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Fraud News Wire

Last Updated Friday, December 1, 2006, 04:49 PM Texas Time

Legislator Accused of Foreclosure Fraud

The Maryland Attorney General is looking into claims that a state legislator duped a woman into selling her home to him.

In a lawsuit filed in Anne Arundel County Circuit Court, Teresa Milligan accuses Maryland State Delegate William "Tony" McConkey, a Republican and a real estate broker, of foreclosure rescue fraud.

McConkey has denied Milligan's claims that he somehow tricked Milligan into singing over her house to him.

Kevin Enright, a spokesman for Maryland Attorney General J. Joseph Curran, confirmed to MortgageDaily.com that the attorney general's office is "looking into the matter."

MortgageDaily.com subscribers read Patrick's full story

Armed & Dangerous

A former mortgage executive who is under indictment for selling the same loans multiple times on the secondary market escaped when federal agents tried to nab him.

Edward Batayeh, who is also known as Ed Bhataybh, has been indicted by a federal grand jury in Oakland on charges of masterminding a $13 million fraud that included reselling loans multiple times.

But when federal agents tried to apprehend him on Nov. 17, he fled in a 2003 BMW X3 with the California license plate 5ETZ317.

"Defendant is a fugitive and should be considered armed and dangerous," the U.S. Attorney for the Northern District of California said in a statement.

MortgageDaily.com subscribers read Patrick's full story

December 1, 2006

Woman Settles With Title Co.
Jamie Brown, a real estate trustee, has agreed to let Stewart Title Guaranty Co. have a $745,000 judgement against her for allegedly being part of a massive mortgage fraud scheme.

read story from the Worcester Telegram & Gazette.

Mortgage Scammer Sentenced
Guilty pleas of threatening to hire a man to kill a judge, and defrauding nearly 30 borrowers by obtaining deeds of their homes through second mortgages and then selling them, earned Ronald Dudas 30 years in prison.

read story from the Plain Dealer.

Builder Accused of Destroying Evidence
Charges against home builder F. Jeffrey Miller have expanded from operating a mortgage fraud scheme to new accusations that he and others destroyed incriminating documents before federal agents could seize them and intimidated an individual who was collaborating with the authorities.

read story from the Kansas City Star.

November 30, 2006

Federal Fraud Prevention
Actions taken so far this year by the Federal Trade Commission include a settlement with a credit reporting agency that provided faulty reports to mortgage lenders and an injunction against a mortgage telemarketer. The moves were taken in line with the agency's objectives of identifying, stopping and preventing fraud.

MortgageDaily.com subscribers read full story.

Mortgage Controller Robs Employer
Carl Wesley Ragland, a former controller of C&F Mortgage Corp., admitted he stole almost $2 million from the company and now faces up to 30 years in prison and a $1 million fine.

read story from the Richmond Times-Dispatch.

Ex-Policeman Imprisoned
Robert Carter, a former policeman accused of participating in a $2 million mortgage flipping scheme, will serve 10 months in prison.

read story from Newslink Indiana.

Fraud Ring Targets Minorities
Renowned fraud expert Frank McKenna of BasePoint to speak in Las Vegas on mastering mortgage fraud with analytics

Fraud Ring Targets Minorities
Isaac Katz, Yoel Silberstein, Shaya Saks and Theodore Welz, all of Brooklyn, N.Y., agreed to pay $1.8 million to help compensate victims of a scheme that the four individuals participated in that duped minority borrowers into mortgages with high rates and for homes with inflated values.

read story from Reuters.

Death Leads to Fraud Discovery
A news channel investigation of a driver who killed a man in a hit-and-run incident led to the discovery that the driver's family obtained a loan insured by the Federal Housing Administration through what may possibly be a fraud ring in Colorado that sets up illegal immigrants in fraudulent loans.

read story from Denver Channel.

3 Companies Sentenced and Fined
Donald Gupton Inc., CRE Properties and M and G Properties II will be on probation for five years and must pay $7.5 million in restitution for their involvement in a $19 million scam that obtained mortgages for buyers with bad credit through falsified loan papers.

read story from Fox Carolina.

Probation for Mortgage Flipper
Malcolm Clark admitted to fraudulent mortgage flipping scheme and was sentenced three years probation and six months of house arrest.

read story from the Hattiesburg American.

Slain Developer's Home on the Block
A judge ordered a sealed bid sale in January for the unfinished mansion used by slain real estate developer Andrew M. Kissel to defraud lenders out of $16 million through several mortgages on the property, and the funds recruited will be used to pay back some of that money.

read story from Greenwich Time.

November 28, 2006

Noncitizen Borrowers Face Deportation
Colorado authorities believe that nearly 300 illegal immigrants who obtained mortgages insured by the Federal Housing Administration may be deported due to lying on loan applications and using fake identities.

read story from Inman News.

Suit Postpones Investor Payout
A lawsuit accusing Goodrich & Pennington Mortgage Fund Inc. of defaulting on a loan agreement with Carolina Investors' parent company will delay the payout investors will receive for being defrauded several years ago by now-defunct Carolina.

read story from the Greenville News .

Broker's Sentencing Delay Denied
A judge denied the request to postpone the sentencing hearing of Mary E. Bolan, a real estate broker who admitted to mortgage fraud through bogus appraisals and loan applications, and faces up to five years in jail.

read story from the Bradenton Herald .

Ex-Mortgage Fraudster Troubled
Roxbury home remodeler's lawyer says current business woes not related to conviction for $18M mortgage fraud.

read story from the Daily Record.

November 27, 2006

Investment Scheme Trial Set
A trial will begin this week against defunct First Latino, accused of running a home buying and investment scheme that promised investors high returns.

read story from North County Times.

UT Fights Fraud
Utah U.S. Attorney Brett Tolman and six other federal prosecutors have joined forces to target white-collar crimes, including mortgage fraud.

read story from KUTV .

Silent Mortgages Equal Fraud
Not recording a mortgage is fraud and can hurt not only the lender but the borrower as well, a real estate writer warned.

read story from Inman News.

Fraud Charges Dismissed
A federal judge dismissed some charges against Richard Lucas, Kimberly Castle and Kenneth Stalnaker, who were accused engaging in fraudulent mortgage flipping, because the companies harmed, Countrywide Financial and Alliance Funding, were not insured by the Federal Deposit Insurance Corp.

read story from News 7.


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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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