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Week Ending June 1, 2012


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Case Activity


Fannie Defrauded by New York Bank
May 31 -- A New York-based savings bank serving the Chinese community has been indicted along with former executives, loan originators and employees for defrauding the Federal National Mortgage Association.

The scheme involved "hundreds of millions of dollars" in fraudulent loans.

A 184-count indictment includes charges of residential mortgage fraud, securities fraud, grand larceny, conspiracy and falsifying business records.
read story at Mortgage Daily
(subscription required)

Risk of Appraisal Fraud Diminishes
May 31 -- Helped by a big quarter-over-quarter decline in the risk of property valuation fraud, the risk of mortgage fraud fell to the lowest level in nearly three years. California's Central Valley also contributed to the improvement. The close correlation between the risk of fraud and foreclosure rates continued into the latest period.
read story at Mortgage Daily
(subscription required)

Borrower Sentenced to 3 Years in $15 Million Scheme
May 31 -- A federal judge sentenced a former Petaluma, Calif., man to 37 months in prison this week for securing a phony mortgage loan that let him buy a home on Muscat Circle in Petaluma, U.S. Attorney's officials said.
read story at Mortgage Daily


Mortgage Broker Added to List of Defendants in $7 Million PA Case
May 29 -- A Delaware County, Pa., man was charged Thursday with joining a mortgage fraud conspiracy that resulted in losses of more than $600,000.
read story at Mortgage Daily


Real Estate Agent Sentenced in $5.6 Million Fraudulent Refinance
May 29 -- A Tiburon, Calif., real estate salesman who falsified his income for $5.6 million in refinancing loans was sentenced to 18 months in prison Thursday, the Internal Revenue Service said.
read story at Mortgage Daily


2009 Mortgage Fraud Conviction Overturned
May 29 -- The Minnesota Supreme Court has overturned the conviction of a Brooklyn Park loan officer who was sentenced to 10 years in prison for his alleged involvement in a mortgage loan scam.
read story at Mortgage Daily


Mortgage Fraud Ringleader Found Scheme Participants at Church
May 29 -- Angy Tennor was 22, making about $7 an hour working at Blockbuster and living with her parents in Miami in 2005 when her boyfriend came to her with an offer to make some money. A group of investors from her boyfriend's church wanted to buy a home in her name. She wouldn't have to make any payments and her credit score would increase.
read story at Mortgage Daily


Resort Cabins at Center of $6 Million Mortgage Fraud Case
May 29 -- A federal jury this month convicted a Sevierville, Tenn., title attorney and Pigeon Forge cabin developer in a $6 million mortgage fraud scheme.
read story at Mortgage Daily


$14 Million Scheme Nets 4.5 Year Sentence
May 29 -- A former Dublin, Ohio, man who flipped high-end properties in central Ohio and lived the high life with $3.4 million in kickbacks was sentenced today to 4 1/2 years in prison.
read story at Mortgage Daily


Man's Role in Scheme was to Provide Fraudulent Downpayments
May 29 -- NORFOLK, Va. -- A Maryland man pleaded guilty to conspiracy to commit bank fraud in connection with the purchase of real estate on the Eastern Shore.
read story at Mortgage Daily



Date Defendants State Amount of Loans Overview Source
Jun 1 Lance A. Collins AL At least $5,000,000 Sentenced to 5 years prison. Al.com
Jun 1 Joel Martinez, Julio Cesar Esquivel Reyes, Estefana Salazar Olivares, Claudia Salazar Olivares, Martha Elena Gonzalez, Andres M. Esquivel, Evangelina Gardner, Solomon Moses Worden, Edgar Lira, Luis Antonio Maldonado Tovar AZ Multiple properties Indicted. Department of Justice
Jun 1 Jonathan Mendoza Martinez, Jazmin Villalba Martinez, Celia Perez Morales, Jorge Castrejon Pichardo WA $22,396,660 Indicted. Department of Justice
May 31 Richard Cartagena FL $2,000,000 Sentenced to 21 months prison. Department of Justice
May 31 Edna Ledoux Jamieson VA Undisclosed Pleaded guilty. Department of Justice
May 31 Jack R. Coppenger, Jr., Andrew Norman, Jason Herceg, Robert Jason Workman, Kathleen A. Fada-Murray (41 total) OH $36,000,000 Coppenger indicted. Department of Justice
May 31 Juan Carlos Sanchez, Quelyory Rigal, Sandra P. Campo, Osbelia Lazardi, Dayanara Montero, Edward R. Mena, Celeste Mota, David Arboleda FL $39,000,000 Indicted. Department of Justice
May 30 Isaura Guzman CT $9,000,000 Sentenced to 37 months prison. Department of Justice

archived case entries back to 2005

 
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