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Mortgage Industry Fraud
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December 15, 2006,
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."
subscribers read Patrick's full story
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.
subscribers read Patrick's full story
Deported, Faces 265 Years
Former Los Angeles resident to make initial
court appearance for an alleged $50 million
Ann Campbell, a realtor, may be jailed up to
five years for admitting to mortgage fraud through
inflated home prices and false loan documents.
story from Oklahoma News Channel 4.
Arrested on Fraud Charges
Police officer Alex Gonzalo was arrested by
the FBI for allegedly participating in a mortgage
fraud scheme of federally-insured loans.
story from the Bonita Daily News.
Neal Pascal, a former weather forecaster, faces
five years in jail after pleading guilty to
lying on mortgage applications to get funds
over the house value for a down payment.
story from the Chattanoogan.
Fraud Flourishing Excessively
Fraud at origination is a main driver of the
rampant mortgage fraud in the Sunshine State,
which leads the nation in the highest rate of
misrepresentations on applications and in complaints
of suspicious activity filed by lenders.
story from the Miami Herald.
Chase Ends in Arrest
man, who used false information to get a mortgage
to purchase the home of former Dallas Cowboy
Deion Sanders, was arrested on federal fraud
charges after a brief car chase.
story from the Dallas Morning News.
Awaits Mortgage Co. Prez
Salvatore Favata, who as president of National
Consumer Mortgage LLC allegedly used investors'
money for his personal use, faces up to five
years in prison and a $250,000 fine when he
is sentenced in April.
story from CBS 2.
Bail for ID Thief
Matthew Cox, one of the Secret Service's most-wanted
at one time for an alleged massive mortgage
fraud scheme, pleaded not guilty to a 42-count
indictment and was ordered held without bail
story from the Ledger-Enquirer.
Convicted of Fraud
Former mortgage broker Ekram Almoussa faces
up to 20 years in prison for running a mortgage
flipping scheme in which he lied on loan applications
and paid off participants of the scam.
story from King 5.
Fraud on the Rise
Federal authorities say mortgage fraud is being
fueled by a volatile housing market, an expansion
in the loan product menu, and the widespread
use of automated lending systems.
story from the Orange County Register.
Women Convicted of Fraud
Debra Jean Price was found guilty of mortgage
fraud, while Debby Cossitt and Shannon Hill,
who also operated manufactured-home sales companies,
admitted to fraud while the trial was underway.
story from KATV 7.
An Atlanta area homebuilder fooled two mortgage
lenders into funding a string of mortgages on
incomplete or nonexistent new homes by using
fake appraisals and occupancy certificates.
MortgageDaily.com subscribers read
Accused of Reverse Loan Scam
Michael Llamas, 22, owner of Property Line Investments,
was arrested after an investigation led police
to believe he fraudulently sold the home of
an elderly couple who thought it was getting
a reverse mortgage instead.
story from Tracy Press.
read archived blog entries
Crowley is fraud journalist for MortgageDaily.com
and a reporter and columnist
for The Cincinnati Enquirer.
Email Patrick at: PatCrowley@FraudBlogger.com