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Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Wednesday, September 20, 2006, 10:43 AM Texas Time


The Power of Attorneys

Stealing mortgage proceeds from clients is bad enough. But two of the latest real estate attorneys gone wild stole from elderly clients.

John Peck was once the city lawyer for New Haven, Conn., and a member of respected family law practice.

Now, he faces seven years in prison after being convicted of stealing $2 million of his clients' money.

Most of the thefts occurred in mortgage and real estate transactions, according to a statement from the Office of the Chief State's Attorney in Connecticut.

read Patrick's full story at MortgageDaily.com


Fraud Femme Fatale

Ann Fulmer, whose whole life has been about asking questions, has gone from a concerned citizen to a fraud prevention icon.

From radio reporter to lawyer to investigator to her present job helping companies uncover mortgage fraud, Fulmer has relied on an inquisitive nature since she was a child.

"My mother always said my first word was 'why?'," Fulmer said in an interview with MortgageDaily.com.

Fulmer is vice president of Industry Relations for Interthinx, a California-based provider of mortgage fraud prevention tools and services.

read Patrick's full story at MortgageDaily.com


September 14, 2006


Partnership Fights Fraud and Noncompliance
DataVerify teamed up with ComplianceEase in a marketing partnership to help combat fraud and compliance challenges in the industry.



Watchdog Expands Anti-Predatory Services
America's Watchdog had added document checks and servicing intervention to save borrowers from getting duped.



Mortgage Fraud Impacts Local Economies
Mortgage fraud is more likely to have an economic impact on vulnerable markets, according to an index that measures collateral risk.
read story from MortgageDaily.com .
(subscription required)



Cease & Desist Issued Against Mass. Broker
A Massachusetts branch manager who falsified loan documents and paid fees to unlicensed originators has been shut down by the state -- costing his employer $200,000.
read story from MortgageDaily.com .
(subscription required)



Deputy Charged in Scheme
A former sheriff deputy, Captain Robert W. Jones, is being charged with attempting to have real estate agents participate in a fraud scheme by such things as having them inflate home prices to personally gain from loan proceeds.
read the story from the Oldham Era .



Brokers Cooperate in Drug Ring
An indictment charges that a number of mortgage brokers cooperated in a marijuana growing operation by ignoring that properties purchased for the operation had questionable employment or sources of income.
read the story from The News-Review .



Police Officer Admits to Money Laundering
Robert Carter, an officer on unpaid leave from the Marion Police Department, may soon be terminated from work after pleading guilty to counts connected to his participation in a $2 million mortgage fraud scheme.
read the story from the Chronicle-Tribune .



Mortgage Co. Owner Accused of Fraud
Romero Brice, the owner of Promise Land Mortgage, faces charges for submitting fraudulent mortgage applications to obtain more than $4 million in loans from a Michigan lender.
read the story from Indystar .



Defrauded Investors to Receive Payback
Metropolitan Mortgage and Securities, which went bankrupt after allegedly using sham real estate deals to enhance its bottom line, has sent checks to a round of investors who lost money on the company.
read the story from KNDU .



LO Steals Mortgage Payment Money
Kimberly A. Seay was charged with taking about $283,000 from borrowers' mortgage payments that would end up in her personal account or a revolving line while working as a First BankCentre loan administration supervisor.
read the story from Tulsa World .



2 Face Wire and Fraud Charges
Broker Jay Ann Snyder was charged with inflating prices of home sales to lenders, including SunTrust Bank, and sharing the excess proceeds with Mark Estell Wilkins, who allegedly participated as a borrower in the deals.
read the story from The Chattanoogan .



Fraudster's Bail Reassigned
A panel decided the request to bail Richard N. Amico, one of two brothers convicted in 2003 of involvement in a $60 million mortgage-fraud scam, should be handled by a judge other than the one who presided in the trial.
read the story from Rochester Democrat and Chronicle .



Closer Pleads Guilty to Mortgage Fraud
Joycelyn Easter, who worked as a closing agent for two title companies, admitted to wire and loan fraud, agreeing to help investigators in the case involving alleged use of straw buyers for $1 million in loans from Regions Bank.
read the story from the Press-Register .



Business Columnist Pinpoints Fraud
A Sun-Sentinel columnist points out fraud hot spots and describes types of mortgage fraud.
read the article from the Sun-Sentinel .



RE Investor to be Jailed for Fraud
Barrylee Paul Beers received a 4-year prison sentence for fraud and conspiracy in a scheme in which he and real estate business partner Mickey Allen Weickseland received more than $4 million in kickbacks.
read the story from the Intelligencer Journal .



RE Developer in Fraud Probe
Massachusetts authorities are investigating Michael W. O'Donnell for fraudulent real estate transactions, including gaining the title of a woman's property through deed transfers of less than $200.
read the story from The Enterprise


September 8, 2006


Ethics Hearing Near for Councilwoman
A Kansas City ethics commission is working on scheduling a hearing to determine whether councilwoman Saundra McFadden Weaver broke the law by signing for an owner-occupied mortgage on a home intended for someone else and located outside of her residence requirements.
read the story from KMBC-TV .




Illinois Combats Foreclosure Rescue Fraud
Housing advocates outlined tactics used by fraudulent companies that promise to rescue borrowers from forelcosure.
read the story from the Pioneer Press .



NJ County Fights Predatory Foreclosure Help
Ocean County officials are alerting distressed homeowners about predatory practices by foreclosure deal makers and are using a two-step system that notifies homeowners when the property is posted for sale and later informs them results of the sale.
read the story from the Asbury Park Press .



Mortgage Scam Leaves Couple Homeless
A judge lifted an eviction injuction that had kept a couple in their home after mortgage broker Mitchell Sims promised they could repurchase the home from him at a later date but instead sold the property to another party.
read the story from Newsday .


 
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