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Mortgage Fraud Archives

Week Ending July 1, 2011

Mortgage Fraud News

Case Activity

Over $2 Million in Loans on Same House Lands Borrower in Jail
June 30 -- In 2005, a Connecticut borrower closed on a $1.1 million mortgage secured by his residence. Less than two hours later, he closed on a$1.2 million loan secured by the same property. A prison sentence handed down by a federal judge now has the borrower in jail until he is 75-years-old.

The Manchester, Conn., man was sentenced in federal court Wednesday to three years in prison for bank fraud and money laundering after admitting he applied for and obtained two bank loans of more than $1 million by using the same property -- his former residence in Somers -- as collateral in both cases.

Sabir Moghul, 72, was accused of committing the fraud in 2005 and using about half a million dollars of the loans to buy a medical office building in Hamden. He later lost the office to foreclosure and it has been sold, federal prosecutors said.
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Foreclosure Rescue Schemes Frequently Fraught with Fraud
June 30 -- In addition to charging huge up-front fees while offering little or nothing in return -- operators of foreclosure rescue schemes often bleed every bit of equity they can from the homes of distressed borrowers by using mortgage fraud.
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Nearly $10 Billion in Q1 Mortgage Fraud Reports
June 28 -- The dollar volume of reported mortgage fraud activity has spiked this year, as have the volume of filings. But much of the activity was tied to crimes that were committed more than three years ago. Repurchases played a big roll in the latest findings.
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Employees at Citigroup Unit Indicted
June 28 -- Nine former employees of a Citigroup Inc. subprime wholesale lending subsidiary -- including underwriters, account managers and supervisors -- are accused of colluding with appraisers, borrowers and mortgage brokers to fraudulently fund a hundred Ohio mortgages. The indictments are part of the biggest mortgage fraud case in U.S. history.
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AZ Escrow Officer Part of Dallas Fraud Scheme
June 27 -- An escrow officer for American Title Insurance was among five people indicted in scheme involving $8.8 million in mortgages on Dallas properties.
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Date Defendants State Amount of Loans Overview Source
Jul 1 Michele Marie Mitchell, Jeremy West Pratt AZ $17,000,000 Indicted. Department of Justice
Jul 1 Heyward Kelly McKnight, Jr. GA $250,000 in restitution Sentenced to 15 months. Department of Justice
Jun 30 Kevin Lee Grady Sr., Lisa Lynn Walters, Jimmy Ladell Collins, Carlus Demond Bridgeforth MI Multiple properties Indictments. Department of Justice
Jun 30 Jason Heath Morrison, Marcus Jacob Rosenberger TX Combined $346,343 in restitution and assessments Sentences: Morrison 84 months; Rosenberger 33 months. Department of Justice
Jun 30 Sabir Moghul CT $3,000,000 Sentenced to 3 years prison. WaMu and Lehman Brothers Bank victim lenders.
Jun 29 Paul Bergrin, Alejandro Barra-Castro (7 total) NJ Multiple properties Not guilty pleas from Bergrin and Barra-Castro.
Jun 29 Laney Earl Allen, Samuel Cowles SC $2,160,650 Guilty pleas.
Jun 29 Kenneth McGavitt PA $3,000,000 Convicted.
Jun 28 Kenneth Egri, Dean Huffman NC $5,400,000 Indictments.
Jun 28 Glenna Tyler (part of Wax House) NC $1,400,000 Indicted.
Jun 28 Darryl Cobb AL Multiple properties Guilty plea. Department of Justice
Jun 28 Thomas Keller MI $2,000,000 Guilty plea. Department of Justice
Jun 28 Keith McCloud MI Multiple properties Indicted. Department of Justice
Jun 27 Isaac Jerome Smith, Alvita Karen Gunn MD $78,000,000 Sentences: Smith 6 years; Gunn 5 years.
Jun 27 Denise O'Brock Kobus, Angela Pasternak, Michael Scola, Erin Foley-Ottaviano, David Mongriotis, Kirk Porter, Dee Anne Shaw (13 total) OH $13,000,000 Indictments. required)
Jun 27 Frederick Donald "Don" Tropeano, Elektra Tropeano, Silvano Tropeano, John Kosta, Paul Voltaire, Harry Voltaire, Krista Selig NJ $7,500,000 Indictments.
Jun 25 Robert Daniel Kelly, Michael Lane Fortenberry, Glenn Vaught SC $1,900,000 Guilty pleas from Kelly and Fortenberry. Vaught pleaded not guilty.

archived case entries back to 2005

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