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News, analysis and statistics about mortgage fraud.

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Last Updated Friday, May 29, 2009 10:00 PM Texas Time

Mortgage Fraud News

Case Activity

June 17, 2009

First American Acquires Mortgage Fraud Firm
First American CoreLogic announced today the acquisition of BasePoint Analytics LLC -- a firm that specializes in mortgage fraud prevention.
read full story at

Gov Report Gives Safe Harbor on Info Sharing
The Financial Crimes Enforcement Network said financial institutions will be shield from civil liability under the Patriort Act if they share information with each other about crimes such as mortgage fraud.
read full Dow Jones story

June 16, 2009

Interthinx Appeals to Treasury Secretary
Interthinx outlined key mortgage fraud issues facing the industry in a letter to U.S. Treasury Secretary Timothy Geither and others on Capitol Hill.
read press release

June 15, 2009

Delaware Forms Fraud Task Force
Delaware's attorney general's office forme a mortgage fraud task force.
read story at The News Journal

Texas AG Discusses Mortgage Fraud
Texas Attorney General Greg Abbott talked about the growing problem of mortgage fraud. He hosted a recent conference that enabled participants, including government agents, the private sector and other organizations -- shared information on attacking mortgage fraud.
read full story at KERA

June 11, 2009

Busines at Fraud Investigator Soars
Management Resources LTD of New York reported that the 300 fraud investigations it has conducted during the past 12 months is a 100 percent from 2007.

The Monroe, N.Y.-based civil and criminal investigative firm said it reviews data on income, assets and liabilities. It also reviews onsite property inspections
read full announcement

June 9, 2009

$37 Million Thrown at Fraud Problem
The secretaru of the U.S. Department of Housing and Urban Development told attendees at the National Fair Housing Alliance Conference that the fiscal 2010 budget requests $37 million for an agency-wide initiative to combat mortgage fraud and predatory lending.
read full speech at

June 8, 2009

Texas AG Holds Fraud Conference
The Texas Attorney General's office is holding a Mortgage Fraud Summit on June 15 at the University of Texas.
read full story at Austin Business Journal

Modesto Mortgage Fraud Team Assembled
The FBI, IRS and Secret Service have joined with local law enforcement officials in Modesto, Calif., to fight fraud in the San Joaquin Valley. In Stanislaus County, 40 mortgage fraud cases are open at any given time.
read story at Modesto Bee

June 5, 2009

Broker Busted in Murder-for-Hire
While cooperating with federal prosecutors after pleading guilty to a multimillion-dollar mortgage fraud scheme, Mahn Huu "Bruce" Doan, a South Philadelphia mortgage broker, allegedly tried to hire an undercover witness to murder attorney Anthony Quinn, kill a plaintiff in a lawsuit against him and maim another witness.
read full story at Philadelphia Inquirer

Francisco Mortgage Fraud Unit Shrinking
Delaware's attorney general announced the formation of a new Mortgage Fraud Task Force.
read story at the Denver Post

June 3, 2009

San Francisco Mortgage Fraud Unit Shrinking
The number of investigators in San Francisco's police department has dropped to eight from 19 in 1990.
read article at San Francisco Chronicle

June 1, 2009

Task Force to Combat Fraud in Nation's Fruit Basket
A task force established to combat growing mortgage fraud in California's San Joaquin Valley includes the U.S. Department of Housing and Urban Development as well as the FBI, IRS and Secret Service.
read story at Fresno Bee

Date Defendants State Amount Overview News
June 19 Keith A. Rice, Robert L. Dodsworth, Frank Kartesz II, Gregory M. Finney, Francis R. Conti PA victims defrauded out of more than
Former employees of Regal Financial Services, also known as Easy Mortgage sentenced to 13 months. Erie Times-News
June 19 Harold Stafford TN $2,000,000 8-year sentence. WSMV
June 19 Larry Nardelli, Neil Mohammad Husani, John Yanchek, Michael Tringali FL six counts Sentencing delayed until Aug. 10. Herald Tribune

Herald Tribune

June 18 Gerald Williams, Judith Williams NE fines up to
Defendants indicted. KETV
June 17 Mahn Huu Doan PA restitution of
12-year sentence for mortgage broker on government loans. The Associated Press
June 17 Crystal Spreng PA n.a. Charged by U.S. Attorney's office. Worked for Citizens Bank. Tribune-Review

Pittsburgh Post-Gazette

June 17 Daniel Hoey PA n.a. Charged by U.S. Attorney's office. Tribune-Review

Pittsburgh Post-Gazette

June 17 Robert J. McCully III PA n.a. Charged by U.S. Attorney's office. First Franklin Financial burned. Tribune-Review

Pittsburgh Post-Gazette

June 17 Robert Arakelian PA n.a. Operator of Pittsburgh Home Loans Inc. charged by U.S. Attorney's office. Tribune-Review

Pittsburgh Post-Gazette

June 17 Isaiah Magalei, Zach Magalei CO 100 homes involved Second of two brothers -- both high school football stars -- arrested. KUSA*TV

9 News

Denver Post

June 17 Thomas Prusik-Parkin, Mhilton Rimolo NY $1,200,000 Son impersonated dead mother and charged on multiple counts including conspiracy charges linked to a deed and mortgage fraud scheme. Daily News
June 16 Pak Chang Lui, Pak Tim Lui, Pak Hor Lui, Pak Yang Lui OH n.a. Sellers created a sham second mortgage scheme that duped lenders into thinking home buyers had a down payment. WCPN
June 15 Jose G. Martin, Raphael Piedra, Jose D. Martinez, Samuel Morejon FL defendant earned
65-month sentence. The Miami Herald
June 15 Keith A. Rice, Robert L. Dodsworth, Frank Kartesz II, Gregory M. Finney PA losses of
Ailing defendant, who is former employee of Regal Financial Services, is asking for less prison time than co-defendants. Erue Times News
June 15 Hubbard Blackshear TX personal profit of
20-year sentence in casei nvolving multiple defendants. Katy Times

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