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October 5, 2007
Banks Loose Millions In Michigan Scam
A United States Attorney announced in Dearborn, MI. that Safi Sobh was sentenced
to ten years behind bars for leading a mortgage fraud scam that cost Ohio Savings
Bank and Commercial Federal Bank, among others, millions of dollars in defunct
loans.
6 Charged In ID Theft and Fraud Scam
Judith E. Yawakie, owner of Gateway Mortgage Group LLC, and her accomplices,
Stephanie E. Davis, Tyrone L. Davis, Deborah K. Schneider, Scott E. Schneider,
and Ryan V. Mooney have been charged with using stolen ID's and defrauding lenders
out of $184,000 in a real estate scam involving several properties in St. Joseph, MO.
11 Arrested By New Fraud Task Force
Miami-Dade police, under their new Mortgage Fraud Task Force, made their first
arrests in their efforts to curb a rampant increase in property scams in the
area. Nester Camacho, David Rodriguez, and Jose Delgado are among the eleven
mortgage professionals taken in for inflating property values, in once case
by $100,000.
read story from Action NBC 6
October 4, 2007
Interthinx Releases New Strategies
The leading risk mitigation company for the financial industry has new tools available to
help combat fraud and protect lenders.
Police Arrest One Of Their Own For Fraud
Michael E. Daubert, an ex-cop in Sandy Hook, NY. was arrested for a $200,000 mortgage fraud
charge. Daubert apparently used a forged ID and falsified documents to secure
a home loan. His time behind bars may be extended due to several other unrelated
crimes.
read story from The Newtown Bee
Three Charged In Multi-Million Fraud Case
Three people in Minnesota, Scott Richard Rosenlund, Shinon Joseph Lindberg, and
Celeste Marie Skaar, were charged with 8 felonies in a Hennepin County Court.
The statewide multi-million dollar fraud used straw buyers and inflated appraisals
to separate lenders from their funds.
read story from The Waconia Patriot
2 Brothers Take Deal
Robert and Richard Amico have accepted a plea deal in Rochester, NY. after already
serving 4 years in jail. The two brothers original judgement in 2003 for a $60
Million mortgage fraud was recently overturned due to the judge in that case having
ties to one of the prosecution's witnesses.
read story from RNews
October 3, 2007
A Closer Look At Identity Usage
An examination and discussion of SSN use in the private sector, and possible links
to identity theft and prevention strategies will take place during a workshop hosted
by the Federal Trade Commission.
$5 Million Fraud Lawsuit
A lawsuit has been filed in federal court against a plethora of Ohio and Florida
businesses by Regions Bank, which claims that it is owed $5 million from a
mortgage fraud scam masterminded by the owner of a title and settlement
company.
read story from MortgageDaily.com
Straw Buyers Strike Again!
James J. Lytle has been convicted for participating in scamming loan lenders out of
$4 million. The Wisconsin mortgage broker utilized straw buyers and inflated home
appraisals to obtain nearly 20 homes.
read story from The Gazette Extra
False Hope Costs MN Homeowners
In a foreclosure rescue scam created by Michael Fiorito and Kristin Jerde, 6
homeowners were conned out of $160,000, however, U.S. attorneys believe there
are more victims out there.
read story from TwinCities.com
Veteran Scam Artist Up To Old Tricks
John Siciliano will spend six months in a New York community correction program
and pay restitution fines for his involvement in defrauding ESL Federal Credit
Union, SunTrust Bank, and Bank of America out of $30,000. In 2001 he and his
accomplices had a much larger scam going that swindled lenders out of $1.5 million.
read story from The Democrat and Chronicle
$8 Million Flipping Scam Investigated
Dennis Schneider, who used to own State Street Mortgage & Finance Co. in Illinois,
has been indicted by a grand jury for a property flipping scam that involved
transactions totaling more than $8 million.
read story from SJ-R.com
October 2, 2007
Lenders Warn Against New Fraud Legislation
Mortgage bankers have warned about passing new mortgage fraud legislation that
could have unintended consequences. Instead, they pointed to provisions of
legislation from a Democratic presidential candidate and cautioned against
confusing predatory lending with loan fraud.
read story from MortgageDaily.com
Commercial Loan Branch Manager Convicted
The former manager of a Michigan branch of Business Loan Express, Patrick J.
Harrington pled guilty to charges that he contributed to a scam that cost the
federal government $76.8 million in insured small business loans.
read story from The Free Press
Mortgage Fraud Evolves With Changing Market
The problems in the sub-prime housing market have left many people in the process
of foreclosure and afraid to contact their lender for help, a status scam artists
find provides them with plenty of opportunity. Fraud itself is adapting to the
changing conditions, sparking new types of scams that nervous and desperate
homeowners may not suspect.
read story from RGJ.com
Fee To Fight Fraud
California State Senator, Dean Florez, has proposed that home buyers in one county
of his state pay an additional 2 dollars to the cost of the property purchase. The
fee will be put into a fund used to fight fraud. Several other counties are looking
at similar programs.
read story from KERO
October 1, 2007
Fraud Index Improves
The load of mortgage fraud cases eased in September -- though the dollar
amount of those cases rose, according to the FraudBlogger Index.
Law Firm Publishes Numbers
Mountain State Justice, a law firm in West Virginia, has filed nearly 800 cases
related to mortgage fraud over the last 8 years. They have compiled a report
showing staggering statistics on foreclosures that have plagued their state and
may reflect predatory lending practices.
read story from The Charleston Gazette
Property Manager Stops Flipping Scheme
Phyllis Peters, a property manager in IL, went to authorities with her suspicions
that the condominium building she worked in was involved in a mortgage flipping scam.
read story from The Chicago Tribune
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