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Mortgage Fraud Archives

Week Ending June 10, 2011

Mortgage Fraud News

Case Activity

Feds Close In on $10 Million Memphis Scheme
June 10 -- Federal authorities are breaking up an alleged fraudulent ring in Memphis, Tenn., involving a real estate investor and appraiser. Properties that were bought at rock-bottom prices were allegedly appraised at much higher values and stripped of equity through cashout refinances funded by Taylor Bean and Whitaker Mortgage.

A federal judge this week ordered U.S. marshals to seize from three bank accounts more than $146,000 gained through a Midtown real estate scheme that a federal prosecutor described as fraudulent.

Asst. U.S. Atty. Christopher E. Cotten filed an affidavit in U.S. Dist. Judge Thomas Henderson's court spelling out the government's case for the civil action.
read full story at MortgageDaily.com

Conference Addresses Emerging Fraud
June 10 -- As mortgage lenders have become more prudent about identifying signs of mortgage fraud, criminals have become more innovative in finding new ways to deceive them. A conference this week highlighted emerging schemes -- including short-sale fraud and closing agents who are absconding with lender funds.
read full story at MortgageDaily.com
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Former Police Commissioner Sentenced to 5 Years
June 9 -- A real estate appraiser, who was also a former police commissioner, has been sentenced to prison in a case involving $10 million in fraudulent mortgages.
read full story at MortgageDaily.com
FDIC Sues Mortgage Broker
June 7 -- A California mortgage broker that allegedly submitted $2.4 million in fraudulent loans to Downey Savings and Loan Association, F.A., before it failed has been sued by the Federal Deposit Insurance Corp. While the broker operated as a corporation, the FDIC hopes to break the corporate veil and go directly after the owner.
read full story at MortgageDaily.com
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CoreLogic Hosts Mortgage Fraud Consortium Members Meeting June 7-9 in Atlanta
June 7 -- CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today announced the commencement of its CoreLogic Mortgage Fraud Consortium members' meeting today through June 9 in Atlanta, Georgia.
read full press release at MortgageDaily.com
Judge Goes Overboard in Sentencing
June 7 -- A Minnesota appeals court has ruled that a judge who handed down a worse sentence than sought by prosecutors went too far with a 10-year sentence in a $3.2 million mortgage fraud case.
read full story at MortgageDaily.com
Former Police Commissioner Asks for Reduced Sentence
June 6 -- A real estate appraiser who was also a former police commissioner is asking for less time in prison based on his contributions to his community and country. At least $3 million in losses were incured on government-insured mortgages as a result of the alleged fraud.
read full story at MortgageDaily.com
Lenders Growing Concerned About Quick Flips
June 6 -- Investors who secure a short-sale approval from a lender sometimes have buyers lined up for the property before they ever take title. But these type of transactions have some lenders worried.
read full story at MortgageDaily.com
Credit Union LO Indicted
June 6 -- Two mortgage brokers and an appraiser are accused of conspiring with a credit union loan originator to process more than $3 million in fraudulent mortgages.
read full story at MortgageDaily.com
Date Defendants State Amount of Loans Overview Source
Jun 10 Victoria Sprouse NC $15,000,000 Judge orders new trial. CharlotteObserver.com
Jun 10 Matthew Tucker MO $2,700,000 Sentenced to 5 years. Department of Justice
Jun 10 Jimmy Leslie, Alan Price, Michael Pinkney, Larry C. Jones TN Approximately $2,100,000 Accused, but no charges filed yet. MortgageDaily.com
Jun 9 Douglas Brandewie MI $10,000,000 Indicted. Department of Justice
Jun 9 Jennifer Venable, Nicolas Cooper, Jeremy Richardson, Andrew Paul Shute, Tyler Jacob Marsten OR $35,000,000 Sentences: Venable 5 years probation and $15,000 restitution; Cooper 5 years probation and $102,058 restitution; Richardson 37 months; Shute 5 years probation and $61,332; Marsten 5 years probation and $39,549 restitution. Department of Justice
Jun 9 Dorothy Rodriguez, Bryan A. Pool, Annita Hawes FL $630,000 Guilty pleas from Rodriguez and Hawes. Pool pleaded Not Guilty. Department of Justice
Jun 9 Rich Bobka (14 total) FL $47,000,000 Indicted. Heraldtribune.com
Jun 9 Melvin Hullett, Antonio Lewis GA $27,768.53 in restitution Sentences: Hullett 6 months plus 66 months probation; Lewis 5 years probation. Department of Law
Jun 9 Travis Soule MN $200,000 Indicted. Sunjournal.com
Jun 9 Mark Calhoun, J. Larry Kennedy, Keith Kennedy MS $10,000,000 Sentences: Calhoun 16 years 8 months; J. Kennedy 5 years; Keith Kennedy 6 years. Department of Justice
Jun 8 Willie Jones Jr., April Calhoun MS $10,000,000 Sentences: Jones 3 years; Calhoun 6 months house arrest. Timesunion.com
Jun 8 Anthony O. Buford, Jolie O. Neal OH $2,780,000 Judge accepts guilty plea. Bizjournals.com
Jun 7 Thomas Gallagher CT $4,000,000 Sentenced to 60 months prison, 3 years supervised release. Department of Justice
Jun 7 Cheddi Goberdhan NY $23,000,000 Sentenced to 5 years prison, 3 years supervised release, and $4,698,500 in restitution. Department of Justice
Jun 7 Marlon Terrell Pratt MN $3,200,000 Appeals court rules in favor of re-sentencing. MortgageDaily.com
Jun 6 Gayle Tracy, Brent Bickhaus, Richard Simmons, Lorenzo Crooks, Frances McCormick, Catherine Denwood, Mark Schwarzbach IL Multiple properties Arraignments. Suntimes.com

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