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Mortgage Fraud Archives

Week Ending June 25, 2010

Mortgage Fraud News

Case Activity

June 18, 2010

86 South Florida Defendants Charged
Since March 1, federal charges have been filed against 86 people in South Florida for mortgage fraud.
read full story at Miami Herald

The $2 Billion Mortgage Fraud Sting
More than a thousand defendants who helped close more than $2 billion in fraudulent mortgages have been charged as part of a federal crackdown. Among the defendants were many who are mortgage brokers.
read full story at MortgageDaily.com
June 17, 2010

DOJ in NC Creates Task Force
A mortgage fraud task forces has been created by the U.S. Attorney’s Office for the Eastern District of North Carolina.
read article at Triangle Business Journal

FBI Opposes HUD Rule
In its annual mortgage fraud report, the FBI said that it opposes HUD's waiver of the FHA 90-day property flip rule because illegal schemes usually happen within a 90-day period.
read full story at MortgageDaily.com

1,215 Charged with Mortgage Fraud
Operation Stolen Dreams has netted 1,215 defendants of which 485 have been arrested since March 1. Mortgage lenders had losses of more than $2.3 billion from the related cases, while $147 million has been recovered and 191 civil cases have been filed.
read full announcement at Justice.gov


25 Defendants Charged in Eastern Michigan
Between March 1 and June 17, 25 individual have been charged with mortgage fraud, 10 have pleaded guilty and 11 have been sentenced. The actions are the result of Operation Stolen Dreams.
read full announcement at FBI.gov

Mortgage Fraud Rose and Getting Worse
An annual report from the government indicates mortgage fraud continued to increase last year, is even worse this year and is expected to deteriorate further. Areas of rising concern are schemes tied to reverse mortgages, commercial mortgages and distressed mortgages.
read full story at MortgageDaily.com
June 8, 2010

Valuation Fraud a Growing Problem
A spike in the risk of appraisal fraud has pushed the overall risk of mortgage fraud higher, according to the latest quarterly index. Five states were identified as potential problem spots for mortgage lenders. Chances that a borrower is lying about occupying a property, however, have declined.
read full story at MortgageDaily.com
May 28, 2010

The Rise and Fall of Mortgage Fraud
During the middle part of the decade, the real estate market was on fire. As soon as an agent had a property listed -- multiple offers came in, ultimately leading to a quick sale above the listing price. This lasted for about four to five years, when unfortunately it all came crashing down.
read full story
May 27, 2010


Miami-Dade Fraud Unit Launched
Miami-Dade State Attorney Katherine Fernandez Rundle announced the launch of a mortgage fraud unit to fight mortgage related crimes.
read announcement at MiamiSao.com
May 4, 2010


Fraud Initiative Yields $350 Million in Mortgage Fraud Convictions
The U.S. Attorney’s Office Mortgage Fraud Strike Force has prosecuted more than 300 mortgage fraud defendants in cases involving around $350 million in fraudulent loans.
read announcement from U.S. Department of Justice
May 3, 2010


MASS. Senate Passes Mortgage Fraud Bill
A bill that would make mortgage fraud a crime has made it through the Massachusetts Senate
read full story at 95.9 WATC-FM
April 29, 2010


HUD OIG Creates New Region to Address Growing Fraud
CHICAGO -- Mortgage fraud in the Midwest has gotten so bad that the U.S. Department of Housing and Urban Development's watchdog had to break up the region.
read full story at MortgageDaily.com
April 26, 2010


Appraisal Fraud Leaps
Lenders have made significant headway reducing fraudulent deposit and employment verifications, but appraisal fraud is way up. One-quarter of all mortgage fraud activity occurred in just three metropolitan areas.
read full story from MortgageDaily.com


Mortgage Fraud Rises 7% in 2009
LexisNexis Mortgage Asset Research Institute reported that the rate of increase for mortgage fraud reports fell to 7 percent last year from 2008's 26 percent.
read full story from the Associated Press

Date Defendants State Amount Overview Source
June 25 Ultha Danielle Accime FL losses of $1,200,000 Indictment filed. Victims included Bank of America and JP Morgan Chase Bank, N.A. Justice.gov
June 24 Scott M. Gaib, Erica S. Gaib, Wayne Gaib OH $1,300,000 Indictment. Justice.gov
June 24 Christy Yamanaka FL $37,000 Guilty plea. The Tampa Tribune
June 24 Ryan K. Blankenship OH $120,000 Guilty plea. Victims include National City Bank, MortgageIT, First Magnus. The Columbus Dispatch
June 23 Warren Clifton Pierce MS $1,600,000 60-month sentence. IRS.gov
June 23 John L. Chaffo Jr. PA $9,000,000 Trial in process. PITTSBURGH TRIBUNE-REVIEW
June 22 Manuel Ruiz Quiroz FL $400,000 Conviction. Justice.gov
June 22 Ronald Harris Jr., Sterling Bruce, Sabir Muhammad,K NJ $10,000,000 Charges, arrests. Justice.gov
June 22 SYED A. BABAR aka “Ali” and “Asad,” THOMAS E. GALLAGHER, MORRIS I. OLMER, DAVID AVIGDOR, NATHAN M. RUSSO, RAB NAWAZ CT $10,000,000 Indictments. HUD among victims. FBI.gov
June 22 Andrew McCullough PA multi transactions 15-month sentence. FBI.gov
June 22 WILLIAM DEVAUGHN ORANDER III NC multiple transactions Guilty plea. Justice.gov
June 22 Paul Bosnyak, Brian Chili, Erling Hall, Jeremy Hatlee, Trinity Ruffino, Mark Wallen, Erich Heckler FL $4,000,000 Bosnyak, Chili, Hall, Hatlee, Ruffino, and Heckler to enter guilty pleas. (read copy of Mark Wallen's expunction) news-press.com
June 21 Frank J. Dattilo, Michael Giello, Jason Megow PA restitutio nof up to $2,000,000 Guilty plea by Dattilo. FBI.gov
June 21 Stephen M. Gunther VA $978,500 20-month sentence. FBI.gov
June 21 Troy Bossert, Tyler Forrey, Ryan O'Brien, Stephen Petrovich, Steven Reese, James O’Brien, Sang Min a/k/a “Sonny” Kim FL $4,200,000 18-month sentence for Reece. News-Press.com
June 19 Bradley Tubin, Phet Loi Naovarath, Oudum Somee, Curtis Briley Jr. NV $8,000,000 Not guilty pleas. LAS VEGAS REVIEW-JOURNAL

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