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



Sisters Sold Properties to Straw Buyers

Straw Buyers Were Offered $5000 to Participate

Sacramento, Calif. -- (January 22, 2009) Acting United States Attorney Lawrence G. Brown announced today that a federal grand jury returned a five-count indictment charging RALONDRIA STAFFORD, 34, of San Francisco, and NECOLE WARD, 30, of Las Vegas, (both formerly of Vallejo, Calif.) with crimes relating to a mortgage fraud scheme carried out in Vallejo between 2005 and 2006. The defendants, who are sisters, operated RN Realtors in Vallejo. The indictment charges them with conspiracy to commit wire and bank fraud, wire fraud, bank fraud, and engaging in monetary transactions in property derived from specified unlawful activity (money laundering).

This case is the product of a joint investigation by the Federal Bureau of Investigation and the Internal Revenue Service. Stated Acting United States Attorney Brown, “Mortgage fraud has emerged as a major law enforcement priority in the wake of the housing market decline. As today’s indictment against these two former realtors reflects, we will continue to give priority to those cases perpetrated by industry professionals.”

According to Assistant United States Attorney Kyle Reardon, who is prosecuting the case, the indictment alleges that between July 2005 and August 2006, the defendants began using straw buyers to purchase properties that they owned in Vallejo, California. The buyers were approached and offered $5,000 for the use of their name and financial information. The defendants represented to the buyers that the purchase would be in name only and that STAFFORD would purchase the properties back from the straw buyers in six to 12 months.

In the course of the conspiracy, the defendants prepared “Uniform Residential Loan Application” forms in the straw buyers’ names containing material false statements. These false statements included, among other things, overstating of the straw buyer’s income, claiming employment at employers for which the straw buyers did not work, and misidentifying the purpose of the purchased locations as a primary residence. On one occasion, in support of the materially false statements, the defendants attached to the application falsified Internal Revenue Service form W-2s and a lease agreement.

The maximum statutory penalty for conspiracy is five years in prison, a fine of $250,000, and a three-year term of supervised release. The maximum statutory penalty for a violation of bank fraud and wire fraud is 30 years in prison, a fine of $1,000,000, and a five-year term of supervised release. The maximum statutory penalty for money laundering is 10 years in prison, a fine of $250,000, and a three-year term of supervised release. However, the actual sentence will be dictated by the Federal Sentencing Guidelines, which take into account a number of factors, and will be imposed at the discretion of the court.

The charges are only allegations and the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

SOURCE: United State Department of Justice -- Eastern District of California

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