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Fraud
Stories
From
Patrick
Crowley
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Fraud
News Wire
| Last Updated |
Thursday,
November 17, 2006, |
04:49
PM |
Texas
Time |
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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
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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 .
Woman
Arrested for Fraud
Christina Shawe was arrested after police seized
documents in her home dealing with identity
theft, mortgage fraud and mail fraud, among
other things.
read
story from the Dallas Morning News.
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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