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Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Wednesday, October 04, 2006, 04:09 PM Texas Time


Countrywide Stung by Massive Fraud

Countrywide Home Loans appears to have been victimized in a mortgage fraud case that could involve as much as $40 million.

Calabasas, Calif.-based Countrywide, the nation's largest residential mortgage lender, has filed suit in Marion County, Indiana, trying to recover millions in allegedly fraudulent loans made to unsuspecting buyers in Virginia and North Carolina, according to a copy of the complaint provided by the company.

The loans totaled more than $15 million, court documents indicate -- but published reports have put the figure at as much as $40 million or higher.

The alleged perpetrators used a scheme to entice borrowers to join an "investment opportunity" or "investment club" that, according to a lawsuit, were nothing more than the fronts a complex property flipping and mortgage fraud ring.

MortgageDaily.com subscribers read Patrick's full story


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


September 29, 2006


Warehouse Lending Workshop
Mortgage fraud mitigation will be one of the many topics covered in the workshop Street Resource Group will host in Chicago on Oct. 23 for lenders who provide interim funding to the small cap mortgage originator market.



QC Tool Launched
At a conference today, Visionet announced the availability of Closed Loop QA/QC, which enables automated predictive modeling, fraud risk management, and error recording.



FraudGUARD Officially Launched
Interthinx announced the offiicial launch of FraudGUARD -- its next generation of loan-level fraud detection.



Realtor's Sentencing Delayed
Mary E. Bolan, a real estate broker who plead guilty to mortgage fraud, had her sentencing delayed.
read story from the Bradenton Herald .



3 Linked to Mortgage Fraud Scam
Mortgage brokers Leanne Booth of Home Mortgage Corp. and Ryan F. Bonneau and real estate agent Troy Martin are being accused of conspiring in a scheme that involves submitting false documents to mortgage lenders as a means to pocket thousands of dollars.
read the story from The Oregonian .



CO Closely Eyeing Appraisers
In an effort to minimize escalating foreclosures, the new real estate division chief of Colorado will begin her plan to shut down fraudulent appraisers by unveiling the investigation next month of an appraiser believed to inflate property values by as much as $100,000.
read the story from the Rocky Mountain News .



Broker Used Shell Co.s For Mortgages
Mortgage brokerage owner Nicholas Piscitelli was charged with wire fraud for allegedly creating a fake company to create phony rental history documents so lenders could issue loans to unfit borrowers.
read story from the Philadelphia Daily News .



Appraisal Fraud Leads to Foreclosure
A couple's home went into foreclosure after a mortgage refinanced with Centex Home Equity turned out to have terms different than what the borrowers were told and had new monthly payments too large to handle because the value of the home was allegedly inflated.
read the story from the Community Press



Flipping Gets Ex-Pastor Convicted
Former church youth pastor Israel Pena could receive up to 65 years in prison for a scheme in which he would buy homes and quickly sell them at a substantial profit to borrowers who submitted fraudulent applications to qualify for a loan.
read the story from the Mid-Hudson News .



Attorney Admits to Mortgage Fraud
Michael M. Hipe faces up to five years in the slammer after pleading guilty to charges related to submitting fraudulent home loan applications to obtain money for his personal expenses and auto business.
read the story from the Gwinett Daily Post .



MD Warns of Foreclosure Rescue Scams
Some state officials worry that fraudulent foreclosure help will continue growing due to housing and mortgage market conditions.
read the story from the Baltimore Sun .



Landlord Sentenced After Massive Foreclosures
Robert J. Palano received a 1-year prison sentence for letting over 100 rental properties fall into foreclosure and for stealing money from a lender, events that separately required him to pay $1.5 million in restitution for lenders, including Fannie Mae, that lost money.
read the story from The Buffalo News .



Man Admits Fraud
James Elliot Coleman faces prison time after pleading guilty to several charges related to his participation in a mortgage and insurance fraud scheme from which he obtained proceeds for his personal use -- such as repaying money he embezzled from a school board he headed.
read story from the Kansas City Business Journal .



7 Years for Mortgage Fraud
Charlie Reed Smith, who pleaded guilty to mortgage fraud, was sentenced to seven years and agreed to testify against the man who allegedly recruited him into a fraud ring.
read the story from the Atlanta Journal-Constitution .



Forensic Accounting
William D. Brown, a former FBI agent, is now a forensic accountant that dissects mortgage fraud cases.
read story from the Fort Worth Business Press .



Mobile Home Mortgage Fraud
Richard D. Meador and Donald Scott Carroll, both mobile home salesmen, were sentenced to prison for helping Donald Wayne Gupton, owner of the the dealership, commit mortgage fraud.
read story from Internet Broadcasting Systems .



No Money Down a Sham
Troy Scott Clements, who operated American Funding, pleaded guilty Friday to promising unsuspecting borrowers they could obtain financing with "no money down."
read story from the Enquirer .



Convicts Conversations Can be Considered
As he awaits sentencing for mortgage fraud on government loans, Joseph Greenblatt's attempt to keep his jail telephone records and visitor logs confidential was struck down by a judge
read story from North Jersey Media .



Jail for Fraudster
Rob Ellertson was sentenced to nearly 3 years in prison for executing mortgage documents using straw buyers.
read story from Deseret News Publishing .



Restauranteur Going to Jail
George Broches, a former restaurant owner, and his former business partner, Dimitrios Brotsis, were sentenced to prison for commiting loan fraud.
read story from the Daily Chronicle .



Texas County Busy With Fraud
Two continuing investigations in Collin County, Texas, already have yielded convictions on mortgage loans totaling more than $10 million
read story from the Dallas Morning News .



Man to Serve For Mortgage Fraud
Ronald A. Waker was sentenced to 20 months after funneling over $10 million in 148 fraudulent mortgage loans obtained through false statements.
read the story from the Dayton Daily News .



2 Men Sentenced For Mortgage Fraud
Mobile home salesmen Richard D. Meador and Donald Scott Caroll will go to prison for a $19 million fraud scheme in which they falsified loan applications to qualify borrowers with bad credit and whose inability to afford the loans resulted in foreclosure.
read the story from the News Observer .



Former Attorney Faces Prison
In October, ex-lawyer Jerard Hankin is scheduled to appear in federal court and faces up to 35 years in jail for charges related to his bribing mortgage companies in exchange for real estate closings.
read the story from Poughkeepsie Journal .


 
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