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Last Updated Friday, September 12, 2008 10:00 PM Texas Time
 

September 12, 2008


Man Funds Mortgage Fraud with Visa Fraud
A work visa scheme involving 70 immigrants from Eastern Europe was used in conjunction with a mortgage-flipping scheme by a man in Atlanta.




Caught in the Act
A former Missouri mortgage broker who had a small role in a would-be mortgage fraud scheme is going to serve 30 months in federal prison, even though the deal never went through.




September 11, 2008


National Database Proposals Requested
A final Request for Proposal has been announced from Lender Technologies Corporation in the development of a national database designed to help prevent and detect mortgage fraud.




White Paper Examines Mortgage Fraud, Money Laundering
Money Laundering and Mortgage Fraud: The Growth of a Merging Industry, a white paper created by CCH banking law analyst Katalina M. Bianco reveals the correlation between money laundering and mortgage fraud.




Mid-Michigan Task Force Nabs Two
Mid-Michigan, overwrought with mortgage fraud, has assembled a task force to combat the con artists that have taken advantage of a failing housing market. Two people have been charged thanks to their efforts.






Cape Coral Straw Buying Scheme
Husband and wife pleaded guilty to a $30 million mortgage fraud scheme that involved at least 37 properties in Cape Coral between Sept. 2005 and Dec. 2006.




Former Waiter Steals Homes
A waiter-turned-investment adviser stole at least six homesin Virginia leaving the homeowners with nothing. One woman found a chandelier from her home hanging in his foyer and appliances in the kitchen.




Canadians Indicted
Two Canadians and a New Yorker are accused of participating in a homebuilder mortgage scheme in Colorado.




Suspicions Cloud Bankrupt Lender
Liberty Mortgage Funding Company recently filed bankruptcy citing the mortgage market collapse for its demise. But news officials claim there is more to it.




County Gets Grant to Fight Fraud
A Maryland County that has the highest percentage of homes in foreclosure is receiving financial assistance from the state to help investigate and prosecute mortgage fraud.




Rental Property Purchase Scam
North Carolina attorney general Roy Cooper ordered Maurice Jenkins, Lessane Properties, LLC and Fayetteville’s Property Center to stop doing business in the state.




Language Barrier Used in Fraud
A former loan officer took advantage of Spanish speaking applicants in a scheme that defrauded at least 10 lenders.




September 9, 2008


Red Flag Compliance Software Solution
IdentityTruth has created a new software solution to assist lenders with the new compliance regulations beginning Nov. 1. The software combines data beyond credit information to detect potentially fraudulent activity.




More Details on Heavy Ohio Indictment
The 106-count indictment covers more than 200 criminal charges against 19 co-defendants. The crimes include mortgage fraud on 16 properties, valued at over $1 million.




Time Ran Out, Charges Dropped
Charges have been dropped against James Lee Lankford, owner of Century 21 Apollo, due to the fact the fraudulent mortgage activity that occurred nine to 15 years ago has exceeded the four to six year statute of limitation.




Michigan Ranks 10th for Mortgage Fraud
News of fraudulent activity is spilling out of every media outlet. One way to avoid getting caught up in a fraud scheme is to investigate the terms and if it sounds too good to be true, don’t do it, according to WILX news.




September 8, 2008


High Count Indictments in Ohio
In one case, 19 co-defendants have been charged in a 106-count indictment and in an unrelated case a mortgage president is named in a 147-count indictment.




Consecutive Sentences for Title Co. Owner
Clarissa Foster, 35, was sentenced to two years in prison in addition to the five years she was sentenced to last June. Her mother was found not guilty in this particular case.




Detroit Tax Assessor, Ex-Cop Flip 35 Properties
Three Detroit-area men have been named in an 11-count indictment of flipping 35 properties in a multi-million dollar mortgage fraud scheme. City of Detroit tax assessor Jacque Miller, former police officer Pierre Greene and Sandy Robinson have been accused of working together to defraud lenders using inflated appraisals and straw buyers.




Fake Pay-off Statements Used in Scam
John Tsiaoushis, 41, is guilty of refinancing two residential properties in Virginia six times. He has been sentenced to six years in prison and ordered to pay almost $4 million in restitution.




Argent Executive Sentenced
Former vice president of subprime lender Argent Mortgage Co. has been sentenced to 18 years in prison.








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