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Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Wednesday, September 06, 2006, 03:35 PM Texas Time


Originator Steals $14 mil from Employer

A Chicago loan originator has been arrested for stealing $14 million from his employer.

Jacques L. Antoine lived pretty well on a salary of just $48,500 a year.

According to federal authorities he lived in a Florida home valued at $1.6 million, cut $800,000 in checks to luxury auto and boat dealers and bought eight pieces of property in Chicago.

Antoine, 58, a native of Haiti who worked as an assistant vice president and mortgage loan originator at Harris Trust and Savings Bank in Chicago, has been arrested for allegedly stealing $14 million from the company between 1998 and 2004.

MortgageDaily.com subscribers read full story


IndyMac Files Fraud Lawsuit


IndyMac Bank has filed a lawsuit alleging it was defrauded on $20 million in Florida mortgages.

Los Angeles-based IndyMac named 41 Akron, Ohio, residents, VP Equity LLC of Stow, Ohio, two other Ohio firms and a Florida developer, appraiser and a law firm in a lawsuit the company filed in Summit County Common Pleas Court in northeastern Ohio.

IndyMac alleges that in a complex conspiracy involving several apparently fraudulent companies and straw buyers, the defendants "maliciously and illegally combined to induce IndyMac into funding the loan transactions," according to a copy of the lawsuit.

The company also claims the defendants knew they were making false representations and concealed facts "that would have alerted IndyMac to the scheme."


read full story


August 30, 2006


Online Fraud Prevention
A New Jersey company says the debut of its Internet-based mortgage fraud prevention software was a smashing success.



Conviction in $15 Million Case
Real estate broker Mohammad H. "Mike" Gharbi was found guilty of participating in a scheme where banks and mortgage lenders were defrauded out of $15 million
read story from the Austin American-Statesmen .



Mortgage Broker Stole Loan Proceeds
Tony Tate, a Florida mortgage broker, was arrested for allegedly diverting $14,000 in loan proceeds to companies he owned.
read story from First Coast News .



Lawyer Duped Community
Miami developer and lawyer Oscar Rivero was arrested for allegedly spending $736,000 in public money to buy himself a house, appliances, a pool and even a $3,000 insurance policy.
read story from the Miami Herald .



Politician Entangled in Mortgage Fraud
Saundra McFadden-Weaver, a Kansas City councilwoman, bought a $400,000 property that is now in foreclosure with nothing down and with no intention of occupying it.
read story from The Kansas City Star .



Too Good to Be True
A Las Vegas scam has shady investors offering ridiculously high prices for properties, then looking for hundreds of thousands of dollars in cash at the closing.
read story from KLAS TV 8 Eyewitness News .



Mass. Broker Bill to be Reintroduced
Massachussetts State Senator Brian A. Joyce plans to reintroduce a bill that would require all loan officers, in addition to the owners of the mortgage firms, to be registered with the state.
read story from the Boston Globe .



Fallout From Fraud
Mortgage fraud is technologically advanced, involves multiple players and leaves affected neighborhoods devastated.
read story from the Appleton Post .



3rd Times a Charm
Rafael D. Reyes, owner of Reyes Multi-Services and a Massachusetts mortgage consultant who had already been convicted twice for identity fraud since 1998, allegedly stole the identity of a recent loan applicant to buy a $260,000 duplex.
read story from the Boston Globe .


August 25, 2006


5 Common Fraud Scams
An Arizona mortgage company warns prospective borrowers of five common online schemes they should watch out for.



Georgia Fraud Alert
Interthinx is warning its customers about suspicious activity at a Stone Mountain development.



Banned From Mortgage Lending
Michigan has banned several people from mortgage lending in the state because of alleged mortgage fraud activity.
read story at MortgageDaily.com .
(subscription required)



Woman Stole In-Laws' Equity
Megan Deanne Contreras has been arrested and charged with real estate fraud for forging the signatures of her elder mother- and father-in-law and obaining a $65,000 home equity loan.
read story from the Fontana Herald .



2 Men Being Held in $13 Million Scheme
Frank Padilla and Carlos "Charlie" Bent were indicted for allegedly running a $13 million mortgage fraud scheme.
read story from KVOA Tucson News 4 .



Mortgage Fraud Around for Decades
Former prosecutor Anthony Accetta was fighting mortgage fraud 34 years ago as an assistant U.S. attorney in New York and helped convict 70 people and companies.
read story from Denver Post .



3 Years for 1 Fraud
Kym Salisha Saloman will spend nearly three years in prison for using fake idetities to get a $299,000 mortgage loan on her home.
read story from the Times-Dispatch .



FHA a Problem in CO
Colorado has had the highest home foreclosure rate in the country for five straight months because of an FHA program that allows people to borrow more than their houses are worth with little or no money down.
read story from the Denver Post .



Lawyer Charged
Arthur Wootton was disbarred as an Ohio attorney because he stole $360,000 that was supposed to pay off mortgages.
read story from The Plain Dealer .



Mortgage Lender Charged
Tina Rae Musselwhite, a former loan officer with Meridian Lending Inc. and most recently with Capital Mortgage & Financial Group, was the 15th person to be charged in a $7 million fraud scam involving 100 properties.
read story from the Athens Banner-Herald .



FHA Termination Preceded Failures
The U.S. Department of Housing and Urban Development terminated the FHA approval of Creative Mortgage, Mortgage and International Lending Solutions and Alliance Mortgage Capital just prior to each of the companies being dissolved.
read story from the Denver Post .



16 People Charged in Massive Ring
A Kansas City identity theft ring that ballooned into mortgage fraud and drug trafficing ring has been broken up, with 16 people -- led by Carlton P. Strother, recently charged.
read story from KMBC .



Senator Charged with Fraud
Tennesee State Sen. Jerry Cooper was indicted Tuesday for, among other things, possible real estate fraud.
read story from The City Paper .



Net Branch Broker Pleads Guilty
Antonio Devon Harrison, a former broker with Carteret Mortgage and Allfund Mortgage, and Kathy Frye pleaded guilty to charges related to a $1 million mortgage fraud scam.
read story from the Press-Register .


 
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