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Mortgage Fraud Archives Week Ending November 12, 2010


Mortgage Fraud News

Case Activity

Nov. 9, 2010


Mortgage Fraud Still a Problem
Among the findings from two mortgage fraud studies is that an increase in the risk of mortgage fraud was mostly due to a government refinance program and loans insured by the Federal Housing Administration. Another finding was that real-estate-owned sales represent more of a problem than short sales. Las Vegas and Nevada respectively represent the city and state with the highest risk of mortgage fraud.
read story at MortgageDaily.com
Nov. 9, 2010


Former Fraud Fugitive Still Maintains CA DRE License
Despite that he tried to flee the country following mortgage fraud charges and was arrested at the Canadian borker, Christopher Jared Warren -- who mortgage fraud trial is in process -- still maintains his broker license in good standing with the California Department of Real Estate.
read story at Sacramento Bee
Nov. 9, 2010


Nevada Receives $1.7 Million to Fight Mortgage Fraud
The U.S. Office of Justice Program has provided $1,700,500 to fund Nevada's mortgage fraud unit.
read announcement from Nevada Attorney General
Nov. 6, 2010


Failed Bank Victim of Huge Mortgage Fraud Scheme
Friday's failure of Pierce Commercial Bank was, in part, the result of losses stemming from a $500 million mortgage fraud scheme, based on criminal and civil legal activity.
read story at MortgageDaily.com
Date Defendants State Amount of Loans Overview Source
Nov. 12 Yvonne L. Robertson, Maria Henderson, Joseph M. Garner Jr. VA multi Guilty conviction for Robertson. FBI.gov
Nov. 10 Bernard J. Kurlemann OH $3,500,000 Guilty conviction. FBI.gov
Nov. 10 Michael Cassadei, Elmer J. "Joe" McIndoo NY restitution of $135,148 Home detention sentence. FBI.gov
Nov. 10 Christopher B. Maselli RI $1,700,000 Guilty plea. Justice.gov
Nov. 10 Jeffrey S. Brown Jr., Rolante Z. Brown, Raymond Fountain II, Jickie Hayes, Melvin L. Jackson, Samuel Nwosu OH $7,500,000 Charges filed. Victimes include Meritage Mortgage Corp., Finance America LLC, Master Financial, Security Connections, Michigan Fidelity Acceptance, Long Beach Mortgage Co., Novastar Mortgage Inc., New Century Mortgage Corp., First Franklin Financial, Fifth Third Bank, Argent Mortgage Company LLC Justice.gov
Nov. 10 Chris Nero aka Christopher Sisneros, Roy Fife AZ $2.7 mil earned 58-month sentence. Justice.gov
Nov. 10 Vasilia Berger, Kenneth C. Cowden PA $50,000,000 Guilty plea. Pittsburgh Post-Gazette

Nov. 9 Douglas Heald, Brandon Hanly, Jerad Maggi, CA $5,000,000 Indictment. Justice.gov
Nov. 9 Thanh Van Ngo, Dang Hai Nguyen, Vince Long Nguyen, Jesse Steven Moxness, Trung Quang Tran MN $5,000,000 Guilty pleas. FBI.gov
Nov. 9 Yvette Gonzalez Valdes, Jeannine Valdes-Perez, Joseph Gonzalez, Victor Perez, Catherine Maiz FL $500,000 Guilty plea. Justice.gov
Nov. 8 William Buchko PA 1 transactions on $3.2 million property Guilty plea. Justice.gov
Nov. 8 John Pavao, Shastine Pavao FL $3,000,000 10-year sentence. The Herald Press
Nov. 8 Charlie Sung Muk Choi, Thuan Nhan Du, James Duncan, Cindi Gayle Kelly, Helen Moreno Padrino, Hendrix Montecastro, Maurice McLeod CA investor and mortgage fraud Case begins. The Press-Enterprise

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