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Fraud News Wire

Last Updated Thursday, May 31, 2007, 04:49 PM Texas Time

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


read archived blog entries

  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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