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Week Ending November 2, 2012

Mortgage Fraud News

Case Activity

Former CPA Headed to Jail for Creating Fake W-2
Nov. 01 -- A former Oregon accountant who defrauded a mortgage company to get a loan for a client has been sentenced in federal court.
read full story at Mortgage Daily

State Supreme Court Justice Suspected of Short Sale Fraud
Oct. 30 -- The Federal Bureau of Investigation is investigating a state supreme court justice in Michigan over the possibility that she deceived her mortgage servicer in order to obtain approval for a short sale on a $1.5 million waterfront property.
read full story at Mortgage Daily
(subscription required)

SC Developer Blames GMAC Mortgage for His Own Mortgage Fraud
Oct. 30 -- Condominium developer Ford Shelley is appealing his prison sentence in a mortgage fraud case involving the Pineapple Bay project here, claiming the bank that loaned money on the project committed more fraud than he did yet isn't being held accountable for its actions.
read full story at Mortgage Daily

Monster Storm Delays Mortgage Fraud Sentencing
Oct. 29 -- A Utah man who was scheduled for sentencing Monday in Charleston for his role in a complicated mortgage "flipping" scheme involving homes in Putnam County could not find a flight to the East Coast because of the looming hurricane.
read full story at Mortgage Daily

Date Defendants State Amount of Loans Overview Source
Nov. 2 Lisa Wright, Cathy Saffer FL Multiple properties Sentences: Wright 66 months, Saffer 60 months. Department of Justice
Nov. 2 Chekeelah Phelps TX Multiple properties Sentenced to 10 years, with option of shock probation.
Nov. 2 Fredrick Barnard Lynch, Fredrick Lee Moore, Randell Dean Miller, Halid Amer, Theresa Fey Barsema TX $8,800,000 Sentences: Lynch 48 months, Moore 87 months, Miller 15 months Department of Justice
Nov. 1 Dameene R. Dedrick, Roy L. Rice CA $1,115,000 Dedrick pled guilty. Department of Justice
Nov. 1 Richard Bobka, R. Craig Adams, Joseph Dirocco, Jeffrey Berghorn, Thomas Brustad, Jonathan Glucker, Derek Luther, Lisa Rotolo, Bonnie Katz, George Bobka, Sr., Heather Kabobel, George Cavallo, Paula Hornberger, Joel Streinz FL $106,741,753 in restitution Sentences: Richard Bobka 15 years, Adams 3 years, Dirocco 24 months, Berghorn 12 months 1 day, Brustad 12 months 1 day, Glucker 12 months 1 day, Luther 12 months 1 day, Rotolo 12 months 1 day, Katz 3 years probation, George Bobka time served, Kabobel time served. Department of Justice
Oct. 31 Wanda Coleman CA $20,000,000 Pled guilty. Department of Justice
Oct. 30 Patrick Cody Morgan TX $99,000,000 Convicted. Department of Justice
Oct. 30 Guerard Wallace Howard FL $219,414 in illegal gains Pled guilty. Department of Justice
Oct. 30 Kathy J. Mascarenas (aka Kathy Oliver) CO $1,776,162 in restitution Sentenced to 24 months. Department of Justice
Oct. 30 P. Edwin Gray WI $336,100 in restitution Sentenced to 3 years probation. Department of Justice
Oct. 29 George Cavallo, Paula Hornberger, Joel Streinz FL $14,500,000 Sentences: Streinz 5 years, Cavallo 10 years, Hornberger 10 months and 1 day. Department of Justice
Oct. 30 Ford Shelley SC $873,536 in losses Appealed prison sentence.
Oct. 29 Raymond P. Morris WV $2,000,000 Sentencing postponed.

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