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Archives June 18, 2006

 


 

Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Sunday, June 25, 2006, 08:56 PM Texas Time


CO Broker Licensing Targets Fraud
Colorado, which has lagged behind most other states on tackling mortgage-related crimes and criminals, has enacted a new set of laws and regulations targeting mortgage fraud.

Gov. Bill Owens has signed a bill into law that for the first time regulates the mortgage industry.

Alaska remains the last frontier for unlicensed originators.

Under the new law, mortgage brokers will have to undergo background checks when applying for a license and post a $25,000 surety bond. Also, anyone convicted of fraud in the previous five years will be denied a license.

read Patrick's full story at MortgageDaily.com
(subscription required)


American Home Unit Settles Fraud Allegations
A subsidiary of American Home Mortgage Investment Corp. has agreed to pay $800,000 to settle civil allegations of fraud brought by the Department of Housing and Urban Development.

Columbia National Inc., which was based in Maryland, agreed to pay the settlement "and to change the way it reviews certain loan transactions for fraud," according to a statement from U.S. Attorney Patrick L. Meehan of Philadelphia.

In 1999, employees at Columbia's office in Bensalem, Pa., were fired for allegedly using phony documents to run a scam to defraud HUD, Meehan said.

Columbia was sold in 2002 for $37 million to Melville, N.Y.-based American Home Mortgage Holdings Inc. Following the acquisition, the name of the company was changed from Columbia to American Home Mortgage Servicing Inc. The alleged fraud occurred before the sale, according to prosecutors and American Home Mortgage Holdings.

read Patrick's full story at MortgageDaily.com
(subscription required)

June 16, 2006


Signature Technology Reduces Fraud
Mitek Systems Inc. claims its new SignProtect signature validation software enables any written signature that is captured in a paper or digital process to be verified without the need for a database.



Former IRS Investigator Indicted
Michael Robert Suverkrubbe, a former IRS investigator of money laundering and fraud, was himself indicted for stealing credit information and money from clients.
read Associated Press story .



False Mortgage Negotiations
Barney John ''B.J.'' Cummins was disbarred by the Florida Supreme Court for negotiating with a mortgage company for a borrower that was not his client, then stealing the settlement money.
read story from the Miami Herald .



Bogus Real Estate Deals
Police are looking for Dennis Gutierrez, who is wanted for allegedly stealing money from people in a real estate scam.
read story from The Atlanta Journal-Constitution .



Realtor Mortgage fraud
Former real estate salesman Jim Pruett was sentenced to more than three years in prison for his role in helping finance 17 borrowers using fraudulent documents.
read story from The Greenwood Commonwealth .



Bank Customer's Funds Used for Gambling
Milton J. Pereira was charged with stealing funds from customers of Hudson Savings Bank -- his employer -- to fund a gambling additiction.
read story from the Boston Globe .



Bad Attorney
Former attorney John Peck Jr., was offered a two-year reduction off his seven-year prison sentence if he'd come up with $500,000 to repay victims he stole from, including $240,000 in home sale proceeds from an 86-year-old widow.
read story from Eyewitness News 3 WFSB .



Seniors Scammed in Reverse Scheme
Police seized boxes and boxes of financial records from the home of a Michigan man suspected of operating a reverse mortgage scheme on seniors form Michigan to California.
read story from The Ann Arbor News .


June 14, 2006


Alabama Foursome Arrested
Darlene Hill, Jocelyn Lucas Easter, Kathy Frye and Antonio Devon Harrison were arrested for operating a Mobile, Ala.-area mortgage fraud scheme.



Senior Scammed in Reverse Scheme
Anthony James was arrested for allegedly stealing nearly $1 million from senior homeowners in a reverse mortgage scam.
read story from 7 Action News WXYZ .



X-Attorney Duped Churches
Disbarred Berwyn attorney Phillip Radmer was charged Tuesday with two felonies just weeks after being exposed for his connection to a scam that duped poor churches out of vacant.
read story from the Chicago Tribune .



Broker's 3 Companies Under Investigation
Mortgage broker Robert Turner, and his three mortgage companies Marquis Mortgage, RKM Investments and 4M Financial Services, is being investigated by the Indiana Secretary of State amid allegations of loan fraud.
read story from 8 WISH TV .



97 Cents for 2 Years in Prison
Wendy Jean-Francois was sentenced Monday to nearly two years in county prison for defrauding a mortgage company into financing a property even though she actually only had 97 cents in her bank account.
read story from the Intelligencer .


June 12, 2006


HUD Sponsoring Fraud Symosium
The U.S. Department of Housing and Urban Development will sponsor a mortgage fraud prevention symposium on June 22 in Savannah, Ga., free to mortgage lenders and other industry professionals.
read story from The Chattanoogan .




Pair Busted for Fake Tax Returns
Mark Louis Evans and Susan Lynn Peterson are accused of submitting fake tax documents to try and obtain a mortgage
read story from WTVM 9 News Leader .



Mortgage Fees Hidden
Altaf Abdulrehman Shaikh is accused of defrauding 15 borrowers out of thousands of dollars by hiding fees in expensive mortgages.
read story from the Register-Pajaronian
.



Attorney Indicted
Attorney Michael D. Kasprenski was indicted for stealing $1.5 million from real estate clients and their heirs -- using some of the ill-gotten funds for a vacation home in Nova Scotia and and boarding for his horse.
read story from The Legal Intelligencer .



Real Estate Agent Going to Jail
Real estate agent William E. Mendez was sentenced to more than four years in prison for arranging more than 100 fraudulent loans for illegal immigrants and other unqualified borrowers.
read story from the Rocky Mountain News .




Charges Issued Against Mortgage Manager
Mortgage Access Center manager Christopher Gallagher is accused of defrauding lenders in $1.5 million scheme.
read story from The Express-Times .



Broker Comes Clean
Mortgage broker James Rucker pleaded guilty to helping seven other co-defendants use phony identities and shell companies to defraud lenders on at least a dozen properties.
read story from the Chicago Tribune .



Title Co. Owner Indicted
Stephanie Corsmeier, owner of American Security Title Co., and employee Stacey Lester were charged with submitting false loan documents to out-of-town mortgage lenders.
read story from the Cincinnati Enquirer .



Mother, Daughter Accused of Stealing Credit Info
Gail Saltus and her daughter Tasha are accused of stealing credit card offers right out of mailboxes to commit credit fraud.
read story from Eyewitness News 3 .



Family Fraud Affair
Mildreada Ruiz Rapa, and her daughter, Malanie Andrews pleaded guilty to committing fraud with son Michael Andrews on seven properties valued at $180,000 to $450,000.
read story from The Oregonian .


 
Patrick Crowley is fraud journalist for MortgageDaily.com and a reporter and columnist for The Cincinnati Enquirer.

Email Patrick at: PatCrowley@FraudBlogger.com
 
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