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Archives May 28, 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 25, 2006


Husband, Wife Arrested
Douglas A. Benit, who along with his wife Mary Ann was arrested for defrauding public schools, is also charged with defrauding First One Lending and New Century Mortgage on an $893,750 mortgage.



Escaped Fraud Convict Assaults Arresters
A Georgia man has been sentenced for committing mortgage fraud after escaping from the prison where he was serving a mortgage fraud sentence.
read story from MortgageDaily.com
(subscription required)



Backend Mortgage Fraud
Panelists at a recent real estate finance fraud conference talked about a new kind of mortgage fraud.
read story from MortgageDaily.com
(subscription required)



Foreclosure Help?
AZP Homeowners Services of Frederick is accused of deceiving a borrower out of her home title.
read story from WBAL TV 11 .



4 Plead Not Guilty
Alaa "Alex" Ramadan, James Gibbons, Rebecca Teece and Teri Hansen all pleaded innocent to charges of mortgage fraud in a case possibly connected to al-Qaida terrorists.
read story from the Deseret Morning News .



Widows Saved from Foreclosure
A restraining order has been obtained against Bay Capital Corp.; Robert Pukall; Stewart D. Sachs; Heavy Weight Title Inc.; and two limited-liability corporations, 8966 Chapel LLC and 3562 Lowlen, LLC, to stop foreclosure against two widows deceived into signing over their titles.
read story from the Baltimore Sun .


May 23, 2006


Guilty Plea In $1 Million Scheme
Jerome Womack pleaded guilty for his role in a mortgage flipping scheme that netted more than $1 million.
read story from the Pittsburgh Post-Gazette .



Michael Jackson Friend Caught Up in Scam
Shanielle Gardner, a mortgage brokerage employee, is accused of swindling a severely-burned man who is friends with former pop icon Michael Jackson out of his home.
read Associated Press story .



Bankrupt Firm Used Fraud
Loan Giant reportedly has admitted to engaging in nearly a dozen types of illegal or improper lending practices, including providing false data on loan applications and transmitting improper payoff information.
read story from The Detroit News .



Peek Into Life of Fraud King, Queen
Matthew Cox "manipulated and utterly controlled" Rebecca Hauck as the two crossed the country in a massive mortgage fraud spree, according to her attorney.
read story from the St Petersburg Times .



2 Sentence in $67 Million Scheme
Terry Singh Mughar and Jason Madow were sentenced to prison for committing mortgage fraud in order to get hotels financed.
read Associated Press story .



Oregon Mortgage Complaints Surge
Complaints to the Oregon Division of Finance and Corporate Securities and the Oregon Department of Justice about mortgage companies that ask borrowers to lie on applications surged in 2005.
read Associated Press story .



Undercover Agent, Informant Fool Scammer
Dariusz "Derek" Przybylek didn't know he was meeting with a government informant and an undercover Secret Service agent when he pitched his lucrative mortgage ripoff scheme.
read story from the Chicago Sun-Times .


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 .

 
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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