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Fraud
Stories
From
Patrick
Crowley
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Fraud
News Wire
| Last Updated |
Thursday,
October 19, 2006, |
04:49
PM |
Texas
Time |
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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 storyCountrywide
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
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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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