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November 16, 2007|
President Of Easy Realty Sued
A lawsuit filed by PA State Attorney General's Bureau of Consumer Protection against Easy
Realty Solutions LLC president, James C. Platts accuses him of a mortgage fraud that bilked
consumers out of $2 million in real estate sales and an additional $1.2 million in secondary
read story from The Centre Daily Times
ID Theft 101
A discussion between University of Northern Colorado's students and Immigration and Customs
Enforcement officers raised some interesting and troubling statistics after the ICE raid last
year that rounded up 262 illegal immigrants who were suspected of being involved in identity theft.
read story from The Greeley Tribune
Company's "Standard Practice" Under Investigation
Virginia based CM Development's president Cary McEntee admitted during a bankruptsy hearing that
it was "standard practice" for the housing company to falsify loan documents and that selling properties
to multiple investors was not uncommon.
read story from PilotOnline.com
Funds Recovered From Fraud Won't Cover Losses
Although as much as $1.7 million was recovered from a $2 million mortgage orchestrated by Ohio's Robin S.
Ligon, tax payers are still stuck with $300,000 in losses from bad loans funded by federal lenders.
read story from The Ledger~Enquirer
26 Years For Atlanta's Fraud King
Matthew Bevan Cox has been ordered to pay $6 million and will spend the next 26 years and 4 months behind
bars for identity theft, mortgage fraud, probation violation and a long trail of over 100 victims in one
of Atlanta's biggest scams ever.
read story from The Atlanta Business Chronicle
href="http://www.mortgagedaily.com/ffresults.asp?id=151736&pageid=r&mode=ALL&n=0&query=%2Bmatthew+%2Bcox&srt=d&rpp=25" target="_blank">Read Complete Coverage of Matthew Cox at MortgageDaily.com
Dispelling Myths Of Mortgage Fraud
The title being a lesson in alliteration, the latest edition of Basepoint's "Fighting Fraud with Frank"
educates readers in some of the most common myths and the realities of mortgage fraud.
read story from BasePoint Analytics
November 15, 2007
Deadline Issued For ID Theft Prevention Programs
Financial institutions have been given a compliance deadline of November 1, 2008 by the
Federal Trade Commission and other regulatory agencies to develop and deploy identity
theft prevention programs that meet guidelines which identify 26 patterns and signs that
may signal fraudulent activity.
Fraudster Convicted... Again
"If first you don't succeed, try, try again" seems to be the mantra of one Oregon man who
has plead guilty to a mortgage fraud scheme while still on supervised release for an earlier
conviction for a similar crime. Ryan Bonneau was charged with diverting $135,000 from two
property sales into his own possession.
read story from The Oregonian
IL Jail Bird Runs Fraud From Behind Bars
Phillip Radmer, who was awaiting sentencing for a scam where he sold vacant lots owned by a church,
managed to run another, near mirror scheme directly from his jail cell, in which he defrauded a
property investor out of $55,000.
read story from The Earth Times
Real Estate Mogul Takes Deal From Prosecutors
A New Jersey real estate magnate has pleaded guilty and accepted a plea deal offered to him
by federal prosecutors after being accused of heading a cash-back-at-closing scam that funneled
up to $2.5 million into his pockets. Some of that money ended up in the hands of county officials
in the form of bribes to cover up his activities.
read story from NorthJersey.com
Lawyer Accused Of Scam Totaling Tens Of Millions
Clients of a defunct law firm in Westchester county, NY. have come forward claiming to be victims
of a gigantic scheme created by real estate lawyer, Anthony Bellettieri, who, in one case, admitted
he defrauded one mortgage investor out of at least $2 million.
read story from The Mid Hudson News
November 14, 2007
Loan Officers Scam Millions From HUD
Richard Elroy Giddens, John Richard Varner, Stephan Ray Harper, and Katherine Ann Kilmer,
all loan officers with Inland Empire Mortgage, were arrested by federal agents for defrauding
the U.S. Department of Housing and Urban Development and other investors out of at least $10 million.
Senator Concerned Over $76 Million Loan Fraud
The Small Business Administration's inability to notice a 76 million dollar armada of fraudulent
loans originated by Business Loan Center, LLC. sparked Senator John Kerry to push for more quality
controls and safeguards of tax payer funds in the administration's coffers.
Broker Under Investigation For PA Fraud
Frank Conti, a broker for Regal Financial Services, is now part of a law suit that clams he, as head
of the Erie branch office, participated in predatory mortgage lending and inflating a home's value on
at least one property that is involved in a federal investigation of 200 suspected cases of fraud.
read story from GoErie.com
Miami Condo Building Ranks Worst In State For Foreclosure
A large condominium building of 643 units in Miami is being looked at more closely due to it's ranking
as having the highest number of foreclosure listings compared to any other property in Florida, with over
200 suspicious transactions at that address alone.
read story from Yahoo.com
Good Cop, Bad Cop?
Pittsburgh Police Officer Of The Year in 2000 may actually be on the other side of the law. Allegations
against Faquar Holland include charges of forging documents in order to obtain funds from the department's
retirement savings plan.
read story from The Pittsburgh Channel
November 12, 2007
Identity Protection Companies Plan Merger
Intersections Inc., a global provider of identity protection services, including their
Identity Guard brand, has revealed their intention to acquire Net Enforcers, Inc. who
specialize in corporate trademark and copyright monitoring.
Loan Officer Sentenced
Basir Chand was ordered to pay $5 million in restitution and serve 78 months in prison
by a Virginia Court for masterminding a credit card and mortgage loan scam while he
worked as a loan officer for a mortgage lender.
Federal Employees Steal $16 Million In Tax Returns
Two Federal employees, Harriette Walters and Diane Gustus, were arrested for heading a
group of five people who stole over $16 million from the District of Columbia by issuing
false property tax returns to themselves and used the money to purchase homes, vehicles,
and other luxury items.
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