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Week Ending Aug. 28, 2009


Mortgage Fraud News

Case Activity

Aug. 27, 2009

CA Fraud Bill Progresses
SB 239 was unanimously approved by the California legislature and awaits Gov. Arnold Schwarzenegger's signature.
read story from the San Jose Mercury News

Reverse Fraud Rises
So far during the fiscal year that ends at the end of September, HUD has referred 29 cases of suspected reverse mortgage fraud to its Office of Inspector General.
read story at Wall Street Journal | 2nd link
Aug. 25, 2009

ID Theft, Appraisal Fraud Drive Increases Fraud Risk
The risk of mortgage fraud has migrated west during the past year, a new study indicates. While fraud involving inflated home valuations and identity theft leapt, occupancy and income fraud tumbled.
read story at MortgageDaily.com
Aug. 24, 2009

10 State Join Feds to Fight Fraud
Washington is among 10 states joining forces with the U.S. Department of Justice, Department of Treasury, Department of Housing and Urban Development and the Federal Trade Commission to fight mortgage scams -- including mortgage fraud.
read announcement from Washington Attorndy General
Aug. 23, 2009

Fraud Training Pays Off for Bank Employee
After attending a mortgage fraud seminar sponsored by local police, Century Bank employee Melody Shimmell uncovered a $50,000 scam
read story from Herald Tribune

Opinions Vary on California Fraud Bills
A reader comments on California's pending Senate Bill 94 and AB 764.
read story at The Sacramento Bee
Aug. 21, 2009

More Crime in Tough Times
Among fraudulent schemes that are rising because of a tough economy iseal estate title fraud.
read full story at The Gazette

Florida Fraud Double
Mortgage fraud complaints by federally chartered banks in Florida rose to 7,073 in fiscal 2008 from just 3,431 in 2007.
read full story at Orlando Business Journal
Aug. 19, 2009

Mortgage Litigation Today
Issues addressed in recent mortgage lawsuits include lending discrimination, mortgage fraud and political contributions by two of the country's biggest mortgage firms. In another case, a former employee of a failed reverse mortgage lender who was accused of stealing 56,000 mortgage leads has pleaded guilty.
read full story at MortgageDaily.com
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
Date Defendants State Amount Overview News
Aug. 28 Roland Smith NJ $137,750 Guilty plea. The Jersey Journal
Aug. 27 Anthony E. Carollo, Rebecca Gelwix, Anthony B. Painton Jr., Eric M. Rabicoff; Jason L. Rabicoff; Lucas R. Collier; Deborah Saulmon; Bora Ly; Kong Bun Ly; Richard Ngek IA $3,000,000 Guilty pleas. The Star

Associated Press


Aug. 27 James Lytle, John Boumenot , Martin Valadez WI $4,000,000 Guilty plea. Journal Sentinel
Aug. 27 Daniel W. O'Connor, Lawrence J. Kraynak, Kenneth Cowden PA n.a. Guilty pleas by Financial Freedom Mortgage brokers. The Tribune-Review
Aug. 26 Kirtikumar Menon, Argentum Real Estate and Mortgage Inc. CA $1,400,000 Guilty plea. KGO NewsTalk AM 810

Associated Press

Aug. 26 Eric Wayne Moen, Kevin Ray Winkelmann MN $640,000 Fraud indictment includes charges of participating in a marijuana operation. Detrios Lakes Tribune
Aug. 26 Uri Gofman, Tony Viola, Igor Gofman, Kevin Landrum, Dave Pirichy, Dale Adams, Steve Greenwald, George Gardner and James Leoni, Real Asset Fund, Karka Inc. OH $44,000,000 Indictment in Real Asset Fund case where down payments were forged. FraudBlogger.com


Aug. 25 Victor Roman, Tony Mojica, Jose Flores, VRM Mortgage Co., Harvard Financial Services, Roman Realty, CT n.a. Lawsuits filed in scheme targeting Spanish-speaking borrowers for loans with falsified income. Connecticut Post
Aug. 25 Doreen Swenson, Herbert 'Phil' Hall, Mildred Didio, David Reback, Eileen Potash, Frank Corgiliano, Amerigo DiPietro, Wilma Shkreli, also known as Wilma Gecay NY $1,400,000 Defendants, including 4 lawyers, plead innocent. MidHudson News

Associated Press

LoHud. com

Aug. 24 Lance Lockard, Gary Paterna, Charles Carlson, Holli Stroud, Jonathan Ruf, Keith Facer, Don Murray, Cerise Sanders, Alaska State Mortgage Company, Inc., AK losses of
70-month sentence for lead defendant. KTVA

U.S. Attorney's Office

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