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Archives November 20, 2005

 


 
Insights from
Patrick Crowley



Fraud Wire



Broker Jailed for Stealing CA License

The operator of a bogus California mortgage brokerage MortgageDaily.com file photo
has been arrested for allegedly using another broker's license to get wholesalers to fund fake loans that used fraudulent information she stole from prospective borrowers.The broker,Ondeya M. Redeemer of Corona, Calif., has been charged with eight counts of identity theft, Corona Police Det. Frank Zellers told MortgageDaily.com.

Redeemer surrendered to police after an arrest warrant had been issued for her. She is being held on a $2.5 million bond and if convicted could be sentenced to more than15 years in prison, Zellers said.

Her lawyer could not be reached to comment.

"This is just the latest case of mortgage fraud we've had in our community and in this part of the country," Zellers said. "It's become an epidemic."

read the rest of Patrick's story at MortgageDaily.com
(subscription required)

November 18, 2005


Mortgage Scammer Ordered to Pay Over $4 Million
Paul LoPapa, 59, of New Jersey, must repay $4.19 million that he gained through a series of mortgage and insurance scams he pleaded guilty to earlier this year.
read story at Newsday .


November 17, 2005


Former CEO of Subprime Lender Indicted for Fraud
Ronald Sheppard, the former CEO of HomeGold Inc., was indicted Wednesday by the state grand jury on fraud charges.
read story from WIS News 10

read Patrick's story at MortgageDaily.com
(subscription required)


Broker Kickbacks Lead to Closure of 11 Sham Title Agencies
Douglas P. Farr, co-owner of 11 title agencies shut down by Colorado officials, allegedly created the entities to provide kickbacks to mortgage brokers.
read story from the Rocky Mountain News .


Politician's Request for Fraud Case Dismissal Denied
A judge denied a request by Adam Taff, a former Repbublican candidate for congress, to dismiss charges he used $300,000 in campaign funds as a downpayment on a $1.2 million home.
read Associated Press story .

read Pat Crowley's coverage of the case at MortgageDaily.com
(subscription required)


November 16, 2005

Broker, LO Charged With Dummying Documents
Roberta Littelmann, owner of Firelands Mortgage Inc., is charged along with Bonnie Swint, a loan officer, with knowingly creating false documents and lying on applications to get loans approved.
read story from the Newspaper Network of Central Ohio .


Case Among Biggest Fraud Scams Ever in Jacksonville
Russell Lee Parker was convicted of masterminding one of Jacksonville's biggest mortgage scams ever.
read story from Fox 30 WAWS .


Loan Officer Defrauded His Bank's Customers
Fred Allison, a former loan officer for New Frontier bank, was charged with felony theft and forgery for using fake documents to get a $40,000 mortgage from a bank customer but pleaded guilty to a lesser degree of felony theft.
read story from the Greeley Tribune .


Nevada Broker Busted for Charging Worthless Refi Fee
Michael R. Schubarth, former owner of High Desert Financial Inc., was convicted of theft by false pretenses in an advance fee loan scheme, according to the Nevada Attorney General's Office.
read story from The Record-Courier .


November 15, 2005


Consumer Attorney Applauds Tribune Series
Daniel P. Lindsey, an attorney for a non-profit agency serving low-income residents on a variety of legal issues, applauded the Tribune's timely and insightful series on mortgage fraud.
read letter at the Chicago Tribune .


IL Brokers Respond to Tribune Fraud Series
The majority of IAMB mortgage brokers treat consumers in the same manner that they do their own family and friends, the broker association said in a letter published by the Chicago Tribune.
read letter from IAMB president .


November 14, 2005


Mortgage Industry Can Do More to Prevent Fraud
Dallas -- Mortgage bankers meeting in Texas for an educational conference were joined by the FBI in a discussion about mortgage fraud and how to prevent it.
read story from MortgageDaily.com
(subscription required)
Tribune Criticizes Politicians, Lenders for Fraud
As con artists prey on some of the most vulnerable citizens -- the poor, the elderly, the mentally disabled -- where are the banking institutions that held the original mortgages on these properties or the politicians who have watched communities go under because of mortgage fraud?
read editorial from the Chicago Tribune .


CO AG Cracking Down on Fraud Brokers
Colorado Attorney General warned fraudulent mortgage brokers that things will soon change.
read article from KRDO TV .


Homeowners, Employer Victimized in Fraud Scheme
Kaseem Mohammadi, 25,of Newark, Calif., is accused of scheming six homeowners out of their deeds and bilking money from his employer, and has been charged with 13 felony counts of real estate fraud.
read story from the Associated Press .


Florida Fraud Inflating
Assistant U.S. attorney Kevin McDonald said, in some cases, home buyers may have taken part in mortgage fraud, often unaware what they're doing is illegal, and go along with what they are told to do by the seller or mortgage broker.
read story from the Sun News
.


New GA Banking Commissioner to Focus on Mortgage Fraud
The new Commissioner of the Georgia Department of Banking and Finance, Robert Braswell, cited three priorities -- including mortgage fraud prevention -- for the beginning of his tenure.
read story from the Atlanta Business Chronicle .


Mobile Home Fraud
Elizabeth Schempp, a Palm Beach County mobile home dealer, faces more charges, including fraud and grand theft, for allegedly taking money but not delivering homes
read story from Florida Today .

 
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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