchases.
Testimony before the House committee by the Federal Bureau of Investigation Director remained focused on the efforts to investigate and prosecute mortgage fraud as the caseload continues to rise.
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President Barack Obama signed a new law that ensures stricter guidelines for FHA lenders to help ward off predatory loan originators. There are also additional monies to help fight mortgage fraud.
An Atlanta contractor has been indicted on multiple charges of fraud including mortgage fraud, in which he had been ordered to pay restitution of nearly $900,000.
May 20, 2009
A Minnesota man faces 10 counts of mortgage fraud-related charges after allegedly submitting fraudulent documentation to two separate lenders for mortgage loans. With the help of a closing agent at a title company, he allegedly pocketed about $430,000 in concealed payments from the purchase proceeds.
A Minnesota man was found innocent of any mortgage fraud and now could sue a state investigator for attempting to intimidate him into confessing a crime he didn't commit.
A bond hearing has been set to determine if a South Florida mortgage broker who fled to Jamaica three years ago should be released on bond. She fled after being charged with organizing a multimillion-dollar mortgage fraud scheme.
A jury trial that included 20 witnesses and 300 exhibits is wrapping it up with deliberations on the guilt or innocence of one man that claims the blame has been shifted on to him, but the fraud was committed by others.
May 19, 2009
A fire rescue captain, a pastor and his wife have been named in a 59-count indictment in South Florida. The trio allegedly acted as straw buyers for drug traffickers and accepted large sums of money made from drug deals as fees for their services.
The parent company of a North Carolina lender entered a settlement agreement with the North Carolina Office of the Commissioner of Banks for violating the Department of Housing and Urban Development's down payment assistance regulations on FHA-insured loans.
A 47-year-old Miami man who admitted to changing data on mortgage loan documents in order to obtain higher commissions has been sentenced to three years in prison.
A title company owner was caught using mortgage payoff proceeds for personal use by the company's underwriter, Stewart Title. The 33-year-old Rhode Island woman is being ordered to pay Stewart more than $1.2 million in restitution.
A 34-year-old Maryland man's guilty plea brings the total to 10 in the Metropolitan Money Store scam case. Losses attributed to the loan officer's role are between $200,000 and $400,000. Just a drop in the bucket of the $35 million mortgage foreclosure rescue scam.
Two sisters have been sentenced in a mortgage fraud scheme that cost taxpayer's $3 million. Meanwhile, a husband and daughter await trial for their alleged roles.
Three men and a woman have been accused of running a multimillion-dollar mortgage fraud scheme involving about 300 homes in one city.
Bipartisan legislation that includes $490 million over the next two years slated for mortgage fraud detection and prosecution was approved yesterday 338-52.
A Texas woman could spend almost two decades in federal prison alongside her sister who was sentenced to 99 years.
Federal agents are charging a Miami Fire Rescue captain with mortgage fraud charges related to cocaine trafficking in South Florida.
May 18, 2009
A new bill awaiting passage in California promises to help investigators quickly and easily retrieve financial documents during investigation of mortgage fraud crimes.
A Maryland man who pleaded guilty to participating in a $4 million mortgage fraud scheme was sentenced to prison even though his lawyers said he is dependent on his family for his care. The 52-year-old was nearly stabbed to death last September.
About 175 people were duped in a flipping scheme that could turn out to be one of the largest mortgage fraud cases in North Carolina. One attorney said it was akin to the Madoff scandal, but with real estate.
A 26-year-old processor and loan officer said she was asked by the company owner to help out a woman who was in danger of losing her home to foreclosure. She is now pleading guilty to mortgage fraud-related charges for doing so.
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