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Archives July 9, 2006

 


 

Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Monday, July 17, 2006, 04:38 PM Texas Time


KC Fraud Case Involved 280 Loans

A mortgage fraud case that has emerged out of Kansas City involves 280 loans for more than $17 million.

Jeffrey Tyler Wine appeared to be a young, aggressive entrepreneur trying to take advantage of Kansas City's real estate market.

Through Sunrise Equities and other real estate investment companies he operated, Wine, 28, was gobbling up houses he bought at reduced rates at foreclosure, tax and bankruptcy sales.

Then, after rehabbing the houses, he put them up for sale as investment properties.

read Patrick's full story at MortgageDaily.com


Crooked Mortgage Attorneys

Real estate lawyers in trouble with the law continue to grow in numbers.

Attorneys at Hankin, Hanig, Stall, Caplicki, Redl and Curtin may be feeling a little overworked these days.

Four of the partners in the New York firm have pleaded guilty as part of a federal investigation of mortgage and real estate fraud.

The pleas are the latest in a recent glut of lawyers facing charges involving allegations of mortgage fraud.

read Patrick's full story from MortgageDaily.com .

July 13, 2006


Series of Fraud Fighting Tools Launched
Ciercus Systems Ltd. announced the the acquisition of two companies that will enhance its suite of fraud prevention tools.



AVM Fraud Prevention
Interthinx is using automated valuation models to help mortgage lenders prevent loan fraud.



CO Law Enacted
A Colorado law that took effect July 1 will require mortgage broker applicants to pass FBI background checks.
read story from the Rocky Mountain News



Mortgage Broker Sentenced
Mortgage broker Stephanie Garrett was sentenced to two years in prison for $1 million in mortgage fraud.
read story from the Plain Dealer



Mortgage Banker Bribed
Janet Skinner, a former mortgage banker who admitted taking $400,000 in bribes, was spared prison time.
read story from the Poughkeepsie Journal



Fraud Reports Analyzed
The biggest concentration of mortgage fraud is on the East Coast, though two southwestern states are also hot spots.
read story from MortgageDaily.com
(subscription required)



Attorney Indicted
Former attorney Frank DeGrasse and fugitive Andreas Perdikos are accused of defrauding Fremont Investment and Loan on a $750,000 mortgage.
read story from The Journal News .


July 11, 2006


Credit Union Executive Busted
Carol Aranjo, the former executive director of the D. Edward Wells Federal Credit Union, her husband Alphonso Smith and her son Douglas Smith were all implicated in an indictment alleging she tried to conceal fraudulent activity from regulators.



Prison Ahead for Bank 1 Fraudster
Delderico L. Lee was sentenced to 20 months in prison for stealing $220,000 from JP Morgan Chase & Co.-predacessor Bank One.
read story from the Atlanta Business Chronicle .



$5 Million Fraud Case
Clifford J. Brigham and Melodie MacDuffee were indicted for defrauding mortgage lenders out of $5 million on Oregon loans.
read story from Inman .



Michigan Bills Expand Fraud Prison Terms to 20+ Years
A package of state bills have been unveiled that would require people convicted of mortgage fraud in Michigan to spend 10-20 years in prison.
read story from the Detroit Free Press .



Man Steals Homes
Career con man Ronald Dudas is accused by a county prosecutor of stealing six homes and hundreds of thousands of dollars.
read story from The Plain Dealer .



Unfinished Work Financed
Crossland Financial Group is accused by numerous borrowers of financing home improvement loans where no improvements were made.
read story from The Plain Dealer .



$1 Billion in Fraud Losses During 2005
Mortgage lenders were hit with more than $1 billion in mortgage fraud losses during last year according to mortgage industry executives.
read story from the New York Times .



Fraud Case May Mushroom to $50 Million
The investment fraud case against California mortgage broker Michael J. Schneider, who was arrested in May, has gone from an estimated $17 million to possibly as high as $50 million
read story from the San Jose Business Journal .



House Sold Twice

Frank DeGrasse and Andreas Perdikos have been indicted for selling the same property twice and defrauding Sun Trust Mortgage and Fremont Investment and Loan out of $750,000.
read story from the North Country Gazette .


July 7, 2006


Massive CA Fraud Case Emerges
When elderly investors gave more than $17 million to a California mortgage broker, they believed the company was going to make mortgage equity loans.
read story from MortgageDaily.com .



Processor, Broker Sentenced
Mortgage broker Cathy Yocum, loan processor Gene W. Hite and Milton Trice III were each sentenced for defrauding ABN AMRO Mortgage.
read story from The Enquirer .



Fraud Committed While Out on Bail for Fraud
While he was awaiting trial in another loan fraud case, Cleburne Jr. Brigham, aka C.J. and Cleveland, and Melodie MacDuffee allegedly operated an illegal flipping scheme. The two have been indicted on 24 counts.
read story from The Oregonian .



Hatian Paramilitary Figure Arrested
Emmanuel "Toto" Constant, in exile from Haiti for human rights crimes, was arrested for $1 million in mortgage fraud.
read Associated Press story .



$2.7 Million Scam Busted
A cease and desist order has been issued against four people and three businesses, including Carl R. Todd and CRT Enterprises LLC, for allegedly defrauding 17 clients -- including an 84-year-old person, out of $2.7 million.
read story from the Kansas City Star .

 
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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