Archives For Allison Tussey

Carmen Johnson, 48, Gambrills, Maryland, was sentenced by U.S. District Judge George Jerrod Hazel to 57 months in prison followed by five years of supervised release for conspiracy, wire fraud and making a false statement on a loan application, arising from two residential mortgage fraud schemes.

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Michael David Scott, 51, Mansfield, Massachusetts, a former real estate agent/developer and two out-of-state recruiters pleaded guilty to wire and bank fraud charges in connection with a multi-year, multi-property mortgage fraud scheme in Boston, Massachusetts.

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Dwayne Onque, 47, Belleville, New Jersey,  Mashon Onque, 44, East Orange, New Jersey, and Nancy Wolf-Fels, 58, Toms River, New Jersey,  were sentenced for their respective roles in conspiring to defraud financial institutions as part of a $15 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos.

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Carlton P. Cabot, 52, Stamford, Connecticut, and Timothy J. Kroll, 44, New Hope, Pennsylvania, – the former Chief Executive Officer and Chief Operating Officer of Cabot Investment Properties LLC, respectively – were arrested for allegedly participating in a scheme to defraud investors in numerous real estate investments by misappropriating over $17 million to pay for personal and business expenses and covering up their fraud with manipulated financial statements.

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Five of the eleven defendants charged in connection with a scheme involving straw buyers and the development of Seven Falls, a golf course and luxury residential community in Henderson County, North Carolina, have been sentenced to prison.

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Grady Wayne Fricks, 65, Nashville, Tennessee, pleaded guilty to conspiracy charges arising out of a scheme to defraud Cornerstone Community Bank, Dalton, Georgia, using false appraisals, settlement statements and misrepresentations to qualify for more than a million dollars in loans.

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First Tennessee Bank, N.A., Memphis, Tennessee, has agreed to pay the United States $212.5 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the U.S. Department of Housing and Urban Development’s Federal Housing Administration that did not meet applicable requirements.

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Provident Funding Associates is the subject of a consent order resolving allegations by the Justice Department and Consumer Financial Protection Bureau that it engaged in a pattern or practice of discrimination. According to the order, Provident allegedly increased loan prices for African-American and Hispanic borrowers who obtained residential mortgages between 2006 and 2011 from Provident’s nationwide network of mortgage brokers.

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Lynda Sanabria, 51, Rockwall, Texas, was sentenced to six months in prison, followed by six months of home confinement, for her role in a commercial bribery and tax evasion scheme. Sanabria admitted accepting hundreds of thousands of dollars in bribes in return for selling mortgage loans to her preferred customers on the secondary mortgage market.

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Paul Harold Doughty, 66, Edmond, Oklahoma, and Fred Don Anderson, 66, Eagle Point, Oregon, have been indicted and charged with bank fraud, conspiracy to commit bank fraud, false statements to banks, and misapplication of bank funds in connection with First State Bank of Altus and various loan schemes.   Continue Reading…