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Mortgage Fraud Archives
Week Ending Aug. 14, 2009
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Mortgage Fraud News
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Case Activity
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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
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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
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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
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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
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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
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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
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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
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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
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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
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| 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
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| 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
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| 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
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| 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
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| 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
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| 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
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| 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
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| 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
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| Aug. 7 |
Godwin Asifo |
VA |
$1,000,000 |
Conviction. |
Culpeper Star-Exponent
Gainesville Times
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| 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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