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Archives July 9, 2006




Fraud News Wire

Last Updated Friday, July 28, 2006, 05:10 PM Texas Time

$6.5 Million Fraud Ring Broken Up

A Cincinnati mortgage broker and a loan processor were among 20 people guilty of participating in a massive fraud ring that stung the likes of IndyMac Bank and ABM AMRO.

Guilty pleas from Cathy Yocum, Milton Trice III and Gene W. Hite bring to 20 the number of people convicted in the federal probe into property flipping, fraud and income tax evasion.Among the lenders scammed were Indy Mac Bank and ABM AMRO.

The fraud, which the feds have investigated for more than two years, involved nearly 200 homes, 28 lenders and loans totaling $6.5 million, court documents show.

Ringleader Ron Trester of Cincinnati, the former owner of Charter First Banc mortgage brokerage, pleaded guilty in October to charges of conspiracy, bank fraud and tax invasion. He landed a prison term of 46 months.

read Patrick's full story from MortgageDaily.com
(subscription required)

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

July 21, 2006

I.D. Theft Rules Proposed
Several government agencies have jointly proposed a set of rules that would require each financial institution and creditor to develop and implement an identity theft prevention program that includes policies and procedures for detecting, preventing, and mitigating identity theft in connection with account openings and existing accounts.

I.D. Theft Prevention
Borrowers who becom victimes can avoid further fallout from the theft of their identity by reviewing mortgage information, checking in with financial institutions and advising creditors about the problem.
read story from WNDU News Center 16 .

Foreclosure Fraudsters Busted
Cynthia Valenzuela, Vladimir Stefanovic and Maria G. Juarezo were charges with helping Martha Rodriguez and escrow executive Edward Seung Ok steal more than $12 million in equity from desperate borrowers delinquent on their mortgages.
read story from CBS .

Couple Caught Lying to Lender
Cohabitants Ida Mathis and Larry D. Wills were indicted for defrauding New Century Mortgage on a $472,500 loan.
read story from the Kansas City Business Journal .

SS #s Stolen
Ronald Steven Williams was indicated for stealing social security numbers to use for loan fraud.
read story from The Examiner .

Brokers Fuel Fraud
Allen Fishbein, of the Consumer Federation of America, says mostly unregulated mortgage brokers are responsible for stripping borrowers of their equity.
read story from Forbes .

Cocaine Keeps Fraud Suspect in Jail
Richard B. Lucas was ordered to remain in jail pending his mortgage fraud trial because he is an admitted cocaine addict who has been asked to leave two rehabilitation centers since February.
read story from the Hattiesburg American .

Fraud Fueling Foreclosures
Ivor J. Hill, a Colorado appraiser who serves on the state attorney general's mortgage and foreclosure task force, said he learned of several hundred suspected fraud cases in 2004.
read story from The Pueblo Chieftain .

July 17, 2006

Mortgage Brokers Seek Level Playing Field
Mortgage brokers would like the same loan disclosure rules as their mortgage banking counterparts, according to testimony covered by MortgageDaily.com, the dominant source of online mortgage news.

SEC Stops Senior Scam
The Securities and Exchange Commission announced it has filed an emergency enforcement action against Edward Tackaberry, Mark Palazzo and Pittsford Capital Mortgage Partners LLC, among other parties, to halt an investment scam where $15 million has been collected.

HUD Tackles Housing Fraud
HUD Secretary Alphonso Jackson touted criminal charges that have been filed against 51 people for abusing federal housing programs.

Investor Mutiny Against Broker
A group of nine investors recently filed a lawsuit accusing a Missouri mortgage broker of operating a $3.1 million Ponzi scheme.
read story from MortgageDaily.com .

Church Referral Not So Good
Jeffrey Robinson, a parishioner recemended by his pastor, allegedly tricked a woman who was delinquent on her mortgage into signing over her title and then put her out on the street.
read story from the East Bay Business Times .

How to Avoid Mortgage Fraud
Prospective mortgage borrowers can avoid mortgage fraud by avoiding unknown lenders and checking with state agencies.
read story from the Kansas City Star .

Title Co. Employee Admits Fraud Role
Daryl Ann Daniel, a former employee of Realty Title Co., admitted helping Brent Michael Barber in a fraud scheme that cost mortgage lenders $12 million.
read story from the Kansas City Business Journal .

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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