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Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Friday, September 29, 2006, 02:32 PM 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 22, 2006


Interthinx Launching New Service
Interthinx has notified its customers of the upcoming official launch of FraudGUARD, which analyzes the complete loan file to flush out fraud in every aspect of the loan application process.



Contractor Guilty of Stealing Mortgage Co. Funds
Salvatore Lavalle is subject to three to six years in state prison for receiving funds from CCO Mortgage Co. to rebuild a fire-damaged home and never completing the work.
read the story from Daily Freeman .



Language Barriers Victimize Latino Borrowers
Latinos who cannot speak English are often victims of unscrupulous mortgage brokers who confuse them into signing for a predatory loan -- and many times the brokers are Latino as well.
read the story from the Pinnacle News .



Woman's Stolen Identity Used for Mortgage
Through an unsuccessful attempt to buy a car, a 55-year old woman found out her social security number has fraudulently been used since 1982 to obtain a mortgage, credit cards and utilities services.
read the story from the Daily Ledger .



1 of 2 Brothers Released From Prison
While both Robert and Richard Amico asked to be released from prison while they appealed convictions for running the largest mortgage fraud scheme in western New York, only Richard's request was granted.
read the story from R News .



Roof Scam Season Is Here
An assistant attorney general warns that fall is the season most likely for fraudulent roof repairers to come knocking on doors and steal borrowers' home equity.
read the story from Heartland News .



Convicts Deny State Charges of Fraud
Former nursing home operator Antonio L. Giordano and John J. Montecalvo, who will begin serving federal prison sentences, pleaded not guilty to state charges that they directed federal money to a mortgage company Giordano owned a 50 percent interest in for their own personal use.
read the story from the Rhode Island News .



How to Avoid Foreclosure Help Scams
Washington regulators warned residents to be on the lookout for foreclosure rescue scams and gave tips on how to prevent being taken in.
read the story from the Post-Intelligencer .



Fraudster Brothers Seek Prison Release
Robert J. and Richard N. Amico will ask a judge if they can be out of prison while they appeal conviction for running a massive mortgage fraud scheme -- the largest prosecuted in western New York history.
read story from the Rochester Democrat and Chronicle



Unfair Lending Claims
Among the subjects discussed in an Assembly hearing by consumers, advocates for the poor, and business representatives was predatory, high cost-mortgages by nonbanks.
read the story from The Buffalo News .



Freddie, Lenders Educate Hispanics
Freddie Mac, Bank of America and Bank of Texas are funding Nuestro Barrio -- a Spanish-language TV soap opera to educate viewers on financial issues, including predatory lending and foreclosure prevention.
read the story from Default Servicing News .



Fraudster Stuck With 5-Year Sentence
Jamie Edelkind lost an appeal of a 5-year prison sentence after a judge decided that all four companies he defrauded through mortgages, including Lehman Brothers, were federally insured.
read story from The Patriot Ledger .


September 20, 2006


Expedited Risk-based Authentication
Digital Resolve updated its risk-based authentication solution to protect customers from online transactions where fraud is suspected.



Mortgage Fraud Prevention Training Video
Interthinx will launch Fraud Sheme Investigation, a mortgage fraud prevention training video, at an upcoming quality assurance conference.



Deed Change Warning System
Equity Depot released its LoanGuard product which reportedly alerts mortgage lenders of financial risk to their Georgia loans.



4 Admit to ID Theft for Mortgages
Provilon Duverge and Frantczia, Charlotine and Dotty Pierre pleaded guilty to operating a flipping scheme in which they used stolen hospital patients' personal identity information to obtain mortgage loan proceeds.



Fraud Integrated Into LOS
Ellie Mae's loan originationa systems have been loaded with fraud protection from Advantage Credit International.



Worst Metros for Fraud
A quarterly index that measures the likelihood of losses from mortgage fraud rose again.
read story from MortgageDaily.com
(subscription required)



Fraud Fuels Foreclosures
Foreclosure is sometimes the result of mortgage fraud, such as inflated home values and loan terms that are different than what the lender had promised, say victims.
read the story from WKRC .



Foreclosure Rescue Scams
Jmmy Dainard of Reliance Residential of Kirkland and David Gintz are being accused of running foreclosure rescue scams that left people homeless and ate up home equity.
read the story from King 5 News .



4 Accused of Tax Fraud
NCK Services' Karen D. Berry, her sisters Carla D. Berry and Valerie M. Dixon, and Ivan T. Johnson face charges of preparing fraudulent tax returns that contained false mortgage interest deductions and led to losses of more than $14 million for the government.
read the story in the Daily Bulletin .





Theft Leads to 12 Years for Financial Planner
Larry E. Walkup, an insurance agent, was sentenced to a dozen years in prison for stealing from elderly citizens, including an 83-year-old reverse mortgage borrower who is financially limited due to a $37,000 loss on the loan.
read the story from The Journal-Gazette .



Businessman Gets 3 Years for Fraud
Along with the prison sentence, Rob Ellertson must pay nearly $2.8 million in restitution to mortgage and title insurance companies he bilked.
read story from the Salt Lake Tribune .



Bankrupt Mortgage Co. Under Fire Again
The trustee of Brasota Mortgage Co. intends to file a $40 million claim against the bankrupt mortgage company's late owner to regain investors' money.
read the story from the Herald Today .



RE Appraiser Sentenced 5 Years for ID Theft
Walter Jackson received the sentence for stealing personal information to obtain fraudulent mortgages.
read the story from the Chicago Tribune .



3 Mortgage Co. Owners Accused of Fraud
Ted Russell Schwartz Murray, David Issac Lapin and Jeffrey Carl Wigginton Sr. are scheduled to appear in court to answer to charges involving a pyramid scheme operation through Premiere Holdings of Texas.
read the story from the Houston Chronicle .


 
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