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Week Ending July 9, 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 of Loans Overview Source
July 9 Shawn R. Tieskotter, Craig D. Patterson CO 13 properties Guilty pleas. FBI.gov
July 8 Sharon Michelle Thomas, Troy David Chaika, Dustin Lee LaFavre MN $400,000 Guilty plea. Justice.gov
July 8 Richard Mathew Laho, Michael Anthony Prieskorn MN losses up to $690,000 Guilty plea by Laho. Justice.gov
July 8 Thomas Gregory Alexander, Paul Patrick Alexander, Bobbie Jo Johnson, Sandra M. Stevens, Kara Elizabeth Shumway, Michael S. Mason, Michael Joseph Harris AZ scheme Initial court appearances made. Justice.gov
July 8 Joseph Bowen Brown, Jason Thomas Williams, Benjamin Marcette Jackson, Kendall Price Schmitz, Matthew Brennan Chambers AZ earnings of $2,452,129 Indictments. Justice.gov
July 8 John Dimitrion, Julieanne Dimitrion HI $1,000,000 Arrest warrants issued for fugitives. FBI.gov

Star Advertiser

July 7 John L. Chaffo Jr., Michael Dokmanovich PA $9,000,000 Conviction of Chaffo. FBI.gov
July 7 Mirasol Salazar IL 1 transaction Indictment. statesattorney.org
July 7 John L. Chaffo Jr. PA $9,000,000 Guilty conviction. FBI.gov
July 3 Denise E. Dunlap OH $600,000 Charges filed. THE COLUMBUS DISPATCH
July 3 Marie Quintana, Wedelie Etienne FL $1,700,000 Charges filed against Quintana. Palm Beach Post
July 3 Ultha Danielle Accime FL 2 counts "applications" Indicted. Palm Beach Post
July 3 Juan Gallego FL $1,800,000 Charges filed. Palm Beach Post

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