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Mortgage Fraud Archives

Week Ending July 22, 2011

Mortgage Fraud News

Case Activity

Mortgage Broker Earned $60k from $2 Million in Fraudulent Loans
July 21 -- A North Carolina mortgage broker was sentenced to more than a year in federal prison for participating in a $2 million mortgage fraud.
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Mortgage Firm Owner, 6 Employees Indicted
July 21 -- A federal grand jury has indicted the owner of a California mortgages firm and six of his employees for allegedly running a $4 million mortgage-fraud scheme.
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Record Penalty Against Wells
July 20 -- Wells Fargo & Co. was hit with a cease-and-desist order and a record civil money penalty over allegations that employees at its former subprime unit committed mortgage fraud and unnecessarily put borrowers into more expensive loans.
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Guilty Plea Expected from Mfg Housing Mortgage Broker
July 18 -- A guilty plea is expected from a mortgage broker in a case involving loan for manufactured homes.
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2 Texas LOs Convicted
July 18 -- More than three dozen mortgage lenders were defrauded in more than a hundred Texas transactions by a crew of 40 people who, the U.S. Department of Justices alleges, caused $20 million in losses. Two loan originators were found guilty of contributing to the schedm.
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Couple, Texan Charged in Separate Indictments
July 18 -- Separate indictments were handed down in cases involving Kansas properties. One indictment was issued against a Kansas couple and the other against a Texas man.
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Mortgage Broker Charged in $7 Million Scheme
July 18 -- A Pennsylvania mortgage broker was charged in a $7-million mortgage fraud scheme involving nearly three dozen loans.
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Date Defendants State Amount of Loans Overview Source
Jul 22 Derrick Ivan Lance, Roger Bill Hanks MN $20,000,000 Lance indicted; Hanks previously pleaded guilty. Department of Justice
Jul 22 Charles Walker, Charles E. Walker Realty, Inc., Linda Walker, Lee Walker, James "Jimmy" Powell, Steve Casarez, Jr., Linda Hanks, Eddie Lee Rohrs MO $10,944,023 Guilty pleas.
Jul 22 Vincent Wallace Aldridge, Tori Aldridge, Gilbert Isgar TX $3,700,000 Sentences: Vincent Aldridge 63 months prison; Gilbert Isgar 24 months prison; Tori Aldridge awaiting sentencing. Department of Justice
Jul 21 Drew Sharreff-El, Ericka Flood, Todd Snead, Stephen Carr, Vic Henson, Landrick McClain (Wax House case) SC $100,000,000 Sentences: Sharreff-El 11 years prison; Flood 63 months prison; Snead 51 months prison; Carr 37 months prison; Henson 27 months prison; McClain 46 months prison.
Jul 21 Lynne Fruchtnicht LA $1,100,000 Sentenced to 30 months prison.
Jul 21 Robert J. DeMello, Raymond W. Turner, William Raulerson GA $1,000,000 DeMello pleaded guilty; Turner and Raulerson previously pleaded guilty.
Jul 21 Romero Minor OH $7,500,000 Sentenced to 69 months prison. Department of Justice
Jul 21 Philip Rand Lochmiller, Philip Lochmiller II, Shawnee Carver CO $30,000,000 Lochmiller convicted; Lochmiller II and Carver previously pleaded guilty. Department of Justice
Jul 20 Barry Buchignani, Kim Allen Clay, James Davis, Warren Reid KY $2,000,000 Buchignani sentenced to 1 year probation in halfway house; Clay previously sentenced to 18 months and $417,849 in restitution. Davis and Reid pleaded guilty.
Jul 20 Wells Fargo & Co. CA $85,000,000 Cease-and-desist issued.
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Jul 19 Abdelghany Antar, Andrea J. Palmucci CT $4,700,000 Guilty pleas. Department of Justice
Jul 19 Charles Harvath NJ $40,800,000 Guilty plea; forefeiture of $2,412,898.80. Department of Justice
Jul 19 Kimberly K. White, Shawn Tieskotter, Craig Patterson CO 13 properties Guilty plea from White. Tieskotter previously sentenced to 9 months prison plus 3 years supervised release and restitution; Patterson previously sentenced to 10 months prison plus 3 years supervised release and restitution. Department of Justice
Jul 18 Samuel Caleb Cowles SC $2,000,000 Sentenced to 15 months.

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