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July 24, 2009

 

Mortgage Fraud News

Case Activity

July 22, 2009


Employment Verification Service Prevents Fraud
A new offering enables credit issuers enforces anti-fraud best practices by combining phone interviews by trained investigators with proprietary queries.
read full press release
July 21, 2009


Regulations Would Impact Non-Bank Originators, Lenders
Proposed new regulations would require non-bank mortgage lenders and originators to file reports on suspected mortgage fraud and other criminal activity. Such reporting is already required of financial institutions.
read full story at MortgageDaily.com
July 20, 2009


OK is OK
Mortgage fraud and foreclosures are less of a problem in Oklahoma because the state didn't see much of the real estate frenzy that afflicted other states.
read story from NewsOK

$10 Billion in FL Transactions Identified as Potentially Fraudulent
A study by the Herald-Tribune identified 50,000 transactions involving $10 billion in sales that had a high chance of involving mortgage fraud.
read full story at Herald-Tribune
July 17, 2009


FERA Now Law
The Fraud Enforcement and Recovery Act of 2009 was signed by President Barack Obama on May 20. The new law provides government agencies with increased funding and more stringent legislation.
read story at Law.com

NV Fraud Soaring
Nevada ranked as one of the top 20 states for mortgage fraud, while Las Vegas FBI investigations have doubled.
read story at Las Vegas Sun
July 14, 2009


MO AG Testifies in DC
Missouri Attorney General Chris Koster was scheduled to testify before a U.S. Senate committee about mortgage fraud.
read story at KSPR News

30,000 Fraud Fighters
More than 30,000 people from nearly 4,500 have been trained to fight mortgage fraud by Interthinx since the California-based company launched in 2005.
read full press release
July 13, 2009


Miami Flooded
The FBI's Miami field office received 5,155 suspicious activity reports during 2008 -- the second worst of any state.
read story at The Palm Beach Post
July 10, 2009


Freddie's Tips
Freddie Mac advised lenders it buys loans from to be vigilant in their efforts to detect fraud through their origination practices. The secondary lender laid out a number of steps seller-servicers should follow.
read bulletin at FreddieMac.com

FBI Tips
Among several fraud prevention tips recently offered by the FBI was the old saying, "If it sounds too good to be true -- it probably is."
read full FBI announcement
July 7, 2009


Mortgage Fraud Headed Higher
During fiscal 2008 -- which ended on Sept. 30 -- 63,713 mortgage fraud Suspicious Activity Reports were referred to law enforcement, the Federal Bureau of Investigation said today in its 2008 Mortgage Fraud Report.
read full article at MortgageDaily.com
July 3, 2009


NY Fraud Task Force Formed
The district attorney of Westchester County, N.Y., has formed a task force to to actively investigate mortgage fraud and is seeking $1.1 million from the U.S. Department of Justice.
read full story at Westchester.com
Date Defendants State Amount Overview News
Publication
July 23 Thomas E. Stringer Sr. FL 1 property in Hawaii Former judge charged with fraud on home purchased for stripper agrees to ple deal. 10 Connects.com

St. Petersburg Times

Associated Press

July 23 Randal Antoine SC $328,000 Indictment. WIS News 10

The State

July 23 Frank Blake, Maureen Blake, Thomas Ryder, Paul Ryder NH $300,000 Guilty plea. Eagle Tribune

Associated Press

July 22 Cheryl Ann Romero, Jerry Emerick MO profits of
$2,300,000
Guilty plea. Kansas City Business Journal

Kansas City Star

July 22 Michael M. Pope, Tiffany Lynn Sprouts, Marlin Sprouts PA restitution of
$1,394,851
7-year sentence. Pittsburght Tribune-Review

Pittsburgh Post-Gazette

Observer-Reporter

July 23 Michael Lee Wilson CA n.a. Pacific Coast Mortgage owner formally charged. Times Press Recorder
July 22 Rodney McGill, Shalonda McGill FL $1,000,000 Conviction of pastor and his wife. 12 News
July 22 Cherly Joan Kassebaum, Scott Allen Kassebaum, Ricky Dean Unruh, Charles M. Davis, Master Marketing Consultants MO losses of
$497,200
Owner of Metro Consulting Group, 1 of 6 defendants, pleaded guilty. Springfield Business Journal

Infozine

July 21 John Barry, TX n.a. 25-year sentence. Dallas Morning News
July 21 Michael M. Pope TX restitution of
$1,394,851
Guilty plea. The Tribune-Review
July 21 Claymon 'Butch' Trammell, Jeannettea Williams, Michelle Trammell TX $2,500,000 Husband, wife and daughter arrested. FortBendNow.com

San Francisco Examiner

July 21 Cheryl Joan Kassebaum MO losses estimated at
$497,200
Guilty plea for former mortgage broker and co-owner of Metro Consulting Group. KSPR abc
July 21 J. Larry Kennedy, Keith M. Kennedy, Mark J. Calhoun, April Calhoun, Willie Jones MS $9,000,000 38-count indictment against former closing agents including father-daughter. WLBT 3

Associated Press

Jackson Clarion Ledger

July 20 Marlon Pratt MN $3,200,000 Defendant's attorney requesting that judge be removed from case. Star Tribune
July 20 Kamau Herndon OR $1,500,000 Guilty plea. KOIN local 6

Associated Press

July 20 Gregory M. Finney PA losses exceeded
$1,000,000
Four-year sentence begins. Erie Times-News
July 20 Dea Character, Tyrone Cody,Gregory Lewis, Valerie Shields, Bertha Clark, Greg Lewis, Bertha Clark, Howard Morman, Roy Williams Jr., Khadijah Chapman, OH $3,000,000 Four- and two-year sentence. Plain Dealer
July 17 Angelo Mancini III MN $163,000 Loan officer pleads guilty. Pioneer Press
July 17 Robert Arakelian, Pittsburgh Home Loans PA $1,000,000 Guilty plea. Sentencing scheduled for Nov. 13. The Tribune-Review
July 17 Linda Carnagie, CO unknown but restitution of:
$206,693
41-month sentence. Denver Business Journal

Denver Post


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