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Archives December 4, 2005

 


 
Fraud Stories From
Patrick Crowley



Fraud Wire



Broker Facing Unrelated Criminal, Civil Actions
A mortgage broker already facing charges of ripping off the family of a 9/11 terrorist attack victim has been sued for allegedly stealing a New York woman's home.

Michael McEnroe, a mortgage broker from Levittown, N.Y., is accused in a lawsuit filed in State Supreme Court in Nassau County of using fraud to take control of a woman's house and $25,000 in equity.

In a separate incident in June, McEnroe and Ryan Gosin, owners of The Able Group, were charged by the Nassau County District Attorney with defrauding two victims out of $450,000.

In a statement District Attorney Denis Dillon said the money "was to be used for real estate investments but instead was used to pay for the personal and unrelated business expenses of Gosin and McEnroe."

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


Broker, 4 Processors Indicted
A federal grand jury in Louisiana has returned a 65-count indictment against an alleged mortgage fraud ring that included a mortgage broker, four loan processors and an appraiser. The bad deals were submitted to a now-defunct subprime subsidiary of Bank of America.

The ring used phony information -- including bogus financial information and doctored photos -- in a scheme that involved more than 50 properties in 15 Louisiana communities, according to a copy of the indictment.

Prosecutors say the defendants knowingly submitted "materially false qualifying information and documentation along with other false representations" on loan applications made to Equicredit Corp. of America, the former subprime unit of Bank of America.

The phony information included "false" financial figures, Social Security award letters, W-2 forms, work histories, Verification of Mortgages, or VOMs, and "other false documents in an attempt to get a loan processed for an otherwise unapprovable borrower who was not financially qualified," the indictment charges.The scheme lasted from April 1999 to November 2001, according to the indictment. All seven of the defendants have pleaded not guilty to charges that include conspiracy, bank fraud and mail fraud.

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

December 2, 2005


Trial Begins in $16 Million KS Case
Brent Barber is being tried in the first of two mortgage fraud cases where he is accused of defrauding lenders and borrowers in a complicated scheme that recruited "victim-investors."
read story from the Kansas City Business Journal .


Fraudster Tried to Have Judge Killed from Jail
Ronald Dudas, who has a long record of mortgage fraud convictions, tried to hire a hit man from jail to kill the judge who sentenced him.
read Associated Press story .


1st Charges Filed Under New GA Fraud Law
Jason Brenner, James Price, Charlie Smith Jr. and Tara Webb allegedly inflated an appraisal value and placed $60,000 in fake liens on a house to funnel money into a "shell" mechanic's business

read story at the Gwinnet Daily Post .


December 1, 2005


FBI Arrests Fraud Foreclosure Figures
Martha Rodriguez and Edward Seung Oke were arrested by the FBI in Southern California for allegedly falsely promising they stop foreclosure and clean up their credit.
read story from the Los Angeles Times .


TV News Investigates OK Realtor for Real Estate Fraud
Real estate agent Brandon Baum is accused of masterminding a real estate fraud flipping scheme -- leaving borrowers with homes worth far less than they paid.
read story from News 9/The Oklahoman .


Bankruptcy Fraud and Mortgage Fraud
MacDonald P. Taylor has pleaded not guilty to charges of defrauding Washington Mutual on a mortgage and filing fraudulent bankruptcies to hold up foreclosure for a year and a half
read story from The News Journal .


Defunct Lender Sold Loan But Continued to Collect Payments
A loan to a California couple from now-defunct CHL Mortgage Group had previously been sold to Impac and is being serviced by Countrywide. But the couple kept making payments to, and their checks were cashed by, CHL -- leaving their loan on the verge of foreclosure.
read story from KGO ABC 7 .


IL Originators May Have to Disclose More
New mortgage fraud prevention initiatives that would force greater disclosure from mortgage consultants were announced at a special hearing of the Illinois Senate Financial Institutions Committee
read story from the Chicago Tribune .


November 30, 2005


5 Common Broker Schemes
In an analysis of proposed mortgage broker licensing, Colorado regulators have outlined five common schemes used by unscrupulous brokers on unsuspecting borrowers.
read story from MortgageDaily.com
(subscription required)


Banker Escapes Prison Sentence
Fred Allison, a former chief loan officer for New Frontier Bank, was sentenced to four years' probation by a Colorado judge for theft and awaits sentencing on separate fraud charges in another county.
read story from the Greely Tribune .


November 29, 2005


Brokers Admit Stealing
South Carolina mortgage brokers Tom Cannon and Samantha Watford plead guilty to charges they created fake invoices for property repairs and pocketed the money.
read Associated Press story .


November 28, 2005


Mortgage Company Founder's Co-Defendant Pleads Guilty
John Myers, owner of National Mortgage Co. in Kansas, saw his co-defendant, a former U.S. congressional candidate, change his plea to guilty in a case where the two are charged with scheming to use $300,000 in campaign funds for a down payment on a $1.2 million home.
read story from the Lawrence Journal-World

read Patrick Crowley's prior coverage at MortgageDaily.com
(subscription required)


Foreclosure Fraud Flooding Florida
Pinellas County officials are warning homeowners facing foreclosure to be wary of fraud, where scammers collect fees, offer a range of services they claim will help the homeowner save the home, then pocket the fees and take title to the property.
read story from the St. Petersburg Times .


FTC Touts Actions Against Mortgage Companies
Several mortgage companies that have either violated privacy rules, preyed on Hispanics or illegally contacted consumers this past year have had to settle charges with the Federal Trade Commission.
read story from MortgageDaily.com
(subscription required)
Appraisal Details May Help Deter Fraud
Appraisal details now collected by Freddie Mac and Fannie Mae about market research and private buyer-seller arrangements may help raise a red flag about the chances of fraud.
read story from the Baltimore Sun .


Broker Appeals Fraud Conviction
Jack Pentz, a former Florida mortgage broker and owner of Waterford Mortgage Bank Corp., was wrongly portrayed as violent and dishonest, wrongly convicted of money laundering and wire fraud and wrongly sentenced to the maximum prison sentence, according to his attorney.
read story from the Naples Daily News

read Pat Crowley's prior coverage at MortgageDaily.com
(subscription required)

 
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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