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Fraud
Stories
From
Patrick
Crowley

Fraud News Wire

Last Updated Friday, December 15, 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 14, 2006

Fraudster Deported, Faces 265 Years
Former Los Angeles resident to make initial court appearance for an alleged $50 million fraud scheme.




Realtor Admits Fraud
Ann Campbell, a realtor, may be jailed up to five years for admitting to mortgage fraud through inflated home prices and false loan documents.

read story from Oklahoma News Channel 4.




Officer 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.

read story from the Bonita Daily News.




Ex-Weatherman Admits Fraud
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.

read story from the Chattanoogan.




Florida 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.

read story from the Miami Herald.




December 12, 2006

Car 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.

read story from the Dallas Morning News.




Sentence 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.

read story from CBS 2.




No 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 pending trial.

read story from the Ledger-Enquirer.




Ex-broker 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.

read story from King 5.




Mortgage 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.

read story from the Orange County Register.




3 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.

read story from KATV 7.




December 8, 2006

Appraisals Enabled Fraud
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 full story.




Man 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.

read story from Tracy Press.



 


read archived blog entries

  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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