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September 7, 2007
Mortgage Scam Hits Sour Note
Christopher Gallagher, a former rock and roll band member, will be singing a different
tune when he starts an 18 month Federal prison sentence for his involvement in a real
estate and predatory lending scam.
read story from TheMorningCall.com
Shady Mishandling of Escrow Funds
Employees of McClary Financial Group are under investigation for misusing escrow
deposits for their own use, rather than the home purchases the loan borrowers
intended them for.
read story from The New Jersey Law Journal
Elderly Borrower Victimized by Unlicensed Broker
Christian Lambright has been indicted on charges that he stole money from closing
proceeds from an 81 year old borrower, and that he wasn't licensed for any mortgage
activities in the first place.
read story from Columbus Business First
September 6, 2007
Bankruptcy Court Swindled into Helping Scheme
Donna Renae Woods Lawrence, a 'gatekeeper' for HUD's guaranteed mortgage loan program,
scammed the U.S. Bankruptcy Courts into helping her in a complex mortgage fraud plan
that involved her own children, twin sister, and other relatives.
read story from The Atlanta Business Chronicle
Builder Accused of Causing Foreclosures
Prague Estates, a housing development of about 200 homes built by Parish Marketing
and Development is quickly becoming a ghost town due to foreclosures and allegations
of a large mortgage fraud conspiracy involving the builder and it's lenders.
read story from The Star Tribune
Two Women Utilize Straw Buyers in Mortgage Fraud
By creating inflated appraisal values, submitting fraudulent sale contracts, and
falsifying income documents of a group of "straw buyers", Jamila Davis and Brenda
Rickard allegedly swindled Lehman Brothers Bank and Commerce Bank out of nearly
$29 million.
read story from NorthJersey.com
Borrowers Behind Banks
More than 200 home buyers will most likely not receive anything after nearly 20
lending banks divide up a $25 million fraud reimbursement case against several
defendants being charged by Federal attorneys in central Ohio.
read story from The Columbus Dispatch
September 5, 2007
Legal Action Sought by State for Predatory Lending Practices
An armada of brokers, realtors, and their associates are facing a lawsuit filled
by State of Connecticut Attorney General, Richard Blumenthal, for allegedly
misleading and victimizing home buyers into purchasing properties they could
not afford.
Eliminating Fraudulent Debt Elimination Schemes
The Office of the Comptroller of the Currency (OCC) has issued and alert to bank
officers, authorities, and Federal offices about the threat posed by fraudulent
mortgage, credit card, and small business debt elimination schemes.
Task Force Formed To Fight Fraud
Reeling from the wake of excessive fees, mortgage fraud, and poorly disclosed loan
terms, Texas home buyers can now look to the Texas Residential Mortgage Fraud Task
Force to help protect them from lenders with deceptive practices.
read story from The Austin Business Journal
Loan Officer Defrauds FHA
Rhonda Torossian, one of a five member fraud ring, pleaded guilty to falsifying
documents, social security numbers, and employment histories of borrowers with
weak standings in order to have them qualify for Federal mortgage loan requirements.
read story from The Rockford Register Star
September 4, 2007
Man Extradited To Face Fraud Charges
Former owner of Austin Realtors Network, Inc., Firooz Deljavan has been extradited
from Turkey to the U.S. where he will be sentenced after pleading guilty to helping
unqualified borrowers obtain real estate loans by duping lenders with false statements.
High Rolling Real Estate Investor Accused of Fraud
While driving exotic luxury cars and claiming that "God blessed him to be financially
successful", Adam LaFavre, founder of LHS Mortgage Inc, is under investigation for
involvement in a multi million dollar mortgage fraud, this not being the first time
LHS has been under the microscope by the Department of Commerce.
read story from The Star Tribune
Two Charged With Defrauding Lenders
Christopher Adam Horton and Sean Brian Leaf have admitted to their role in
falsifying loan applications filed with Washington Mutual and Associated Bank.
read story from The Star Tribune
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