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Last Updated Friday, August 1, 2008 10:00 PM Texas Time
 

August 1, 2008


Another Pleads Guilty in Utah Fraud
David Bolick changed his plea to guilty on charges of mortgage fraud. The other defendants in the case included Bradley Grant Kitchen who also pleaded guilty; Steve Wells Cloward, Ron Clarke, Jeffery David Garrett and Rebecca Ann Hadlock, but charges have since been dropped again Hadlock due to lack of evidence. All six had originally pleaded not guilty to the scheme that involved 20 to 30 homes and at least $1.94 in mortgage loans.
Read story at Herald Extra




Texas Mortgage Fraud Under Scrutiny
Seminar at South Texas College of Law enlightened attendees about the seriousness of mortgage fraud in Texas. U.S. attorneys speaking at the seminar told the audience that prosecuting mortgage fraud is their top priority and that sentencing for the crime may be about to change.
Read story at The Houston Chronicle




Mortgage Co. President Claims Innocence
Mortgage Specialists Inc. president Michael Gill said there were mistakes on paperwork but denies any fraud. The company will, however, pay a fine, he said.
Read story at WCAX News




Rochester, N.Y. Hit Hard
A 61-page report regarding mortgage fraud in the New York City, Long Island and Rochester areas has alerted the State Commission of Investigation to the highlights of where the fraud has occurred; primarily in minority areas and in subprime lending.
Read story at WHAM 1180 News




Obstetrician and Real Estate Co. Owner Charged
James Lee Lankford, 69, of Century 21 Apollo and Dr. Dennise Ann Davis, 55, were arrested on suspicion of mortgage fraud on one home in California. Stelios Papadopoulos, 74, was also arrested in connection with the fraudulent origination of a $22,400 second mortgage on a $112,000 home.
Read story at Modesto Bee




Sentencing Delayed Again for Kartesz
Frank Kartesz II, is once again getting a reprieve from sentencing. Sentencing has been scheduled for Sept. 11 so his attorney’s can have more time to file pre-sentencing paperwork. He faces up to 35 years in prison. Kartesz pleaded not guilty last March to fraud and conspiracy charges in a multi-million dollar mortgage fraud scheme. His partner Robert L. Dodsworth was sentenced to 74 months in federal prison. Three other defendants have pleaded not guilty including, Gregory M. Finney, Keith A. Rice and Francis R. Conti.
Read story at Go Erie




Search Warrants Executed
An anonymous tipster contacted officials regarding a fraudulent mortgage loan application that triggered five search warrants for residences and businesses in Wheat Ridge, Colo. and one in Lakewood, Colo. The suspects’ names are being withheld due to the ongoing investigation. Police are asking for the public’s help.
Read story at YourHub.com




Mortgage Fraud Disgusts Taxpayer
The question of who will pick up the outrageous tab of mortgage fraud has yet to be answered. Will it fall on the taxpayers? An article published regarding mortgage fraud and the details surrounding it outraged an Orange County Register reader. He sounds off in his own editorial while summarizing what he read.
Read story at NuWire Investors




Cease and Desist Ordered
The Mortgage Specialists Inc. have been issued a temporary cease and desist from the New Hampshire Division of Banks following an investigation that the company committed state and federal violations.
Read story at SeaCoast Online




Closure for Largest Fraud Scheme in Minn.
Michael Parish, the man who orchestrated one of the largest mortgage fraud schemes in Minnesota history has been sentenced to 13 years in prison. Partner in crime, Christopher Troup was sentenced to 10 years and Parish’s wife Ardith Parish received five years. An estimated $20 to $50 million in fraudulent mortgage loans involving more than 200 properties has been attributed to the trio’s scheme. Their attorney’s have 10 days to appeal the sentences.
Read story at Star Tribune




Mortgage Fraud Foiled
A title company reported an alleged fraud attempt, sending one convict back to the slammer and charging two others. Alfred Davis, 34, is back in prison for mortgage fraud. His co-conspirators Clarence Glover and Brittany Waldon were also arrested.
Read story at NBC 6 News




July 31, 2008


New Hampshire Mortgage Co. Under Investigation
Mortgage Specialists, Inc. has been accused of mortgage fraud on multiple properties and could face a $200,000 fine.
Read story at WBZ NewsRadio




New York Needs More Protection
New York State Commission of Investigations have concluded that the state needs more regulatory protection from predatory lenders. In 2007, it had 39,000 foreclosure filings, ranking eighth in the country.
Read story at Yahoo Finance




Argent Executive Found Guilty of Fraud
Orson Benn, former VP of Argent Mortgage Co. faces up to 105 years in prison for his role in a mortgage fraud scheme. Also charged was Scott Almeida, who has pleaded not guilty but was sentenced to 10 years in prison last October. There were more than 130 fraudulent loans that totaled about $13 million.
Read story at Tampa Bay Online




Florida Overwrought with Fraud
At least 10,000 criminals were originating mortgage in Florida. Here is just one of the stories to arrive from the $85 million in mortgage fraud that has occurred.
Read story at ABC News




July 30, 2008


Broker Background Checks Improved
Lenders can run comprehensive background checks on third party brokers by name and Interthinx has improved on that process by enhancing its name-checking solution, including using phonetic spelling and other variations to catch spelling errors.




