home mortgage fraud newsletter full stories advertise mortgage industry newsletter RSS about us
HOT Topics Fraud Resources Fraud Prevention Mortgage Litigation News Appraisal News

Sign Up for Free Mortgage Fraud Newsletter

twitter linkedin
facebook google+
Mortgage News

Search mortgage fraud news by keyword.

Mortgage Fraud News
News, analysis and statistics about mortgage fraud.

Local Mortgage Fraud
Stories about individual mortgage crime cases.

Mortgage Fraud Statistics
Statics by year about real estate fraud.

Mortgage Fraud Index
Quarterly index based on case activity.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage Fraud Feedget RSS code
The latest case activity tracked by FraudBlogger.com for your Web site or for your RSS reader.

Mortgage Fraud Archives
Archive of FraudBlogger.com entries going back to 2005.



Mortgage Fraud Fugitive Found in Jamaica

$10 Million Mortgage Fraud in Florida

Miami, Fla. - (July 16,2008) R. Alexander Acosta, United States Attorney for the Southern District of Florida, Michael K. Fithen, Special Agent in Charge, U.S. Secret Service, Miami Field Office, Henry Gutierrez, Inspector in Charge, U.S. Postal Inspection Service, Donald B. Saxon, Commissioner, Florida Department of Financial Regulation, and Amos Rojas, Special Agent in Charge, Florida Department of Law Enforcement, Miami Regional Operations Center, announced that defendant Delroy Patterson, 47, formerly of Lauderhill, Florida, was extradited on Monday, July 14, 2008 from Kingston, Jamaica, and will make his initial appearance in federal court in Fort Lauderdale at 10:00am yesterday. Patterson will have a Pre-Trial Detention hearing on Friday, July 18, 2008 at 10:00am in Ft. Lauderdale, Florida before Magistrate Judge Seltzer.

In November 2006, Delroy Patterson and ten (10) other co-defendants were charged in a forty-seven (47) count Indictment for their participation in a complex mortgage fraud scheme involving more than thirty (30) properties bought and sold in Broward County. The fraud resulted in the issuance of approximately $10,000,000 in mortgage loans. This investigation was named “Operation Whose House,” because, as a result of the defendants’ fraud, public property records did not accurately reflect the true ownership of the properties bought and sold by these defendants. To date, this operation has resulted in the conviction of nine individuals, eight of which pled guilty and one who was convicted after trial.

According to the Indictment, the defendants engaged in a scheme to enrich themselves by obtaining mortgages from lenders using straw purchasers and through the submission of false documentation, including false loan applications, false employment verification forms, false salary statements, and false bank account statements reflecting high account balances. The defendants also allegedly used and caused others to use false or stolen Florida’s driver’s licenses, identification cards, and social security numbers as their personal identification at closings, in order to purchase property in the names of individuals whose identification documents had been previously stolen.

According to the Indictment, defendant Yvette Scott Patterson masterminded the scheme, and used her mortgage business, Khadmilroy Inc., located in Broward County, to execute it. The Indictment lists seventeen (17) properties, all in Broward County, purchased with loans obtained through fraudulent applications and supporting documentation in the names of straw purchasers or in the names of persons whose identification documents, including social security numbers and driver’s licenses, had been previously stolen. Over the period of the conspiracy, defendant Yvette Scott Patterson received approximately $300,000 in loan closing fees, mortgage broker fees, and yield premiums in connection with the fraudulently procured mortgages. Yvette Scott Patterson fled to Jamaica, where she was subsequently arrested. The government has filed an extradition request. If convicted, the defendant faces a maximum term of imprisonment of up to five years on the conspiracy count (Count 1), up to twenty years’ imprisonment on the mail fraud count (Count 13), and from two imprisonment on the aggravated identity fraud counts (Counts 43- 44).

Mr. Acosta commended the investigative efforts of the Florida Department of Law Enforcement, the State of Florida Office of Financial Regulation, the United States Secret Service and the United States Postal Inspection Service. This case is being prosecuted by Assistant United States Attorneys Jeffrey Kay and Jennifer Keene of the Fort Lauderdale Office.

SOURCE: United States Attorney's Office
Southern District of Florida

Mortgage Fraud Litigation

Q4-2012 | Q3-2012
Q2-2012 | Q1-2012

Q4-2011 | Q3-2011
Q2-2011 | Q1-2011

Q4-2010 | Q3-2010
Q2-2010 | Q1-2010

Q4-2009 | Q3-2009
Q2-2009 | Q1-2009

Q4-2008 | Q3-2008
Q2-2008 | Q1-2008

full-year 2007
Red Flags Rule
News about the Fair and Accurate Credit Transaction Act.
Analysis of Fraud Enforcement and Recovery Act
The Mortgage Graveyard
Reverse Mortgage Blog
Mortgage Compliance Newsletter
Free compliance newsletter from MortgageDaily.com.

Copyright © 2014 MortgageDaily.com
MortgageDaily.com Subscribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

pricing engine directory

wholesale lender directory

More Mortgage News Resources (MortgageDaily.com full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan officer compensation rule

loan originator compensation rule


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

sales blog

reverse mortgage news

secondary marketing

servicing news

subprime news

wholesale lenders

wireless mortgage news