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Week Ending September 2, 2011

Mortgage Fraud News

Case Activity

Brokers Sentenced in $11 Million Scheme
Sept. 1 -- Two mortgage brokers were sentenced to three years in prison today for lining up fraudulent loans to build homes on Smith Mountain Lake, cheating banks out of at least $11 million.
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Chinese Targeted in $5.9 Million Scheme
Sept. 1 -- Authorities expect to indict seven people Friday for allegedly running a sophisticated identity theft and mortgage fraud scheme that stole at least $5.9 million from homeowners, including some in the San Fernando Valley.
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Sentence Handed Down in $1.3 Million OK Case
Aug. 31 -- EDMOND, Okla. -- A judge has sentenced an Oklahoma man to 40 months in federal prison for his role in a conspiracy to commit wire fraud in connection with mortgage loans.
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Loan Officer Among 3 Indicted in $1 Million Case
Aug. 29 -- A mortgage fraud indictment unsealed Thursday in Sacramento federal court charges three men with a scheme that ultimately caused property foreclosures and more than $1 million in losses to lenders.
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Guilty Plea in $7 Million Scam
Aug. 29 -- A Las Vegas man who formerly worked as a mortgage broker in Chester County pleaded guilty Thursday for his role in a $7 million mortgage scam.
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Date Defendants State Amount of Loans Overview Source
Sep 1 Mark Escarcega, Blanca Escarcega AZ Residential loan Guilty pleas. Sentencing set for October 3, 2011.
Sep 1 Joseph A. Curcio NJ $5,000,000 Turned himself in for arrest. Paragon Federal Credit Union a victim lender. Department of Justice
Sep 1 Baretta Dean Bork, Xavier Willis Bork MN $4,000,000 Sentences: Xavier 60 months prison; Baretta 60 months prison. Department of Justice
Sep 1 Mark E. Greenlee, Deborah Joyce, Todd Joyce WV $2,000,000 Greenlee pleaded guilty; Deborah Joyce previously sentenced to 46 months; Todd Joyce previously sentenced to 18 months. Department of Justice
Sep 1 Timothy Scott Brooks, Adam Nash Spruill VA $7,000,000 - $20,000,000 Each sentenced to 3 years prison plus 2 years supervised release. Joint and several restitution to be paid to PNC Bank in the amount of $6,860,946; to FDIC in the amount of $2,792,336; to GMAC/RFC in the amount of $738,493; to HSBC in the amount of $497,314; and to Flagstar Bank in the amount of $252,604. Department of Justice
Sep 1 Ju Young Chung CA At least $5,900,000 Arrested; awaiting indictment.
Aug 31 Jason F. McLendon FL Multpiple properties Acquitted.
Aug 31 Jeremy Chad Smotherman, Michael Bryan Krabousanos, Chris Rowland TN Approximately $202,000 in restitution and forfeitures. Sentences: Smotherman 6 months federal prison camp plus 3 years probation; Krabousanos received time served for 5 hours spent in jail after initial arrest plus 3 years supervised release; Rowland previously sentenced to 2 years prison.
Aug 31 George O. Guldi NY $30,000,000 - $40,000,000 Sentenced to 1-3 years prison for second conviction. Sentence is to run concurrent with the term he is currently serving.
Aug 31 Derrick Reuben Smith, Michael Gipson, Trina Tahir OK Multiple properties Smith sentenced to 40 months prison plus 2 years supervised release and $369,355.54. Gipson and Tahir previously pleaded guilty and await sentencing. Department of Justice
Aug 30 John Wesley Martynec CA $300,000 Indicted.
Aug 30 Mary L. Francois LA $2,300,000 Sentencing postponed.
Aug 30 Steven Wark NV Multiple properties Guilty plea. Department of Justice
Aug 29 Robert C. Sasser SC $2,500,000 Guilty plea. Department of Justice
Aug 29 Venedie Roberto Valencia, Felix Pichardo, Latrice Shaunte Borders CA Approximately $1,000,000 Valencia sentenced to 15 months prison plus $51,688 in restitution; Pichardo previously sentenced to 8 years prison plus $777,000 in restitution; Borders previously sentenced to 2 years prison. Department of Justice

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