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Mortgage Fraud Newswire
| Last Updated |
Thursday, November 20, 2008, |
1:00 PM |
Texas Time |
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November 20, 2008
Cash-Back Mortgage Fraud
Two of five people involved in a cash-back-at-closing fraud scheme have been sentenced to 21 months in prison followed by three years of supervised release. Both had pleaded guilty to one count of conspiracy to commit wire and mail fraud.
Arrested in Prison
An Indiana man was arrested while incarcerated at a correctional facility on six felony counts stemming from a mortgage fraud investigation in which he posed as a licensed mortgage broker, although wasn’t registered with the state.
Mortgage Fraud Investigation Reveals Embezzlement
A Michigan woman is facing 17 felony charges after an alleged $20 million mortgage scam revealed her participation and alleged embezzlement. She has not been federally indicted, however, as part of the state’s investigation, her license has been revoked and a civil lawsuit judgment was filed against her.
November 19, 2008
2 Schemes, $13 Million Lost, 16 Charged
The first indictment accuses one group of suspects with using straw buyers and falsifying income information to defraud lenders of $8.8 million. The other involves similar allegations and a $4.9 million loss to lenders.
Brokers Settle Deceptive Advertising Claims
Five mortgage brokers operating in Colorado have settled allegations of deceptive advertising. Another broker settled charges of mortgage fraud.
Suspected Sex Tour Operator and Court Clerk Indicted
Nine people have been indicted in a $1.4 million mortgage fraud scheme in New York. One is a Brooklyn court official and another is accused of booking sex tours to Southeast Asia through a Queens travel agency.
Accused Claim It Was a Mistake
In a fraud case where seven have already pleaded guilty, two others on trial say that they made mistakes but never intended to defraud buyers.
Witness Testimony Thrown Out
A witness in the trial of a former mortgage company owner was dismissed after neglecting to produce documents that would back up his claims against the defendant.
Not Guilty Pleas on 34 Counts
Two men accused of a $500,000 mortgage fraud involving 12 real estate transactions in Missouri have pleaded not guilty.
November 18, 2008
Identity Theft Risk Survey
Consumers can access an online survey that assesses the risk of having their identity stolen. A new software program calculates an individual “risk score” based on current behaviors and past experiences.
Investment Broker Commits Mortgage Fraud
A Parkland, Fla. man who operated foreign exchange companies admitted to committing fraud in order to obtain a mortgage loan. Anthony Affatati, 36, pleaded guilty to two separate conspiracies to commit mail and wire fraud. Affatati used a straw buyer to acquire his home in Parkland. Sentencing is set for Jan. 8.
New Loan Auditing Company Launches
A new national loan auditing company provides quality control, pre-close and post-close auditing, risk assessment and fraud prevention. Walnut Creek, Calif.-based National Loan Auditors announced the availability of their services to mortgage and banking institutions.
Title Co. Owner Claims Innocence
The owner of a Fort Lauderdale title company says his employees are the culprits in a $5 million mortgage fraud scheme and are blaming him in order to stay out of prison. If convicted, he faces up to 10 years in prison.
Greedy Broker Scams Seniors
More than $400,000 was defrauded from four senior citizens in the Phoenix area leaving an elderly woman at risk of losing her home and an elderly man wondering if he can afford a necessary surgery. Meanwhile, the broker who scammed them is spending $42,000 on a ring for his wife.
From Doctor to L.O. to Prison
A former physician who had his license suspended by the state of Pennsylvania is now going to prison for fraudulently misusing his position as a loan officer – costing lenders between $400,000 and $1 million.
November 17, 2008
House Arrest for Mortgage Broker
A former mortgage broker who pleaded guilty to bank fraud has been sentenced to a year’s house arrest and five years probation. He was also ordered to pay $214,000 in restitution after submitting fraudulent documents in order to obtain a $367,500 mortgage loan.
Fake Pay Stubs and Forged Bank Statements
A Maryland woman and former D.C. tax clerk pleaded guilty to falsifying a mortgage application in order to receive a loan. She was sentenced to three years probation.
Siblings Take the Stand
A woman is tangled up in a elaborate mortgage fraud trial that stemmed from a 147-count indictment involving her brother, former Evergreen Corp. President David B. Willan and 16 others in the Akron, Ohio area.
Creative Financing Leads to Guilty Plea
The former chief financial officer and bookkeeper of a Billings, Mont. Mortgage company has pleaded guilty to bank fraud.
Rent-to-Own Scheme Falling Apart
Tenants that have been renting-to-own from one man in Texas are coming forward as some of them are discovering they may have been hoodwinked.
November 14, 2008
Radio Host Questions Senator of Fraud
A Connecticut conservative radio talk-show host quit his job after the radio station refused to air an interview he conducted with a politician that has been under scrutiny for favoritism from Countrywide Home Loans.
RE Agents Refuse Listings
A Hawaii state law designed to protect consumers from predatory mortgage lenders is impeding the progress of listing the homes of those who have fallen behind in their mortgage payments.
Central Valley Scammer Pleads Guilty
The third of four men arrested for defrauding both homeowners and brokers has pleaded guilty to the crime. One man is still awaiting trial.
New Plan for Mich. Appraisers
As a matter of fraud prevention, the Michigan House of Representatives recently passed a plan that prohibits individuals from coercing an appraiser to provide a predetermined appraisal value.
November 13, 2008
Missouri Task Force Launches
The U.S. Attorney's office announced that its newly formed mortgage fraud task force met for the first time. With a focus on education, mortgage fraud prosecution and a consumer platform, officials from real estate, law enforcement and government have assembled to help the fight against mortgage fraud.
Virginia Fraud Scheme Largest in 20 Years
A mortgage company owner pleaded guilty to defrauding lenders of at least $33 million from four financial institutions, making it one of the largest mortgage fraud cases in the nation and the largest in Virginia in two decades. The four lenders were first Tennessee Bank, Franklin Bank, Wells Fargo Bank and EMC Mortgage Corporation, a subsidiary of JP Morgan Chase & Co.
Realtors Weigh-In on Scrutiny
Despite reports of possible Realtor involvement in a $45 million real estate scam, as recently reported on FraudBlogger.com, the Greeley Area Realtor's Association president said she is maintaining a positive attitude for the sake of her buyers and sellers.
18 Foreclosures, $2.5 Million Scam
A 30-year-old former real estate company owner has admitted to participating in a $2.5 million scam that led to 18 foreclosures, although his plea agreement lists only one transaction that he was involved in.
New Fraud Detection Alerts Available
Interthinx has added 21 new “conflict of interest” alerts to the FraudGUARD scoring system to weed out potential collusion between loan participants. The fraud detection tool can help lenders identify suspicious relationships in real estate transactions.
Sentencing and Status Hearings
Two Chicago cases are nearing end as one man gets sentenced next month and another has a status hearing. Both involve mortgage fraud but at opposite ends of the spectrum.
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