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Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Friday, October 27, 2006, 04:49 PM Texas Time


$25 Million Inside Job

Mortgage loan officer Elizabeth Hessel and Angela Parenza, her office manager, "would do anything" to close a loan.

Even, according to federal prosecutors in Kansas, lie, create phony loan documents, provide illegal down payments and closing costs to buyers and steal as part of a $25 million bank fraud scheme.

Hessel, 46, and Parenza, 39, have pleaded guilty to and bank fraud and money laundering for their part in the $25 million fraud involving builder and mortgage brokerage F. Jeffrey Miller.

Miller, who is awaiting trial, operated home building companies along with Associated Capital, a subprime mortgage brokerage that employed Hessel and Parenza.

MortgageDaily.com subscribers read Patrick's full story




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




October 27, 2006

Mortgage Fraud in a Nutshell
The author of an upcoming real estate book described the types of mortgage fraud and how sometimes even the participants are unaware they are committing fraud as they are encouraged by mortgage insiders.
read story from the San Francisco Gate .



2nd Man Accused of Scheme
John Wagner was charged with participating in 53 of 83 loans that defrauded ABN MRO of more than $4 million, as he he recruited investors for Romero Brice, who owned Promise Land Mortgage and pleaded guilty to related charges last month.
read story from the Indianapolis Star.



Larger Fraud Ring Unveiled
An investigation revealed that Darren Moyer, Phillip McKinnish and Jennifer Henson, who made their first appearance in court for mortgage-fraud-related charges, are part of a larger network.
read story from the News Channel 9.



Stolen IDs for Mortgages
Ronald Fontenot faces charges involving the use of stolen identities to obtain mortgages and pocketing over $100,000 generated from the closings.
read story from the 9News.



October 26, 2006

Software Combats Closing Fraud
SettlementPro product registers closing details and participants to deter fraud.



Secondary Fraud Man Jailed
Laurence Seidenfeld was sentenced to 67 months in federal prison for selling loans multiple times to warehouse banks, lenders and investors, that generated over $20 million in fraudulent loans.
read story from the San Francisco Chronicle.



Man Admits Role in Fraud
Following his guilty plea of participating in a mortgage fraud and money laundering ring involving Jordanian immigrants, James M. Gibbons III will serve two years in federal prison.
read story from KUTV2.



October 25, 2006

QC Tool Enhanced
VisiLoanReview enables automated predictive modeling, risk management and error recording.



MBA Chair Fights Fraud
Regina Lowrie to Handle Strategic Planning, Advocacy for Best Practices.



Fraud Training Video, Online Test
Success of FSISM: Fraud Scheme Investigation video leads to learning measurement tool.



 Mortgage Co. Blamed for Bogus Loan
A couple in foreclosure claims its troubles stem from the loan Premier Mortgage made at an inflated property value of more than $200,000 that generated a similar amount to seller/agent Patrick V. McGee.
read story from WLBT 3 .



Grand Jury Investigates Scheme
A federal grand jury will meet Nov. 7 to probe the massive mortgage scam involving real estate agent Robert Penn, who is being sued by Countrywide Home Loans.
read story from the News-Sentinel.



Mortgage Employees in Scheme
Darren Todd Moyer, Phillip Howard McKinnish and Jennifer Jewel Henson, of Baltic Mortgage Co., were indicted of defrauding Indymac Bank by misrepresenting down payments and inflating sales prices on loan applications.
read story from the Chattanoogan .



2 LOs Get Fraud Charges
Loan officers Mark Todd Harless and Hien Williams were indicted on charges that they submitted applications with false employment and income information to GreenPoint Mortgage Funding Inc. and another lender.
read story from the Marin Independent Journal.



Delegate Accused of Fraud
A lawsuit alleges that Del. Tony McConkey committed foreclosure rescue fraud against a woman he mislead while serving as her real estate agent.
read story from the Baltimore Sun.



Branch Mgr and Wife Defraud Lenders
Carl F. Hairston, a former First Horizon Money Store branch manager, and Janice Reena Hairston, both received a 9-year sentence for using shell companies to get mortgages and continuing to commit fraud while awaiting sentencing.
read story from Inman News.



October 23, 2006

Fraud Driving NV Foreclosures
Nevada regulators said mortgage fraud, such as investors applying for primary residence loans and borrowers inflating income, is helping push Nevada foreclosures to one or two per day from that amount per month -- and there is no slowdown on the horizon.
read story from the Las Vegas Sun .




 


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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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