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Fraud
Stories
From
Patrick
Crowley
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Fraud
News Wire
| Last Updated |
Thursday,
November 10, 2006, |
04:49
PM |
Texas
Time |
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Fraud Brokers Shut Down
Georgia state regulators are yanking the licenses of two Atlanta mortgage brokers.
Advent Mortgage Inc. operator Joseph C. Quintons Sr. is losing his license for a number of violations, according to a statement from the Georgia Department of Banking and Finance.
The state cited Quintons for "making misrepresentations in loan files submitted to mortgage lenders, purposely withholding information and making false statements or material misrepresentations to the department, and failing to operate mortgage broker activities in compliance with" state laws.
Quintons' Advent office may be out of business; its phone number is no longer operational. He could not be reached to comment.
MortgageDaily.com
subscribers read Patrick's full story
$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
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November
10, 2006
Couple
Jailed for Fraud
Jeffrey Sanders and Jeanette Sanders, brokers
who owned A-Plus Mortgage, were sentenced to
several years in prison for charging borrowers
illegal fees and defrauding mortgage companies
of $1 million through refinance loans.
read
story from the Burlington Free Press.
False
Foreclosure Rescue
A woman on the verge of losing her home said
she turned to Foreclosure Assistance for help,
which instead stole her money and prompted foreclosure
on her home.
read
story from the Denver Channel News.
November
9, 2006
Fraud Solutions Provider Honored
Prestigious recognition reflects company's growth from innovative mortgage technology solutions
Woman
Arrested for Mortgage Fraud
Police arrested Doris Chen Wang for allegedly
notarizing documents that were forged to advance
a scheme that recruited investors for loans
on homes of inflated values.
read
story from KHOU 11.
3
Sentenced for Mortgage Fraud
Pamela Martinez, Darral Stanley, Valerie McNair,
were recently sentenced to federal prison for
allegedly recruiting people to buy properties
at inflated prices and splitting kickbacks in
the fraud case involving American Savings Mortgage,
which was responsible for dozens of fraudulent
mortgages.
read
story from the Indianapolis Star .
November
8, 2006
Flipper
Mistakes
Among the mistakes a real estate flipper made
that ended up burdening him was lying on applications
for stated-income loans.
read
story from the Seattle Times.
November
7, 2006
Stricter
Fraud Laws Sought
The growth in mortgage fraud across Utah has
prompted a legislator to push for a law to that
would make such a practice a criminal offense.
read
story from the Salt Lake Tribune.
Avoiding
Foreclosure Scams
An real estate author reveals tactics foreclosure
rescue scams use to entice borrowers into losing
their equity or home altogether.
read
story from the Los Angeles Times .
MS
Behind on Enforcement
A Mississippi official warns that stronger state
laws need to be in place to further combat mortgage
flipping and fraud.
read
story from WLBT 3 .
Revoked
Licenses Stop Fraud
South Carolina's top regulator claims that investigations
for mortgage fraud have not resurfaced since
the state revoked the licenses of five manufactured
home sellers accused of falsifying downpayments
and documents for borrowers earlier this year.
read
story from the Sun News.
Brasota
Auction Fails
The auction of an equestrian center owned by
bankrupt Brasota Mortgage Co. that was expected
to raise enough money to pay off the company's
creditors was a flop and now the trustee seeks
to remarket the property to avoid foreclosure.
read
story from the Herald Today.
Court
Stops Property Transfers
Michael O'Donnell, a trustee of Boston Financial
Trust, was accused of deceptive mortgage practices
and falsifying records to transfer properties
worth $247,000 for $100 to a company that officials
believe is fake and is administered by O'Donnell.
read
story from the Taunton Gazette.
November
6, 2006
Appraisal
Valuation Fraud Meeting
Foundation holds first symposium to discuss
fraud solutions
Mortgage
Fraud Solution Selected
Leading Lender Leverages Technology to Proactively
Prevent Fraudulent Loans
More
Testify in Flipping Trial
Malcolm Clark, an associate of Richard Lucas
who admitted to wire fraud, testified that Ken
Stalnaker did not make any bogus appraisals
in the fraudulent mortgages Lucas, Stalnaker
and attorney Kim Castle are being accused of.
read
story from the Hattiesburg American.
Kings
in Mortgage Firm's Fraud
An article pinpoints the key players involved
in the battle of Metropolitan Mortgage &
Securities Co., which had accounting-fraud lawsuits
filed against it by investors and the Securities
and Exchange Commission.
read
story from the Spokesman Review.
Trial
Highlights Fraud Methods
The witnesses and collection of documents in
the mortgage fraud trial of a trio of industry
insiders has revealed a series of practices
used in duping consumers.
read
story from the Hattiesburg American.
FL
Fights Fraud
While Florida officials are investigating potential
mortgage and title fraud on real estate deals
involving inflated property values, the state
needs more authority and a more centralized
agency to combat such problems.
read
story from the Tampa Tribune.
November
4, 2006
NV
Warns about Fake VODs
Nevada regulators are warning mortgage brokers
and lenders about a company that is offering
phony asset verifications.
MortgageDaily.com
subscribers read full story.
'06
Mortgage Fraud may Reach $2.4 Billion
Fraud for housing is growing faster than fraud
for profit as "rates have moved up and
put homes out of reach" for more people,
according to a mortgage banking panel session
this week.
MortgageDaily.com
subscribers read full story.
Mortgage
Fraud Lawsuit
A national mortgage lender has filed a lawsuit
against six businesses and 28 individuals --
including several mortgage brokers and originators
-- alleging that it has been the victim of a
complex sting operation, causing the company
to approve 19 loans that have all defaulted.
MortgageDaily.com
subscribers read full story.
Appraisal
Director Talks Mortgage Fraud
Within the agenda of Appraisal Institute Director
Bill Garber at a fraud conference by Illinois
Mortgage Bankers is emphasizing the pressures
appraisers receive to overvalue properties and
recommending adoption of legislative remedies
to close loopholes in licensing requirements.
read
story from Rismedia.
Affordable
Housing Fraud
Andrew M. Cuomo, candidate for New York attorney
general, is quick to claim that he reduced fraud
while serving as housing secretary of HUD, but
a review alleges there was quite a delay in
fixing problems in a loan program aimed at renovating
buildings into affordable housing that left
taxpayers with a $250 million cleanup bill.
read
story from the New York Times.
Brothers
Admit Fraud
James and Eric Byrd pleaded guilty to defrauding
mortgage lenders of at least $2.5 million with
the help of an unnamed attorney who would inflate
their bank accounts by providing short-term
loans, among other things.
read
story from the Greenville News.
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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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