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Mortgage Fraud Archives

Week Ending August 6, 2011

Mortgage Fraud News

Case Activity

Bank Exec Denies Charges of $45 Million in Mortgage Fraud
August 6 -- A former executive of a failed bank in Washington state has denied charges that he masterminded a scheme to generate more than $45 million in fraudulent mortgages. Three other defendants -- including another executive, an underwriter and a processor -- are scheduled to appear in front of a judge this month.
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LOs Admit to Reverse Mortgage Fraud
August 4 -- Three loan originators have pled guilty to using loan modifications to cover up mortgage fraud on more than $2.5 million in home-equity conversion mortgages.
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Ringleader in $10 Million Case Sentenced
August 3 -- The former manager of an Islip, N.Y., mortgage broker has been sentenced to 5 years in prison for coordinating a fraud ring that allegedly bilked $10 million out of lenders.
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Dozens Indicted in Massive Case
August 3 -- Dozens of defendants have been charged in an alleged mortgage fraud operation that cost lenders more than $30 million.
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4 Convicted in $3.2 Million Scheme Seek Lesser Sentences
August 3 -- Four Connecticut defendants who were found guilty in a $3.2 million mortgage fraud case hope to get off with lighter sentences.
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Woman Pleads Guilty to Mortgage Fraud, Lying to IRS
August 1 -- One of four family members charged in an Illinois case has admitted that she tried to deceive the Internal Revenue Service about her husband's income, though her admission of mortgage fraud is far more serious.
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Imprisoned Man Indicted for Fraud
August 1 -- A California man who is already in state prison for swindling $208,000 from victims and awaiting trial on a 30-count federal indictment has been federally indicted once again for his suspected involvement in a mortgage fraud scheme that cost lenders $3.2 million in California's Stanislaus and San Joaquin counties.
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Judge Lets Former Official Off With Trivial Sentence
August 1 -- A former county official will get less than four years in prison after admitting to his role in an $80 million mortgage fraud scheme -- far less than the quarter century he was facing. Even worse, the judge required no restitution and will let him serve out his sentence concurrently with another sentence for different crime.
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Date Defendants State Amount of Loans Overview Source
Aug 6 John Howard, Kevin Mullins, Brenda C. Stone KY $2,900,000 Sentences: Howard 12 months prison plus 3 years supervised release; Mullins 4 years probation; Stone 1 year probation.
Aug 5 Shawn L. Portmann, Sonja L. Lightfoot, Jeanette R. Salsi, Adam S. Voelker WA $45,000,000 Indictments. Pierce Commercial Bank victim lender. Department of Justice
Aug 4 Talal Ashek AZ Multiple properties Guilty plea. Department of Justice
Aug 4 Lance Collins, Melissa Collins Gulledge AL $58,000,000 Not guilty pleas.
Aug 4 Gerad Canino, Ian Katz, Omar Guzman, James Vignola, Henry Richards, Robert Thornton, Neal Sultzer, Michael Raphan, Michael Schlussel, Jacquelyn Todaro, Kevin Hymowitz, Michael Charles, Ralph Delgiorno, Pandora Bacon NY $58,000,000 Indictments. Department of Justice
Aug 3 Brian Ragauckas NJ $529,779 Sentenced to 6 months prison and $529,779 in restitution.
Aug 3 Alice L. Barney, Jason Rick, Katherine Friske, Jill Reding, Tonya Ruf, Mark Ashmore WA Multiple properties, some for millions Barney indicted. Reding and Friske previously pleaded guilty. Ashmore previously sentenced to 6 years prison.
Aug 3 Louis Gendason, Kimberly Mackey, John Incandela, Marcos Echeverria FL $2,500,000 Guilty pleas from Gendason, Mackey, and Incandela. Echeverria to be arraigned on August 10. Department of Justice
Aug 2 Muyi Shogbuyi, Charles Patterson, Shamekia Kimbrough, Monalisa McKinney, George Livingston, Kendall Jones, Stanley Hayes, Thomas Underdue, Lashan Hicks, Latoia Green, Philip McMahon, Ahmed Idowu, Sean McKee, Richard Stokes IL Multiple properties Indictments. Department of Justice
Aug 2 Del Barber, Jr. OR $19,000,000 Sentenced to 15 months prison and $200,000 in restitution. Department of Justice
Aug 2 Luis A. Oramas, Keskea Hernandez-Frei, Mariela Hernandez, Elayne Gutierrez, Ana Taveras, Joaquin Gomez, Manuel Valdes, Yudith Padilla, Ivan Padilla, Martha Fernandez, Maribel Diarth, Carlos Sanchez, Ivett Lorenzo, Guillermo Rivero, Napoleon Cadalzo, Hisamara Esponda, Rafael Bonne FL $20,000,000 Indicted. Department of Justice
Aug 1 Javier Siveroni, Preston Cherouny, John Leone, Alejandro Alquinta, Maria Teresa Sanchez, Yolanda Salazar Camacho VA $6,500,000 Guilty pleas. Department of Justice
Aug 1 Micah Meyers NY $10,000,000 Sentenced to 60 months prison plus 3 years supervised release and $1 million forfeiture. Department of Justice
Aug 1 Chad Wegscheider MN $5,000,000 Charged.
Aug 1 Morris Olmer, Marshall Asmar, Rob Nawaz, Wendy Werner CT $3,200,000 Arguing for lighter sentences.

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