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Fraud News Wire

Last Updated Tuesday, August 22, 2006, 03:56 PM 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 16, 2006

Fraud Education
PreventMortgageFraud.com hopes to jump on the fraud prevention gravy train by offering educational courses.

Chicago Fraud Alert
Interthinx has warned of a Russian fraud ring that is closing numerous second mortgages on the same property to avoid detection.

BoA, HSBC Tangled Up In Fraud Lawsuit
Three prominent banks must defend themselves against allegations of negligence and breach of fiduciary duty in connection with a mortgage-related Ponzi scheme run by a real estate attorney who milked hundreds of millions of dollars from the Orthodox Jewish community.
read story from MortgageDaily.com .
(subscription required)

Wife Busted for Trying to Rip Off Husband's Equity
Theresa Palmer was arrested for trying to defraud a mortgage lender and her husband out of $35,000 by bringing another man to the closing.
read story from Newsday .

Tangled Web
John Maynard is accused of drawing up a bogus mortgage deed to help Jennifer Lauer, a friend's former girlfriend, buy a home with company funds.
read story from the Orlando Sentinel .

Utah No. 2 in Mortgage Fraud
One Utah resident was decieved into purchasing a $625,000 property that was actually worth only $425,000.
read story from KSL TV .

PA Jumps on Fraud Probe
Pennsylvania regulators are investigating possible mortgage fraud after victimized borrowers came forward after a series of newspaper stories detailing an FBI probe.
read story from McClatchy-Tribune Business News .

Used Car Dealer Heading to Prison
Dave Green, owner of David Green Auto World Inc., was sentenced to more than three years in prison for defrauding ESL Federal Credit Union on a $195,000 home equity loan.
read story from the Rochester Democrat and Chronicle .

CO AG Candidate Takes Stance on Fraud
Fern O'Brien, a candidate for Colorado's Attorney General office, is promising voters she can do a better job identifying and stopping mortgage fraud.
read story from the Aspen News Daily .

Delinquent Borrowers Warned
All U.S. Better Business Bureau's have issued an international mortgage fraud alert advising borrowers who are facing foreclosure to take precautions when dealing with a company that promises to help them.
read story from Frost Illustrated .

Convicted Builder Leaves Borrowers Hanging
Home developer Javier Siu, who was convicted on charges including mortgage fraud, is being pursued by homeowners who say much work has yet to be completed.
read story from the Miami Herald .

Fake Contractor Alleged
Frank Tim Smoot has been accused of taking $18,000 for Hurricane Katrina repairs from a Mississippi couple even though he is not a licensed contractor.
read story from WLBT 3 .

Mortgage Fraud Laundered Drug Money
Mortgage broker Todd Love, a former employee of Seattle Mortgage Advisors, admitted to structuring illicit mortgage transactions on behalf of three alleged drug dealers.
read story from the Seattle Times .

Mother, Son Arrested
Annette Hardy and her son Greg Hardy were among 17 people arrested by the recently-created mortgage fraud unit of the Atlanta Police Department.
read story from WXIA-TV Atlanta .

HUD Fraud Haunts Candidate
Former Clinton cabinet member Andrew Cuomo was faulted by another New York Attorney General candidate for mismanaging a federal HUD program that caused hundreds of millions of dollars in losses.
read Associated Press story .

Credit Union Customers Victimized
Virginia Alvarez was charged with defrauding mortgage customers of Industrial Federal Credit Union out of thousands of dollars.
read story from the Journal and Courier .

Trio Sentenced
Ringleader Todd A. Kolbe and Kirk McVey were sentenced to 2.5 years in prison, while Amy Kolbe was sentenced to probation, for defrauding a company acquired by Opteum Financial Services on 30 Florida mortgages.
read story from the Bradenton Herald .

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