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Week Ending Aug. 13, 2006

Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Tuesday, July 15, 2014, 08:43 AM 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


August 8, 2006


Interthinx Deal Goes Down
Fraud prevention company Interthinx has inked a deal to provide its services to Harland Financial Solutions.



2nd Time Around
Brian Christopher Dupree, owner of Dupree Investments and ringleader of a massive mortgage fraud scheme, was jailed for illegal renovations to a house.
read story from the Athens Banner-Herald .



Title Co. Owner Stole Payoff Funds
Maria Terese Partyka, the former president of Title Search Co., pleaded guilty to stealing funds earmarked for mortgage payoffs.
read story from the South Bend Tribune .



Bank CEO at Center of Scandal
Earl Ford McNaughton, the former CEO of First National Bank of Fremont, along with 15 bank accomplices, faces a federal investigation and at least nine lawsuits alleging loan fraud.
read story from WISH-TV .



180 Properties Involved in Gov Scam
Bruce Doan, along with nine other associates, allegedly opened a mortgage office for the purpose of processing fraudulent government-insured mortgages.
read story from Default Servicing .



Attorney Sued by Stewart Title Over Fraud
Disbarred real estate attorney Alan Mason is among more than two dozen defendants that have been sued by Stewart Title Guaranty Co. for stealing more than $6 million in a real estate fraud scheme.
read story from the Telegram & Gazette .



Fraud Realtor
Leonard Fazio, who was found guilty of mortgage fraud and sentenced to two years in prison, remains an active member of the Iowa Association of Realtors despite a mortgage fraud conviction.
read story from the Des Moines Register .

read about sentencing from the Des Moines Register .



$9 Million Fraud
Kenneth Ketner, head of Mortgage Capital Resource Corp., pleaded guilty to charges in a $9 million loan fraud case.
read story from the Orange County Register .



Federal Investigation Against 2 Mortg Co. Owners
Michale Pope, owner of Pope Financial Services Inc., and Tiffany Sprouts, owner of Sprouts Mortgage LLC, are accused of operating a multi-million dollar real estate fraud scheme.
read story from the Observer-Reporter .



Suspects Rip Off Own Families
In unrelated criminal cases Mark R. Simpson and Susan Kiner have been accused of (or plead guilty to) committing loan fraud against their own family members.
read story from the Palm Beach Post .




State Fraud Funds
Funds earmarked for the investigation of mortgage fraud cases are available in Washington, Califronia and Texas.
read story from the Los Angeles Times .



Orthodox Fraud
Joseph Greeblatt, an Orthodox Jew and disbarred lawyer, is accused of bilking investors out of $50 million, was sentenced to 3-9 in prison and still faces more charges.
read story from North Jersey Media Group .



Mortgage Murder Case Advances
The investigation into the murder of Andre Kissel, who was facing a mortgage fraud trial when his dead body was found in April, has now been joined by multiple government agencies.
read story from The Stamford Advocate .

 
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