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December 12, 2008
Title Co. Owner Guilty
A South Florida title company owner pleaded guilty to masterminding a $40 million mortgage fraud scheme using straw buyers and bogus documentation to help borrowers qualify on more than 50 residential mortgages.
Inside Bayview Executive’s Fraud
Official documentation describing the alleged fraudulent actions of a former Bayview Financial executive has been obtained by MortgageDaily.com.
Another Real Estate Company Searched
An on-going mortgage fraud investigation has led to yet another real estate company being raided by law enforcement authorities.
Not Guilty Plea on 13 Counts
A 39-year-old New York man has been indicted on 13 counts relating to mortgage fraud charges. His attorney said the prosecution would not be able to prove the case because his client is innocent.
Fraud Haunts Executive
A 49-year-old mortgage executive thought he had resolved a fraud crime he committed years ago, but now his actions have come back to haunt him. Federal prosecutors have charged him with one count wire fraud stemming from his “mistake” years ago.
Drug Investigation Reveals Fraud
A 32-year-old Ohio woman pleaded guilty to money laundering and wire fraud after IRS agents tripped over evidence of mortgage fraud during a drug investigation.
Raids Lead to Arrests
A total of four homes and businesses were searched in connection to a mortgage fraud investigation of an Ohio man, his real estate-related company and some of his business associates.
Lax Verification Laws Needed Adjusting
A majority of mortgage fraud cases contain erroneous income claims, which some companies make easier by providing the avenue for borrowers to obtain fake documents.
December 11, 2008
Processor, Sister Might Testify Against Brother
A Maryland woman agreed to cooperate with prosecutors after pleading guilty to one count of conspiracy in an equity-stripping fraud scheme allegedly led by her brother. She even served as a straw buyer on five properties.
Preliminary Hearing Stalled
The preliminary hearing for a brother and sister charged with running a multi-million dollar mortgage fraud scheme stalled out after the pair left the court room moments after arriving to try to arrange a plea deal. A deal was not reached.
RE Brokerage Raided
A residential and commercial real estate brokerage was raided today by the FBI and local police. Officials said it was in connection with a mortgage fraud investigation.
Mortgage Fraud Keeps Prosecutors Hopping
Special task forces have been created to contend with the monumental increase in mortgage fraud. The rapid influx of prosecutions makes it nearly impossible to estimate how much damage has been done and what the cost is for justice.
Brothers Sentenced
Two brothers and an accomplice committed over $2 million in mortgage fraud with properties in Virginia.
December 10, 2008
Former NBA Players Indicted
Two former NBA players, Dirk Minnifield and Grant Gondrezick, along with two others have been indicted on conspiracy and wire fraud charges for their connection to a mortgage fraud scheme. The group used straw buyers and false invoices to collect on home renovations that were never made.
Drug Houses and Fraud
Houses allegedly bought with fraudulent mortgage loans were used to grow a new kind of potent marijuana known on the street as “purps,” apparently for its purple color. Twenty-two Metro Detroiters face drug, mortgage fraud and money laundering charges.
Unusual Fraud Case
An Indiana woman sold five properties that did not belong to her. After pleading guilty to the fraud scheme, she faced 40 years in prison but received only three years probation.
FHA Expansion Involves Risk
Housing industry experts are expressing concerns that the rapid expansion of the Federal Housing Administration is leaving it unprepared for the potential increase of mortgage-related fraud.
December 9, 2008
Loan Officer Sentenced
A Portland man has been sentenced to more than five years in federal prison and ordered to pay over $500,000 in restitution for his participation in a mortgage fraud scheme involving nearly 70 homes.
Behemoth Fraud Investigation Continues
Yesterday it was reported that an alleged major player in the $550 billion mortgage fraud scheme that sent Orson Benn and seven others to prison wasn't being investigated. Today, however, the tides are turning.
Violent Convict Guilty of Fraud
A 37-year-old man was found guilty of nine counts relating to the largest mortgage fraud case in Milwaukee. Formerly convicted of murder, drug dealing and kidnapping charges, he was the only one of 10 defendants to go trial for mortgage fraud.
Innovative Fraud Analysis
Improving fraud detection tools so they can handle the now heavy influx of fraud activity and detect suspicious activity, as trends and schemes change, is important to the eradication of mortgage fraud.
December 8, 2008
Fraudster Preyed on FEMA Victims
An ex-FEMA worker stole the identities of over 200 victims while working at various mortgage companies with 30 of them stolen from FEMA. His crime funded a shopping spree of nearly $50,000.
Behemoth Fraud Scheme Unraveled
A former vice president of a subprime mortgage company is serving an 18-year sentence for his part in a network of fraud schemes that topped $550 billion. The story has an inconclusive ending as one of the alleged major players remains of any blame, and two others whom have pleaded guilty are awaiting sentencing.
Indian Movie Maker Pleads Guilty
A movie producer popular with the local Indian community in Virginia has pleaded guilty to the state’s largest fraud case in 20 years.
Tax Clerk Sentenced
A 28-year-old woman who lied on her mortgage application was sentence to three years probation.
Asst. U.S. Attorney Recognized
A prominent New York federal prosecutor is being recognized for his efforts in a notable mortgage fraud case.
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