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Fraud
Stories
From
Patrick
Crowley
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Fraud
News Wire
| Last Updated |
Friday,
December 1, 2006, |
04:49
PM |
Texas
Time |
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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
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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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