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Last Updated Friday, November 21, 2008 10:00 PM Texas Time
 

November 21, 2008

DLJ Buys $50 Million in Bogus Loans
In a lawsuit filed earlier this month, DLJ Mortgage Capital Inc. claims it was defrauded on $50 million in loans. The bad loans were not uncovered for several years because the defendants allegedly made payments on the fake loans. The mortgage banker who served as the ringleader is currently in prison for bribing a U.S. congressman.





Lousy Landlord Sentenced
A 67-year-old Ohio man charged with scamming more than 14 people out of the deeds to their homes has been sentenced to four and one-half years in prison.





Attorney Laundered Drug Money
A Charlotte woman agreed to plead guilty to money laundering after acting as the closing attorney in an alleged mortgage fraud. She also helped a drug dealer launder $30,000 by pretending to hire her at her law office.





Appraiser Challenges Charges
A California appraiser is being investigated after some of the 200 properties he appraised have fallen to foreclosure. His attorney says the values are accurate.





Brokers Accused of Blatant Fraud
At least four brokers are involved in a 6-person indictment that claims they committed mortgage fraud by purchasing homes with inflated values and divvying up the proceeds to those who participated.





From Bribery to Alleged Mortgage Fraud
A millionaire businessman who is serving an 8-year prison sentence for a Congressional corruption scandal has been named in a lawsuit for his involvement in a $50 million mortgage fraud scheme.





Vegas Foreclosure Rescue Scam
A 64-year-old man pleaded guilty to participating in a mortgage fraud scam that led homeowners to believe their home would be saved from foreclosure by signing the deed over to a corporation in their own name.





November 20, 2008

Cash-Back Mortgage Fraud
Two of five people involved in a cash-back-at-closing fraud scheme have been sentenced to 21 months in prison followed by three years of supervised release. Both had pleaded guilty to one count of conspiracy to commit wire and mail fraud.





Arrested in Prison
An Indiana man was arrested while incarcerated at a correctional facility on six felony counts stemming from a mortgage fraud investigation in which he posed as a licensed mortgage broker, although wasn’t registered with the state.





Mortgage Fraud Investigation Reveals Embezzlement
A Michigan woman is facing 17 felony charges after an alleged $20 million mortgage scam revealed her participation and alleged embezzlement. She has not been federally indicted, however, as part of the state’s investigation, her license has been revoked and a civil lawsuit judgment was filed against her.





November 19, 2008

2 Schemes, $13 Million Lost, 16 Charged
The first indictment accuses one group of suspects with using straw buyers and falsifying income information to defraud lenders of $8.8 million. The other involves similar allegations and a $4.9 million loss to lenders.





Brokers Settle Deceptive Advertising Claims
Five mortgage brokers operating in Colorado have settled allegations of deceptive advertising. Another broker settled charges of mortgage fraud.





Suspected Sex Tour Operator and Court Clerk Indicted
Nine people have been indicted in a $1.4 million mortgage fraud scheme in New York. One is a Brooklyn court official and another is accused of booking sex tours to Southeast Asia through a Queens travel agency.





Accused Claim It Was a Mistake
In a fraud case where seven have already pleaded guilty, two others on trial say that they made mistakes but never intended to defraud buyers.





Witness Testimony Thrown Out
A witness in the trial of a former mortgage company owner was dismissed after neglecting to produce documents that would back up his claims against the defendant.





Not Guilty Pleas on 34 Counts
Two men accused of a $500,000 mortgage fraud involving 12 real estate transactions in Missouri have pleaded not guilty.





November 18, 2008

Identity Theft Risk Survey
Consumers can access an online survey that assesses the risk of having their identity stolen. A new software program calculates an individual “risk score” based on current behaviors and past experiences.





Investment Broker Commits Mortgage Fraud
A Parkland, Fla. man who operated foreign exchange companies admitted to committing fraud in order to obtain a mortgage loan. Anthony Affatati, 36, pleaded guilty to two separate conspiracies to commit mail and wire fraud. Affatati used a straw buyer to acquire his home in Parkland. Sentencing is set for Jan. 8.





New Loan Auditing Company Launches
A new national loan auditing company provides quality control, pre-close and post-close auditing, risk assessment and fraud prevention. Walnut Creek, Calif.-based National Loan Auditors announced the availability of their services to mortgage and banking institutions.





Title Co. Owner Claims Innocence
The owner of a Fort Lauderdale title company says his employees are the culprits in a $5 million mortgage fraud scheme and are blaming him in order to stay out of prison. If convicted, he faces up to 10 years in prison.





Greedy Broker Scams Seniors
More than $400,000 was defrauded from four senior citizens in the Phoenix area leaving an elderly woman at risk of losing her home and an elderly man wondering if he can afford a necessary surgery. Meanwhile, the broker who scammed them is spending $42,000 on a ring for his wife.





From Doctor to L.O. to Prison
A former physician who had his license suspended by the state of Pennsylvania is now going to prison for fraudulently misusing his position as a loan officer – costing lenders between $400,000 and $1 million.





November 17, 2008

House Arrest for Mortgage Broker
A former mortgage broker who pleaded guilty to bank fraud has been sentenced to a year’s house arrest and five years probation. He was also ordered to pay $214,000 in restitution after submitting fraudulent documents in order to obtain a $367,500 mortgage loan.





Fake Pay Stubs and Forged Bank Statements
A Maryland woman and former D.C. tax clerk pleaded guilty to falsifying a mortgage application in order to receive a loan. She was sentenced to three years probation.





Siblings Take the Stand
A woman is tangled up in a elaborate mortgage fraud trial that stemmed from a 147-count indictment involving her brother, former Evergreen Corp. President David B. Willan and 16 others in the Akron, Ohio area.





Creative Financing Leads to Guilty Plea
The former chief financial officer and bookkeeper of a Billings, Mont. Mortgage company has pleaded guilty to bank fraud.





Rent-to-Own Scheme Falling Apart
Tenants that have been renting-to-own from one man in Texas are coming forward as some of them are discovering they may have been hoodwinked.







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