Florida Cabinet Questions Commissioner’s Lack of Action
Financial Regulation Commissioner Don Saxon has been ordered to report to the Florida Cabinet with a plan of action in regards to the recent increase of mortgage fraud in his state.
Read story at Tallahassee.com




Ringleader Wiggins, Two Others Sentenced
Kevin G. Wiggins, 41, has been sentenced to 100 months in federal prison for heading up a $15 million mortgage scam in Atlanta. Wiggins has been ordered to pay almost $6.5 million in restitution to 12 lenders, including Fannie Mae, Perimeter Mortgage, which went bankrupt with $13 million in fraudulent loans from Wiggins, and several other banks. An appraiser, Frank W. Astwood was sentenced to three years in federal prison and restitution of $4.3 million for his role. Wiggin’s sister, Lydia Wiggins Christopher, 59, was also sentenced and ordered to share in the restitution.
Read story at CBS News 46




July 29, 2008


Graphics Designer Creates Phony Documents in Mortgage Fraud
Alethia Grooms is charged with creating phony documents for her friends to obtain cash and property. It’s alleged that Grooms helped her friend Jayrece Turnbull obtain a mortgage by providing her with fake documents.
Read story at The Washington Post




Real Estate Broker Charged
Garry Martin, owner of Antiqua Realty in Orlando, is accused of stealing his victims’ homes right out from under them. Officials say there could be up to 21 victims that Martin stole property/equity from in the scam.
Read story at My Fox Orlando




July 28, 2008


Fraud Proceeds Used to Purchase Residential Care Home Facilities
Edith Nelson and Ronald Nelson have been charged with mortgage fraud, income tax evasion and harboring illegal aliens. A total of four have been indicted in the mortgage fraud scheme that involved 60 homes and $20 million in mortgage loans. Nelda Asuncion and Cristeta Lagarejos have also been named as the pairs partners in crime. If convicted, they face at least a maximum of 30 years in prison and at least $250,000 in fines.




$82.8 Million Fraud Scheme in Tampa
Four have been charged, including a lawyer for their involvement in a mortgage fraud scheme that defrauded seven banks. John A. Yanchek, 48, Larry P. Nardelli, 49, Michael A. Tringali, 46, and Neil Mohamed Husani, 38 were named in a 44-page indictment. The lenders that were victimized included Orion Bank, Me Mercantile Bank, Bank Atlantic, Coast Bank, Fifth/Third Bank, Wachovia Bank and First State Bank.
Read story at Tampa Bay Online




Miss. AG Launches Operation Stealing Home
Attorney General Jay Nixon hopes to crackdown on mortgage fraud and has filed seven lawsuits against 10 individuals and companies accused of fraud. These cases are representative of those who have convinced homeowners to deed the home over and pay rent in order to save their home, but the fraudsters never pay on the mortgage and it results in the foreclosure of the home. Those being sued include St. Anthony Avenue LC; Private Funding Solutions and its president Mike C. Rothweiler; Brian J. Thompason aka All Decked Out; Access Mortgage and Financial Corp. (Lansing, Mich.) and its agents David Snyder and Josh Nowell; and mortgage brokers Christopher E. Cosma and the companies he was an agent for, America One Finance, Inc., Accredited Home Lenders and Castle Point; Fouquet Financial Service and its president Joseph M. Fouquet.
Read story at KAIT 8 News




Female Real Estate Agents Convicted
Linda Edwards, 55, and Ladonna Mullins, 73, both of Colorado, have been found guilty after a 14-day jury trial. The pair provided false information to help ineligible homebuyers obtain mortgages on several occasions from 1999 through 2004. Sentencing is set for Dec. 15; Edwards faces up to 30 years in prison and fines of $750,000 and Mullins faces up to five years and a $250,000 fine and forfeiture.
Read story at BizJournals




Haitian Militant Found Guilty
Emmanuel “Toto” Constant, 51, has been found guilty of committing mortgage fraud and is scheduled to be sentenced Sept. 10. He faces 15 to 45 years in prison.
Read story at CNN




$82.8 Million Fraud Scheme in Tampa
Four have been charged, including a lawyer for their involvement in a mortgage fraud scheme that defrauded seven banks. John A. Yanchek, 48, Larry P. Nardelli, 49, Michael A. Tringali, 46, and Neil Mohamed Husani, 38 were named in a 44-page indictment. The lenders that were victimized included Orion Bank, Me Mercantile Bank, Bank Atlantic, Coast Bank, Fifth/Third Bank, Wachovia Bank and First State Bank.
Read story at Tampa Bay Online




$15 Million Fraud Closes Mortgage Company
Kevin Wiggins pleaded guilty to one count of conspiracy and two counts of wire fraud in a 64-count indictment for his involvement in a $15 million fraud scheme. The same scheme that was responsible for bankrupting Perimeter Mortgage Funding and cost lenders a total of $7 million, including Colonial Bank, JP Morgan Chase, Wachovia and Washington Mutual. Wiggins faces up to 15 years in prison, a $750,000 fine and restitution.
Read story at The Atlanta Journal-Constitution






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