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February 3, 2009
Three mortgage fraud cases in Northern Ohio have led to the indictment of 22 individuals and two companies. Over $4 million in loans were fraudulently obtained.
The first and largest case in Cuyahoga County involved three Solon houses and $2.3 million in fraud. All three houses have fallen into foreclosure. Those indicted include: Dana Fort, Vido Tatum, Stephanie Walker, Deric Nichols, Steven Pearlman, Lisa Roberts, D.E.F. and Associates, Global Property Managment. Five other unnamed individuals are accused of preparing fraudulent loan documentation, forgery and assisting in money laundering to obtain a $799,000 loan from Novastar Mortgage for Vido Tatum.
The second case involved the use of false rental agreements used to inflate income and a false claim of owner occupancy to procure a mortgage loan in the amount of $490,000 from Meritage Mortgage. Those indicted include: Carolyn Turbeville, Carol Smith, her daughter Sharon Cox and three others.
The last case involved defrauding Argent Mortgage of a $495,000 loan to purchase a new construction home. Carol Smith is also charged in this case with spearheading the fraud scheme and signing a fraudulent work order. Others indicted in this care are: Arnold Patterson, Curtis Bloxson, Kasib Husain, and Sharon Cox. Meritage Mortgage was defrauded in this case as well, of a $565,000 loan.
Read story at NewsNet5
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