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June 6, 2008|
New Hampshire Crackin’ the Whip on Mortgage Fraud
A task force has been assembled with the help of the FBI and several state agencies.
Mortgage Fraud Expands Opportunities for Investigative Company
Ethos Investigative Services,Inc. investigates claims for financial institutions and PMI companies.
Austin, Texas House Flipping Ring to be Sentenced
Eleven of the 16 people charged with mortgage fraud are set to be sentenced after being found guilty of wire fraud, money laundering and falsifying information on loan documents. The ring was part of a company called Billionaires Boys Club Investments Inc. founded by Cornelius Robinson, who then recruited his wife and former real estate agent Silvia Seelig, Austin lawyer George H. Watson, former Wells Fargo banker Doris Ann Hill and Robinson’s uncle and friends to fraudulently buy 25 properties.
Robinson has been convicted of five counts of wire fraud, seven counts of money laundering and nine counts of making false statements on loans. He is set to be sentenced on June 20.
Read story at My SanAntonio
Brooklyn Foreclosure Rescue Company a Sham
Maurice McDowall, 49,owner of Lost and Found Recovery, pleaded guilty to federal conspiracy charges that cost banks millions and people their homes. Aleksander Lipkin, 29, a mortgage broker also pleaded guilty. The company wrote 80 loans for a total of $20 million and earned $1.4 million in fees. McDowall faces 6 to 8 years in prison and Lipkin up to 10 years and the repossession ofhis 2007 Bentley sedan.
Read story at NewsDay
Arson Investigation Reveals Mortgage Fraud
Carlyle Ebanks, 53, and Mavis Samuel, 40, have been charged with grand larceny and insurance fraud, so far. Prosecutors say the pair stole identities, used straw buyers and staged sales to sell a building in Brooklyn that later was set on fire.
Read story at The New York Times
June 5, 2008
Montana Bookkeeper Pleads Not Guilty to Bank Fraud
Angela Hakala is accused of giving false statements to a First Citizen’s Bank accountant to hide the use of $525,000. She is being charged with one count of bank fraud and two counts of wire fraud.
Read story at HelenaIR
Philanthropist Pleads Guilty to Mortgage Fraud
Andrew N. Yao, a wealthy and seemingly generous businessman pleaded guilty to 10 counts of money laundering and fraud. In a scheme that involved over $40 million in loans on a jet, vacation home and student loan company, Yao defrauded Wilmington Trust of Pennsylvania, U.S. Bancorp and First Union National Bank (now Wachovia).
Read story at The Denver Post
Husband and Wife Plead Guilty to ID Theft and Mortgage Fraud in Missouri
Tyrone and Stephanie Davis used stolen identities to obtain mortgage loans on several residential properties totaling $184,000.
Read story at Missourinet
9 Accused of Identity Theft and Mortgage Fraud in Texas
About 40 houses with a total value of $1.5 to $2 million have been used in a mortgage fraud scheme by nine individuals that were stealing the identities of dead people and stripping the equity from homes in danger of foreclosure.
Read story at The Houston Chronicle
Massachusetts Real Estate Investor Charged with Fraud
Richard E. Doherty, 63, has been accused of falsifying information in order to receive mortgage loans on multiple properties in Massachusetts. Doherty also inflated the value of real estate he owned.
Read story at Mass Live.com
June 4, 2008
Florida Businessman and Texas Appraiser Plead Guilty to Mortgage Fraud
Michael Guy Cary, Sr., 53, of Hollywood, Florida pleaded guilty to once count of money laundering and one count to conspiracy to commit wire fraud. His partner in crime, appraiser Richard Kirkpatrick, 53, of Fort Worth, Texas, pleaded guilty to one count of conspiracy to commit wire fraud.
If convicted, Cary faces up to 40 years in prison and a $750,000 in fines. Kirkpatrick faces up to five years and a $250,000 fine. Both men will also be required to pay restitution to their victims.
Another Charged in Milford Hills, Georgia Fraud Scheme
Jimmy Bernard Bruno, 34, has been charged with defrauding lenders and homeowners in a $7 million scheme. Bruno is an alleged straw-buyer and one of about 24 people, including Brian Dupree charged in the scheme that involved about 100 properties.
Read story at Online Athens
Mastermind Pleads Guilty in Million-dollar Mortgage Scam
Maurice Bethea, 40, of Newark said he just buys homes and fixes them up to sell for a profit but decided to plead guilty to mail fraud after using straw buyers and inflating appraisals to get loans on those homes. Bethea is scheduled to be sentenced Sept. 18.
Read story at Everything Jersey
June 3, 2008
Appraiser Admits Guilt in $25 Million Mortgage Fraud Scheme
Lanny Ross pleaded guilty for his role in manipulating homebuyers, appraisals and submitting fraudulent mortgage loans. Others who have pleaded guilty in this case include Judy Brumble, Steve Middleton, Angela Parenza and Elizabeth Hessel. F. Jeffrey Miller, Todd Earnshaw, Brian Rouse and James Moser are still awaiting trial.
St. Joseph Financial Employee Pleads Guilty to $7 Million Scam
Johnny Phong Nguyen pleaded guilty to one count of mail fraud and one count of money laundering in a scheme that involved 14 real estate transactions in Minnesota. His cousin Joseph Huebl pleaded guilty last March for a separate mortgage fraud scheme. If convicted, Nguyen faces up to 30 years in prison.
Las Vegas “Ground Zero” for Mortgage Fraud
Decreased home values drew investors to Las Vegas like “gamblers to a craps table,” and the fraud is outrageous. Of the $4 billion in mortgage fraud nationwide, as reported by MortgageDaily.com, Nevada is seeing more than its fair share.
Read story at USA Today
June 2, 2008
Businessman Charged on Three Counts of Fraud, both Residential and Commercial
Michael J. Armitage, of Pittsfield, Mass. and Fort Myers, Fla. is charged with submitting false documentation to United Bank in West Springfield, Mass. in order to get loans for his company and residential home. If convicted, he faces up to 30 years in prison with a three-year supervised release and a $1 million fine.
Three Accused of Committing Mortgage Fraud Using Drug Money
Shawn E. Pass, 32; Thomas A. Mundell, 29; and Joy J. Freeman, 31, have been charged with conspiracy to sell illegal drugs and laundering drug money and lying on mortgage loan applications. If convicted, the trio could spend five to 40 years in prison.
Vacant Useless Lots Sold to Unwitting Investors, Two Face 30 Years
Michael Yeomans, 56, of North Carolina pleaded guilty to one count of mortgage fraud after scamming at least a dozen people out of $124 million. If convicted, he faces up to 30 years in federal prison and a $1 million fine. A co-defendant named in the scheme, Neil O’Rourke, also of North Carolina is an attorney.
Read story at Bradenton Herald
Milwaukee Gas Station Owner Indicted for Mortgage Fraud
Chaudhry Asif Rana, 38, is accused of fraud in connections with a home sale. Countrywide lost $70,000 to a fraudulently obtained mortgage and line of credit. If convicted, Rana faces up to 20 years and a $250,000 fine.
Read story at Miwaukee Journal Sentinel
Man Accused of Mortgage Fraud in Contract Battle for 93-year-old Woman’s Business
John Gilbert Mendoza was charged with conspiracy to commit mail fraud, wire fraud and making false statements on loan applications. He recently filed a lawsuit against a woman, claiming she sold him her business. She said she’s never met the man.
Read story at Honolulu Advertiser
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