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Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Thursday, November 17, 2006, 04:49 PM Texas Time


Fraud King Caught

The most brazen outlaw in mortgage fraud has been arrested.

Matthew B. Cox, who allegedly masterminded a multimillion dollar mortgage fraud scheme across the South, was nabbed Thursday afternoon in Nashville by U.S. Secret Service agents who were tipped off by a babysitter who learned about him from the a newspaper article.

The arrest came just one day after Cox's accomplice, 34-year-old Rebecca Marie Hauck, was sentenced by a federal court in Atlanta to more than five years in prison and ordered to pay almost $1.2 million in restitution for her role in the scheme.

The couple, who were dubbed the Bonnie and Clyde of mortgage fraud, was finally behind bars Thursday night after more than two years evading authorities in Georgia, Florida, Alabama, South Carolina, North Carolina and Tennessee.

MortgageDaily.com subscribers read Patrick's full story




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


November 17, 2006

Law Firm Fraudsters
Several partners from defunct law firm Hankin, Hanig, Stall, Caplicki, Redl and Curtin, have pleaded guilty to unrelated actions such as bribing mortgage companies for referral closings, violations of RESPA, and the latest, stealing from escrow accounts.

read story from the Poughkeepsie Journal.




Mortgage Fraud Red Flags
Being encouraged to falsify information on a mortgage application is only one of the many signs loan prospects and borrowers should pick up on to avoid being duped, mortgage bankers said.

read story from the Ann Arbor News.




Mortgage Fraud: An Epidemic
In a recent seminar, FBI agent Jim Brennan discussed the prevalence of mortgage fraud and how lenders and other mortgage insiders can help the agency open more cases to combat the problem.

read story from the Ann Arbor News.




November 16, 2006

Financial Analyst Accused of Fraud
A complaint alleged that independent financial analyst, Spyro C. Contogouris, illegally pocketed faked expenses, tax refunds and mortgage proceeds from 1997 to 2002.

read story from the New York Times.




"Clyde" Finally Caught
A potential 400-year prison sentence awaits Matthew Bevan Cox, who with a female partner forms the "Bonnie and Clyde" of mortgage fraud for stealing millions of dollars through the loans, was captured at his home in Nashville, Tenn. after being one of the nation's "most wanted" for some time.

read story from CNN Money.




3 Found Guilty of Fraud
A federal jury found Richard Lucas, Kimberly Castle and Kenneth Stalnaker guilty of participating in mortgage flipping scheme of distressed properties that were falsely appraised so as to generate proceeds from mortgages.

read story from the Hattiesburg American.




Real Estate Co. Investigated
Investigators searched the home of an official affiliated with URB Inc., a real estate buying company that police believe provided the homes gang member Terry Faulkner would fix and mortgage broker Rodrigo Navascues would falsify application information for to approve unsophisticated investors for mortgages.

read story from the Chicago Tribune.




November 15, 2006

Mortgage Fraud Edges Higher
Mortgage fraud and loan delinquency risk edged up over the quarter, with Ohio cities dominating as the top hot spots in the nation.
MortgageDaily.com subscribers read full story..




Gangster, Broker Accused of Fraud
Gangster Disciples member Terry Faulkner and mortgage broker Rodrigo Navascues face up to 30 years in jail for charges of organizing a scheme in which properties were sold at inflated prices to unsophisticated victims who thought they were making an profit-producing investment with Faulkner but were used to get mortgage loans through applications Navascues would manipulate to make the "investors" appear creditworthy.
read story from the Chicago Tribune.




Fraud Fighter Commends UT
Ann Fulmer, who is known for her fraud prevention tactics, wrote a letter that applauded Utah Rep. Paul Ray for his efforts to criminalize mortgage fraud in the state.
read story from the Salt Lake Tribune .




Mortgage Fraud Case in Jury's Hands
The ongoing mortgage fraud case of Richard Lucas, Kimberly Castle and Kenneth Stalnaker, who are accused of buying distressed properties and selling them at inflated values to pocket mortgage proceeds, is now in the hands of the jury.
read story from the Hattiesburg American.




Bonnie Sentenced, Clyde Wanted
Rebecca Marie Hauck received a sentence of almost six years after admitting to participating in a scheme in which she and still-at-large partner Matthew Cox would steal homeowners' identities and fraudulently took out multiple new mortgage loans in those names.
read story from the Ledger-Enquirer.




Foreclosure Rescue Scam Alleged
Complaints in Indianapolis are accusing Capital Foreclosure of running deceptive ads that state it helps delinquent borrowers, but the company does not return calls after consumers pay an upfront fee.
read story from the Rushville Republican .




This blog entry has been removed.



Police Probe RE Firm Owner
Brent Timothy Baird, owner of a real estate management firm, is being investigated by police for reportedly defrauding investors of at least $500,000 by telling them they'd receive profits on investments to help save the homes of Countrywide Home Loans delinquent borrowers who agreed to pay back the favors with the equity in their homes.
read story from the Dallas Morning News.




Officials: Beware of Foreclosure Scams
Due to many South Floridians falling victims to foreclosure schemes, lawyers and real estate experts shared insight on how the scams work and how to avoid them.
read story from the Sun-Sentinel.




3 Admit to Fraud
David Hand, owner of Mid-South Mortgage & Investments, Rhonda Hare, owner of Hare Mortgage, and Linda Stephens, a former law firm employee, recently plead guilty to fraud.
read story from ABC 11.




Congress to Prioritize Mortgage Fraud
A director for the Appraisal Institute believes the Democratic takeover of Congress will likely place mortgage fraud and predatory lending near the top of the agenda for several Congressional committees.
read story from RisMedia.




November 14, 2006

3 Admit Mortgage Fraud
Darrell Dowden, his wife and real estate agent, Tiffany Dowden, and her mother and real estate broker, Veronica Winkler, pleaded guilty to using straw buyers to fraudulently obtain 41 mortgages, 22 of these from W.R. Starkey Mortgage Co.
read story from the Dallas Morning News .




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.
 


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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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