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Mortgage Industry
Fraud
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Fraud
News Wire
| Last Updated |
Thursday, May 31, 2007, |
04:49 PM |
Texas Time |
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May 31, 2007
Americorp
Co-founder to Admit Fraud
Richard A. Maize involved in $18.5M mortgage
scam.
May 30, 2007
GA
Fraud Continues Decreasing
Georgia leads in improving fraud rank.
NC Seeks
Ban on Mortgage Co. Owners
The North Carolina attorney general is accusing
the owners of Hall Financial Service of engaging
in mortgage fraud and wants to permanently ban
them from the mortgage business.
read story from WCNC
Jury Indicts
Alleged Fraud Ring
A federal grand jury indicted a dozen people
for allegedly using phony incomes, provided
by Lutrell Maurice Sharpe, Social Security numbers,
bank accounts and assets to get loans for expensive
homes in California, Nevada and Arizona.
read story from the Union-Tribune
Nonperforming
Loans Mask Fraud
Mortgage fraud complaints than doubled from
2003 to 2006, but there could be more fraud
hidden in loans that stop being repaid but are
not considered fraudulent until a victim steps
forward to reveal such.
read story from BankNet 360
Unmasking
CA Fraud
Nearly 37 percent of reports alleging suspicious
mortgage activity last year were filed by lenders
operating in California, up from 34 percent
a year earlier, and there's a chance of further
growth as the housing market cools and helps
reveal more suspicious activity.
read story from The Californian
Mortgage
Exec to Admit Fraud
Richard A. Maize, a co-founder of mortgage banker
Americorp Funding and ex-president of Prism/RBC,
has agreed to plead guilty to charges involving
fraudulent mortgage flipping through inflated
appraisals on expensive homes.
read story from The American Chronicle
RE Investor
Awaits Sentencing
Darlene Hill is scheduled to be sentenced in
September after admitting to charges relating
to submitting bogus mortgage applications that
investigators say bilked lenders out of $9 million.
read story from the Press-Register
Online Mortgage
Docs Unavailable
The Franklin County recorder's office removed
links to online mortgage documents due to concern
that some had Social Security numbers identity
thieves could obtain.
read story from WFMJ
2 Women Await
Fraud Trial
False job, income and bank accounts on mortgage
applications were allegedly some of the unfair
and deceptive tactics Roberta Robinson and Rachel
Noyes used to deceive low-income consumers into
unaffordable loans, but while both await trial
on such charges, one has already set up another
real estate business.
read story from USA Today
Broker Faces
De-Licensing
California regulators are seeking to bar mortgage
broker Hendrix Montecastro from the industry,
accusing him and his company, Stonewood Consulting
Inc., of inflating appraisals in order to pocket
big commissions.
read story from The Californian
Fraudster
Remains Unconscious
After nearly three weeks since being hit by
a car, real estate investor Steven Green remains
in a coma and his attorney has requested an
extension for the date Green is due in prison
for charges involving the use of a false Social
Security number on a $9 million mortgage application
for an apartment complex.
read story from The Tampa Tribune
May 29, 2007
Robbing the
Grave
Attorneys in two states have been accused of
taking advantage of deceased people -- including
the father of one of the lawyers. Meanwhile,
another attorney was busted for running a mortgage
fraud scheme using private information he obtained
while working for the government.
read story from MortgageDaily.com
May 25, 2007
Man
Sentenced for Mortgage Investment Scam
Jeffrey Tyler Wine gets 5 years in prison.
Man Charged
in $4.5M Scam
James S. Taylor, who either controlled or was
associated with Dingo Trading Ltd., Amerimax
Realty Inc., JJ Real Estate Investments Inc.
and AJG Construction, was charged with preparing
loan applications using false information involving
employment, income and intent of property use.
read story from the Rocky Mountain News
Title Co.
Owner Guilty of Fraud
A jury found Stephanie Corsmeier, who operated
American Security Title Co., guilty of arranging
fraudulent loan applications with out-of-town
lenders.
read story fromThe Enquirer
Mortgage
Co. Owners Held on Fruad
Husband and wife and owners of Hiddenbrooke
Mortgage, Amy Schloemann and Karim Akil, and
three others are being accused of engaging in
a mortgage fraud scam that used false documentation,
bank accounts, forged documents, and stolen
identities of real estate brokers, among other
things.
read story from the San Francisco Chronicle
Ex-Title
Co. Owners Admit Fraud
Matthew Kupic and Francis Thomas Disonell admitted
they arranged numerous mortgages through fraudulent
loan applications and settlement statements
through their former businesses Team Title Abstractors
and Real Estate Consultants.
read story from Empire State News
CA Brokers
Disapprove Scheme
California Association of Mortgage Brokers is
condemning Jim Martin and his partners Mario
Fellini and Gabe Varimones, who are accused
of duping investors into buying more than 20
homes through fraudulent loans of which many
face foreclosure.
read story from My 58
3 Admit Mortgage
Fraud Conspiracy
Guilty pleas for conspiracy to commit mortgage
fraud were entered by James E. Coleman, a certified
public accountant who provided fraudulent letters
attesting creditworthiness, James R. Rhoades,
who obtained fraudulent documents for loans
and Jeremy A. Plagman, who provided a false
appraisal.
read story from AHN
Broker Indicted
for Fraud
Maximum Mortgage owner Justin Stuckey was indicted
on charges related to filing fraudulent loan
applications for investors buying rental properties
and faces a lawsuit accusing him of being involved
in $5.5 million mortgages that resulted in close
to 150 foreclosures.
read story from Fox 28
May 24, 2007
NY
Sues for Flipping, Ponzi Scheme
East Coast Capital’s Ponzi scheme netted
over $2 million while blighting Buffalo neighborhoods.
AZ Hires
Help for Overwhelming Fraud
Due to mortgage fraud complaints outnumbering
investigative staff, Arizona's lending regulator
has three hired three firms to help with mortgage
fraud cases and awarded 19 contracts to companies
that will be assigned cases as necessary.
read story from the East Valley Tribune
Officer Accused
of Mortgage Fraud
Leon K. Lewis, a long-time corrections officer,
was arrested for allegedly forging the signature
of his dead uncle to take out a mortgage on
the uncle's home.
read story from the Miami Herald |
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Patrick
Crowley is fraud journalist for MortgageDaily.com
and a reporter and columnist
for The Cincinnati Enquirer.
Email Patrick at: PatCrowl
ey@FraudBlogger.com |
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