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Last Updated Friday, July 25, 2008 10:00 PM Texas Time

July 25, 2008

New ID Theft Prevention Software Solution
IdentityTruth and radius financial have partnered to create a software solution that detects suspicious activity and fraud schemes.

Licenses Revoked for Six Originators
First Chicago Mortgage Company and six of its originators have lost their license after allegedly writing $6 million in loans that were falsified, some of which are now in foreclosure.
Read story at ABC Local News

3 Plead Not Guilty in Mass. Fraud
Five people were charged with millions of dollars worth of mortgage fraud in a 106-count indictment last month. Steven Stapleton is charged with 24 counts and appeared in court for a pre-trial conference. Stapleton’s plea is unknown, along with Martha Sass who was also charged. The other three, Erik Tancun, Thomas Itemere and Kenneth Garabedian have pleaded not guilty.
Read story at Daily News Tribune

Mortgage Fraud and Financial Loss
Frank McKenna shares with readers at BasePoint Analytics the reasons why fraud must be defined and measured in order to help prevent it from happening.
Read story at BasePoint Analytics

July 24, 2008

Haitian Militant Smooth Talker
Details emerging from the trial of Emmanuel “Toto” Constant include how the jury is not getting the full story of his past murderous crimes and that he is a smooth talker in court.
Read story at New York Daily News

July 23, 2008

Fake Documents Used in Home Purchases
Dominick DeVito, 44, pleaded guilty to obstruction of justice, conspiracy to commit bank fraud and conspiracy to commit mail fraud. DeVito illegally obtained multiple loans on 8 expensive homes in high-end areas of New York. DeVito also admitted to lying to officials about his assets in a prior federal racketeering case. He faces up to 60 years in prison and restitution of more than $1.4 million. Sentencing is set for Oct. 24.

More Charges in “Bait-and-Switch” Scheme
Gregory Craig Sandoval, 25, and Souha Nabil Traboulsi, 40, have been charged with conspiracy to commit mortgage fraud involving several properties and seven victims. Traboulsi, owner of Modern Accounting and Services in Los Angeles surrendered on July 9 and Sandoval surrendered on July 14.
Read story at San Bernadino Sun

14 Arrested in $17 Million Fraud Scheme
A 10-month investigation resulted in the arrest of 14 people involved in a $17 million mortgage fraud scheme on 18 properties in the Miami-Dade and Broward Counties. Those arrested include: Mario Herrera, Deborah H. Herrera, Diana G. Diaz, Luis H. Garcia-Lopez, Mari Rodriguez-Triana, Raisa Diaz, Mario Jesus Lubian, Marlene M. Norono, Sacha Rodriguez, Josephine Martinez, Andres Leiva-Medina, Danny A. Valdes, Lashinda Shawtrese Bois Moore and Fernando Boix-Lopez. They all face charges of racketeering, conspirary to commit racketeering, mortgage fraud, grand theft, indentity theft and money laundering. Another defendant, Monica Maria Fergusson pleaded guilty to conspiracy to commit racketeering, she faces up to 30 years in prison.
Read story at North Country Gazette

Alleged Ringleader Pleads Guilty in Utah Fraud
Bradley Grant Kitchen, 41, has pleaded guilty to his involvement in an $18 million mortgage fraud scheme. He faces up to 20 years in federal prison. A total of six people have been charged. An alleged accomplice, David R. Bolick, who owns Home Owners Group and Paragon Investment Group has pleaded not guilty.
Read story at Deseret News

July 22, 2008

Convicted Broker Rationalizes $5 Million Fraud
Fraudblogger.com had the chance to speak with IRS Special Agent & Public Information Officer Dan Wardlaw who attended the sentencing of Clifford Brigham. Brigham, 60, was sentenced to 10 years in federal prison, followed by three years of supervised release and ordered to pay about $297,000 in restitution for committing mortgage fraud.

Compliance Coach Gets a Boost from Harland Financial
Compliance Coach Inc. is getting a hand from Harland Financial Solutions, Inc. in marketing its new software that enables compliance with the FACT Act Identity Theft Red Flags Rule.

Dentist Sentenced for Mortgage Fraud
Terrance D. Stradford aka Wayne Sellers, 48, has been sentenced to 10 years in federal prison for illegally obtaining $2.8 million in mortgage loans. His former assistant Christina Hachadoorian, 36, has been sentenced to six months in jail and six months house arrest. Stradford was also ordered to pay $592,000 in restitution and to forfeit $720,000 of seized illegal proceeds.
Read story at Philly.com

July 21, 2008

Two Woman Get Lengthy Sentences: More Details
Jamila Davis aka Jamila Baker, 31 owner of Diamond Star Financial Services and Brenda Rickard, 54, owner of MS Financial Services have been sentenced to 151 months and 121 months in prison respectively.

Mortgage Fraud Fugitive Found in Jamaica
Delroy Patterson was indicted with ten others on 47 counts for $10 million in mortgage fraud in November 2006. He was recently found and extradited to Florida to stand trial.

Broker Admits Guilt on 12 Counts
Kimberly C. Taylor, 39, pleaded guilty to fraudulently obtaining 10 loans using stolen identities through RBC Centura in Fayetteville and Lumberton, Ark. Loan amounts totaled $153,700. If convicted, Taylor faces up to 32 years in prison, $1 million in fines and probation.
Read story at Fayetteville Observer

Mortgage Fraudster on Most Wanted List
Mark Strodtman, 51, is being sought for committing mortgage fraud on several homes in Weld County, Colo. Strodtman has been charged with 11 counts of theft and 11 counts of forgery. Officials say Strodtman may be hiding out in Mexico. His accomplice Dean Juhl was also indicted in November 2007.
Read story at Greeley Tribune

16 Arrested in $20 Million Mortgage Fraud
A straw-buying scheme has resulted in the arrest of 16 in South Florida. The defendants face multiple charges of racketeering, money laundering and mortgage fraud.
Read story at Local 10 News

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