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Archive of FraudBlogger.com entries going back to 2005.

Mortgage Fraud Archives

Week Ending Aug. 14, 2009

 

Mortgage Fraud News

Case Activity

Aug. 12, 2009


CA Legislation Addresses Mortgage Fraud
AB 764 and SB 94, which are likely to be passed by California's legislature, reportedly address mortgage fraud.
read full story at the Fresno Bee
Aug. 10, 2009


Reverse Mortgage Fraud Schemes
The Federal Bureau of Investigation said in its 2008 mortgage fraud report that senior citizens are being recruited through local churches, investment seminars and advertising to purchase distressed properties from straw buyers.
read story at MortgageDaily.com

Calif. Prosecutors Step Up Cases
A focus on mortgage fraud beginning two years ago has led to more criminal prosecutions by the El Dorado County district attorney.
read story at Sacramento Bee
Aug. 4, 2009


FHA Suspends Taylor Bean
Taylor, Bean and Whitaker Mortgage Corp. lost its FHA approval, while its Ginnie Mae servicing portfolio was seized. The company allegedly hid the fact that its own auditor uncovered potential mortgage fraud on government-insured loans and failed to disclose two state investigations during the past year.
read story from MortgageDaily.com
Aug. 3, 2009


Orange County Targets Mortgage Fraud
The district attorney in Orange County, Calif., said they plan to crack down on real estate fraud.
read full story from Examiner.com
July 31, 2009


Judge Accused of Bias in Foreclosure Case
A loan closed by Centex Home Equity Corporation, which now operates as Fortress Investment Group LLC subsidiary Nationstar Mortgage LLC, is at the center of allegations of bias by borrower Sun-Ming Sheu.
read full story at Black Star News
July 28, 2009


218 South Floridians Charged Since 2007
Since launching a federal-state mortgage fraud initiative in September 2007, 218 people have been in schemes involving more than $268 million.
read Associated Press story
July 27, 2009


Miami-Dade 2nd Highest in Fraud Reports
With 5,155 reports of mortgage fraud, the Miami-Dade office of the FBI had the second-highest activity in the country during 2008.
read story at South Florida Business Journal
July 25, 2009


FL AG Concedes Did Nothing to Stop Fraud
Florida's attorney general conceded that his agency did little to stop the more than 50,000 cases of potentially illegal real estate flipping deals uncovered by the Herald-Tribune.
read story at Herald-Tribune
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
Date Defendants State Amount Overview News
Publication
Aug. 14 Klara Horvath FL judgment of:
$770,000
18-month sentence. Tampa Bay Business Journal
Aug. 13 Damon Clark, Reginald Tardy Jr., Brian VanFarowe MI n.a. Charges issued. Michigan Attorney General

Wood TV

The Grand Rapids Press

NEWSCHANNEL 3

Aug. 13 Larry Maxwell MN $2,000,000 16-year sentence. KSTP

Associated Press

KAAL TV

Aug. 13 Earnest Lewis, Michael K. Lewis, Winston Thomas, Cheryl Brooke MD forfetirure of
$2,200,000
4-year sentence. Gazette.Net

WBAL TV

Aug. 13 Theresa Sanders, Ralph Sanders, Michelle Powers, James Hayes, Steven Essig NY 13 loans, one at $72,900 Borrowers accuse The Post-Standard
Aug. 13 Jay Leonard, Osman Al-Bari MD 20 properties, $7 million losses Indictment. FBI announcement

Imperial Valley News

Examiner

Aug. 13 Brian VanFarowe, Damon Clark, Reginald Tardy Jr. MI six houses Charges issued. The Grand Rapids Press
Aug. 13 Charles M. Davis, Scott Allen Kassebaum, Cheryl Joan Kassebaum MO 20 loans between $200,000 and $500,000 each Guilty plea. News-Leader

Wood TV

OzarksFirst.com

Springfield Business Journal

Aug. 12 Michael I. Striker MN $4,000,000 Guilty plea for former owner of Worldwide Mortgage and Investments. MN Sun
Aug. 12 Michael J. Dean KS loan proceeds:
$243,000
1-year sentence. WIBW

Kansas City info Zine

Aug. 12 Gilberto Jesus Lima FL $1,500,000 Guilty plea for broker at Mortgage Corporation of America. The Tampa Tribune
Aug. 12 James L. Esters, Danny DeGrande,s John Scherling CO unknown but 22 homes involved Indictement. Associated Press
Aug. 12 Jonathan Edward Helgason, Thomas Joseph Balko MN $35,000,000 Prisoners oredered to pay $11.7 million in restitution. Pioneer Press
Aug. 11 Larry P. Nardelli FL $80,000,000 4-year sentence. Tampa Bay Business Journal
Aug. 11 Michael J. Dean KS $243,000 1-year sentence. Kansas City Star

NBC Action News

Aug. 11 Jonathan Helgason, Thomas Balko MN $35,000,000 7+ year sentence. Star Tribune
Aug. 11 George O. Guldi, Donald MacPherson, Carrie Coakley, Renee Garzon, Lisa Resurreccion, John E. Sheenan, Ethan Ellner, Dustin Dente, Brandon Lisi NY $82,000,000 Not guilty plea by attorney-defendant. JPMorgan, WaMu and BoA among victims. New York Law Journal

Long Island Business News

Associated Press

Newsday

Aug. 11 Kyle Grasso, Lila Rizk, Joseph A. Babajian, Mark Alan Abrams, Charles Elliott Fitzgerald CA $142,000,000 Realtor, appraiser found guilty & big Beverly Hills agent found not guilty in case where Lehman Bros. Bank was a victim.

Los Angeles Times

FBI Announcement

Washington Examiner

The Orange County Register

Aug. 10 Larry Pratt MN $3,200,000 Defendant's request for new judge denied in case tied to Universal Mortgage.. Star Tribune
Aug. 10 Jeffrey Barry MI $451,707 Arrest. 6 WLNS

Lansing State Journal

Michigan RealEstateRama

Aug. 7 Garth Celestine, Phil A. Simon NJ $10,000,000 Arrests in case alleging mortgage fraud in foreclosure rescue scheme. FBI
Aug. 7 Michelle Cochrane, Calvin Davis, Robert Green, Timonthy Falls, Dennis Addision, Dennis LeBlanc, Michael O'Keefe Jr. LA restitution of
$95,000
Citywide Mortgage underwriter sentenced to 1 year. Associated Press

ABC 26

American Chronicle

Aug. 7 Godwin Asifo VA $1,000,000 Conviction. Culpeper Star-Exponent

Gainesville Times

Aug. 7 Justin L. Stuckey IN restitution of
$2,300,000
18-month sentence for fomer broker. Associated Press
Aug. 7 Stephen Holman, Jeffery Brown, Phillip Taylor, Ike Osuji, Brian Chenoweth OH $1,488,750 12-year sentence for former Buckeye Lending originator. Argent Mortgage, GB Home Equity LLC and New Century among victimized lenders. Examiner.com

The Plain Dealer


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