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Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Thursday, October 19, 2006, 04:49 PM Texas Time


10 Years for Broker

CA $6 million mortgage fraud scheme will cost a southern California mortgage broker more than 10 years in prison.

James Davis Bennett, 52, was sentenced by a federal judge in Los Angeles to 121 months in prison and ordered to pay $715,050 in restitution and $12,500 in fines, according to a statement for the U.S. Attorney's office for the Central District of California.

Bennett operated mortgage, realty and appraisal businesses. After a 14 day trial in January he was convicted of operating a financial crimes enterprise, four counts of wire fraud and six counts of bank fraud.

A jury found him guilty after deliberating for just one day, according to prosecutors.

MortgageDaily.com subscribers read Patrick's full story



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




October 19, 2006

2 Assistant Attorneys Reduce GA Fraud
Department of Justice gives recognition in Atlanta.



5 Admit Role in Mortgage Fraud
Strawbuyers recruited and downpayments misrepresented for loans.



Strongest Fraud Prevention System Touted
New service helps mortgage lenders detect fraud trends.



Man Faces 41 Months
Alaa Ramadan, the alleged leader of a fraud ring, remains in custody until sentencing is determined for admitted violations involving false applications for mortgage loans and other schemes.
read story from the Salt Lake Tribune.



2 Women Accused of Mortgage Scam
Onesha Rene Meek and Arlisa Marza McGowen are accused of duping investors into signing documents that contained false information and resulted in fraudulent loans of $16 million.
read story from the Chron.



October 18, 2006

Fraud Pattern Identifier Launched
New service helps mortgage lenders detect fraud trends.



Mortgage Partner's Fraud Charges Wrapped
By changing his plea, Ronald Dudas, a mortgage company partner who admitted to engaging in real estate fraud and was accused of trying to hire someone to kill a judge, wrapped up five to six cases he was involved in and now faces up to 25 years in prison.
read story from the News-Herald.




Former Trustee Faces 30 Years
Next February, Kenneth G. Titus will know whether he'll serve 30 years in prison after admitting to defrauding about 900 investors out of $4 million through scams, including a mortgage payoff program.
read story from the Business Review.



October 17, 2006

Stated Income Fraud Solution
Automated Validation Tool Establishes Soundness of Borrower's Income.



Internet Facilitates Fraud
For less than $100, any fraudster can generate phony documents that can scam mortgage lenders out of millions.
read story from BankNet 360.



Internet Facilitates Fraud
For less than $100, any fraudster can generate phony documents that can scam mortgage lenders out of millions.
read story from BankNet 360.



Appraiser Admits Fraud
Loretta Joy Champ pleaded guilty to charges involving participation in a scheme in which, as a member of J & J Appraisal Services, she prepared false appraisals that resulted in lenders issuing mortgages over the property's true value.
read story from the Hattiesburg American.



October 16, 2006

Broker Jailed for Fraud
A man who brokered home loans through his company, Truth Financial Services, was sentenced to two years in prison for submitting false invoices to lenders that inflated properties' worth.
read story from News Channel 10.



Woman's sentencing in flip scheme delayed until December
Up to five years in prison could be possible for Kelly L. Abercrombie, who admitted to forging signatures on counterfeit appraisals to defraud a New Jersey lender into over-mortgaging 30 properties.
read story from the Herald Today.



 


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Patrick Crowley is fraud journalist for MortgageDaily.com and a reporter and columnist for The Cincinnati Enquirer.

Email Patrick at: PatCrowley@FraudBlogger.com
 
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