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.



Living the High Life Right to Prison

Lenders Lose $2.5 Million

Phoenix, Az. – (Feb. 26, 2009) Micah Bowens, 39, of Henderson, Nevada was sentenced yesterday to 48 months in prison for his conviction in July 2008 for leading a mortgage fraud scheme in Phoenix, San Diego and Las Vegas. Jennifer Sellers, a real estate agent, 30, of Las Vegas, was sentenced to 24 months in prison on February 23, 2009 and Alonzo Love, 34, of San Diego, was sentenced to 14 months on February 17, 2009.

Diane J. Humetewa, U.S. Attorney for the District of Arizona, highlighted the significance of these sentences. “Mortgage fraud has destroyed property values, lending institutions, and entire neighborhoods in our community. It has resulted in the loss of tax revenues and job losses. To those who engage in mortgage fraud--particularly real estate industry professionals in which the public places trust-- you can expect to be prosecuted to the full extent of the law and we will strongly urge prison sentences where appropriate. I congratulate the Internal Revenue Service and Secret Service for their thorough investigation that led to these prison sentences.”

Bowens pleaded guilty to 23 counts, Sellers pleaded guilty to two counts and Love pleaded to one count all related to mortgage fraud, including mail and wire fraud, false loan applications, money laundering, conspiracy and other offenses related to the use of a social security number belonging to someone else, all as part of a 37-count indictment related to their participation in a five year conspiracy involving the purchase of 19 properties and 10 vehicles using fraudulent loan documents. Seven other co-conspirators were also charged and have pleaded guilty for their involvement in the conspiracy and the remainder will be sentenced over the next few months. The case against Bowens, Sellers, Love and seven others was based on an investigation by the Internal Revenue Service, Criminal Investigation Division and the U.S. Secret Service, which indicated that from May 2002 through May 2007 the defendants conspired to commit mortgage fraud in Phoenix, San Diego and Las Vegas. Bowens, Sellers and Love fraudulently submitted mortgage loan applications, on behalf of straw buyers, under false pretenses, obtaining and disbursing the proceeds of fraudulently obtained loans, including directing portions of the proceeds to bank accounts in Bowen’s, Seller’s, Love’s and other defendants’ control.

Sellers, a single mother, used her skill as a real estate agent and loan originators to prepare the mortgage loan applications misrepresenting salary, assets and liabilities. Bowens, Sellers and Love further submitted to lending institutions fraudulent W-2s, bank statements and employment verifications to purchase real estate and vehicles. The trio used the proceeds from the fraud to live a lavish lifestyle including purchasing several expensive homes, luxury vehicles, jewelry and other personal expenses. The conspiracy resulted in a loss to lending institutions of approximately $2,500,000. Lastly, co-defendants Lutrell Sharpe and Marcus Dozzell were sentenced recently to 88 months and 45 months respectively.

Federal law enforcement and the U.S. Attorney’s Office for the District of Arizona, in an unrelated initiative called Operation Cashback, indicted and arrested 40 real estate professionals and investors in June 2008 for their participation in alleged mortgage fraud schemes. Those cases are on-going.

The investigation in this case was conducted by the Internal Revenue Service, Criminal Investigation Division, the U.S. Secret Service and Office of Inspector General, Social Security Administration. The prosecution is being handled by Kevin M. Rapp, Assistant U.S. Attorney, District of Arizona, Phoenix.

SOURCE: United State Department of Justice -- District of Arizona

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