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Week Ending November 18, 2011

Mortgage Fraud News

Case Activity

Appraisal Fraud Down as Income Fraud Surges
Nov. 18 -- While the overall risk of fraud has changed little and appraisal fraud risk has fallen, a dangerous spike was noted in the risk of borrowers lying about their income or jobs. Among the 10 metropolitan areas at the greatest risk of mortgage fraud, most are ranked among the areas with the 10-highest foreclosure rates. Some metropolitan areas in the Northeast have seen a significant increase in the risk of identity and occupancy fraud.
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Appraiser Used Photos from Another Property to Justify Value
Nov. 16 -- A federal judge sentenced two men, a former real estate appraiser and his contractor friend, to prison terms Monday for falsifying the appraisal of an unfinished home in Pupukea, Hawaii, to qualify it for two mortgages totaling $1.3 million.
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26 Multifamily Properties Involved in Boston Case
Nov. 16 -- A New Hampshire man has been sentenced to four years for leading a mortgage scheme that defrauded more than a dozen lenders and several home buyers of more than $2 million in connection with the purchase of 26 multi-family properties in Greater Boston, according to Attorney General Martha Coakley.
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Men Changed Names to Executive Fraud Scheme
Nov. 14 -- Three Elk Grove men have pleaded guilty in a mortgage fraud scheme that resulted in more than $1 million in losses.
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Date Defendants State Amount of Loans Overview Source
Nov. 18 Jason Foisy, James June MA $75,000,000 Foisy sentenced to 54 months prison plus 5 years supervised release and $15 million in restitution. June scheduled for trial on March 5, 2012. Department of Justice
Nov. 18 John Voloshin CT Approximately $1,200,000 Arrested. Department of Justice
Nov. 18 Daniel J. Nichter OH Multiple properties Pleaded guilty.
Nov. 17 Chad Evans FL Multiple properties Pleaded guilty. Department of Justice
Nov. 17 Kenneth Paul Holmes SC $5,200,000 Sentenced to 5 months prison plus $2,488,398.00 in restitution. Department of Justice
Nov. 17 Safiyyah Tahir Battles OK Approximately $515,000 Indicted. First Security Bank and Saxon Mortgage victim lenders. Department of Justice
Nov. 17 Ryan Daryl Krutzig, Jesse Scott Hoffman MN $1,800,000 Krutzig entered guilty plea. Hoffman previously pleaded guilty. Department of Justice
Nov. 16 Alan Goings IL At least $178,000 Entered guilty plea agreement.
Nov. 16 Stephen J. Kottage, Genaro Hathaway, Mary Ellen Durso CT $600,000 Kottage sentenced to 41 months prison plus 5 years supervised release. Durso previously sentenced. Hathaway awaits sentencing. Department of Justice
Nov. 15 Jared Rothenberger WA Approximately $4,000,000 Indicted.
Nov. 15 Angela Pasternak OH $3,500,000 Indicted.
Nov. 15 Carlus Demond Bridgeforth, Lisa Lynn Walters, Kevin Grady Sr. MI Multiple properties Guilty plea from Bridgeforth. Walters previously pleaded guilty.
Nov. 15 Juan Delgado AZ $1,000,000 Indicted. Department of Justice
Nov. 15 Karen Hewitt NY Multiple properties Sentenced to 4 months home detention plus 3 years probation. Department of Justice
Nov. 14 Joshua Brown, John Sweetland, Brian Arrington, Brian Frank, Linda Defeo, Bruce Namenson MA $2,000,000 Brown sentenced to 5 years in House of Correction plus 35 years probation and $5 million in restitution. Others previously pleaded guilty. Massachusetts Attorney General

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