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August 31, 2007
Investor Involved in Massive Fraud Scheme
Facing 11 counts of wire fraud, four counts of money laundering, and one count
of conspiracy, Aryeh M. Schottenstein has been charged with a mortgage fraud
debacle that involves a staggering 500 properties and $25 million in bad loans.
read story from Seattlepi.com
Nerves Worsen in Local Market Due to Fraud
Leandro Javier Obenauer, Robert E. Merchant, and Scott Hutchinson are the latest
to be charged with numerous mortgage fraud activities, worsening the anxiety of
an already nervous group of targeted first time home buyers in Florida.
read story from Seattlepi.com
August 30, 2007
Agreeing to Disagree With Your Power of Attorney
Some borrowers who sign a limited power of attorney agreement with their broker
may find that they have opened the door of their home to raised rates, huge
prepayment penalties, and other unwelcome guests.
Broker Launders Money For Drug Dealers
Todd Love, a mortgage broker for convicted drug dealer Robert Kesling, now faces
18 months in prison for helping Kesling and two other drug dealers purchase
properties in order to launder funds tied up in illegal activities.
read story from Seattlepi.com
Heavy Workloads Hamper Fraud Investigations
According to Francois Gregorie, Chairman of the Florida Real Estate Appraisal Board,
reporting mortgage fraud won't start an investigation rolling right away, in fact,
don't expect much to happen until nearly a year later.
read story from The Marco Island Sun Times
Bank Looses More Than a Million Due to Fraud
Former bankruptcy attorney Leslie W. Lickstein will serve 12 months and pay
$1.1 million in restitution for conspiring to commit bank fraud by filing
false settlement statements with Lehman Brothers Bank, enabling a risky home
buyer to obtain a multimillion dollar property that eventually went into default.
read story from The Fairfax County Times
August 28, 2007
A Few Bad Apples
Three real estate attorneys are accused of stealing money
from transactions they closed, with one helping 20 other defendants dupe
lenders on loan files.
read story from MortgageDaily.com
Funds Missing From Title Company's Accounts
Audits of Kim Allen Clay's company, Universal Title, show that payments were
made out of escrow accounts that have nothing to do with closing costs,
rather, they were payments made to Clay himself and several of his associates.
He has also been charged with working with home buyers and sellers to inflate
the value of homes in order to qualify the properties for larger loans.
read story from The Herald Leader
August 27, 2007
Organized Crime Targets All for ID Fraud
Authorities state that, rich or poor, everyone is at risk for becoming the
target of organized crime's attempts to obtain and use individuals personal
Identity information.
Branch Manager Convicted For Fraudulent Loans
According to prosecutors, While acting as a branch manager for Countrywide
Home Loans and American Home Mortgage, banker Kourosh Patow falsified
documents and inflated incomes of individuals on loans he originated.
He has been sentenced to more than two years and ordered to pay fines
and restitution.
read story from KTUU
Title Company Owner Charged With Stealing Deposits
Molly L. Heise, owner of Profit Title and Escrow Corp, and Christine A.
Hein, the company's CFO, have been charged with wire fraud and laundering
$2 million of $370 million in home mortgage loan deposits they routed into
a secret bank account, which violated their agreement with the company's
sole insurer and underwriter Chicago Title.
read story from The Star Tribune
Mortgage Broker Sentenced For Heading Scam Ring
Mortgage Broker, Nathan Parker, was sentenced to nine years, seven months
and $2.5 million in restitution for heading a mortgage fraud scam involving
$4 million and more than 20 properties by having appraisals falsified which
highly inflated their market value. The scheme, involving a motley crew of
financial institution insiders, misled lenders into approving the fraudulent
loans.
read story from The Atlanta Business Chronicle
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