Archives For Rachel Dollar

Loan Officer Indicted for Bank Fraud

Rachel Dollar —  September 18, 2015 — Leave a comment

Randy Gard Teall, 67, Post Falls, Idaho, pleaded guilty to bank fraud. Teall was indicted by a federal grand jury in Coeur d’Alene, Idaho on June 17, 2014.

According to the plea agreement, Teall admitted he was a loan officer at Global Credit Union, a federally insured financial institution in Coeur d’Alene, Idaho. With the intent to defraud, Teall executed a scheme to procure loans from Global Credit Union using false promises or statements on loans he approved to individuals with whom he had a business relationship. Teall failed to disclose his personal and business relationship and the borrowers’ true financial worth. Some of Global’s loan funds were used to pay rent to Teall.

The charge of bank fraud is punishable by up to 30 years in prison, a maximum fine of $250,000, and up to five years of supervised release.

Sentencing is set for December 15, 2015, before Senior U.S. District Judge Edward J. Lodge at the federal courthouse in Coeur d’Alene.

The indictment was announced by U.S. Attorney Wendy J. Olson.The case was investigated by the Federal Bureau of Investigation.

In Mortgage Fraud , ,
 permalink
FHA Mortgage Fraud

Guilty Plea in Florida Foreclosure Rescue Scheme

Rachel Dollar —  September 17, 2015 — Leave a comment

David W. Griffin, 44, Lutz, Florida, pleaded guilty to one count of bankruptcy fraud and one count of making a false statement under oath during a bankruptcy proceeding in connection with a foreclosure rescue scheme.  Griffin faces a maximum penalty of 5 years in federal prison for each charge. A sentencing date has not yet been set.

According to court documents, Griffin operated a foreclosure rescue scheme through his companies, Bay2Bay Area Holding, LLC and Business Development Consultants, LLC.  The purpose of the scheme was to obtain quitclaim or warranty deeds from distressed homeowners facing foreclosure in return for false promises to rescue their homes from foreclosure by negotiating with creditors, renting the property back to the homeowner to obtain rental income, and falsely promising that the homeowner could repurchase the property from Griffin.  To maximize his rental income, Griffin also prevented creditors and guarantors, including the Federal National Mortgage Association (“Fannie Mae”) and the Federal Housing Administration, from pursuing lawful foreclosure and eviction actions against homeowners who had defaulted on their mortgages. This was accomplished by filing, or causing to be filed, fraudulent bankruptcies in the names of the homeowners without their knowledge or consent. Continue Reading…

In Mortgage Fraud , ,
 permalink

Two Plead Guilty in Mortgage Modification Scheme

Rachel Dollar —  September 16, 2015 — 3 Comments

Ped Abghari, a/k/a “Ted Allen,” 38, Irvine, California, and Justin Romano, 41, of Blue Point, New York, pled guilty for their roles in orchestrating a massive mortgage modification scheme that collectively defrauded over 8,000 homeowners out of over $18.5 million.  Abghari and Romano each pled guilty to wire fraud and conspiracy to commit wire fraud, and Abghari also pled guilty to misprision of a felony.  Romano pled on September 14, 2015, and Abghari pled on September 15, 2015, before U.S. District Judge. John F. Keenan.   Continue Reading…

In Mortgage Fraud , , ,
 permalink

Michigan Attorney Pleads Guilty in Loan Modification Scheme

Rachel Dollar —  September 16, 2015 — 2 Comments

Steven Barry Ruza, 52, Orchard Lake, Michigan and his company, Home Legal Group, Inc., pled guilty to one count of Conducting a Criminal Enterprise.  Ruza and his company were accused of stealing hundreds of thousands of dollars from Michigan residents that were facing mortgage foreclosures. As part of the plea, restitution will be paid to the victims, with the possibility of additional restitution at the judge’s determination.

Ruza and his company promised victims that they could obtain mortgage modifications and save their homes from foreclosure but then did nothing, or very little, to obtain mortgage modifications for the victims.  In many cases, Ruza even filed false documents with the bank.  The victims never received a modification through Ruza and Home Legal Group and most lost their homes to foreclosure. Continue Reading…

In Mortgage Fraud , ,
 permalink

Baltimore Mortgage Fraud Scheme Sentencing

Rachel Dollar —  September 15, 2015 — Leave a comment

Kevin Campbell, 53, Pyesville, Maryland, was sentenced to 19 months in prison followed by five years of supervised release for conspiring to commit mail, wire and bank fraud arising from mortgage fraud schemes resulting in losses totaling approximately $1.2 million and was ordered to pay restitution of $1,182,822.

Jonathan L. Miles, 45, Perry Hall, Maryland to 18 months in prison followed by five years of supervised release for conspiring to commit bank fraud, and entered an order that Miles pay restitution of $1,182,822.

Campbell invested in Baltimore residential real estate, and controlled four companies that bought and sold residential real estate: KMJ Realty LLC; E&W Realty LLC; C Realty LLC; and City Realty LLC. Miles was a loan officer for a mortgage brokerage company formerly located in Reisterstown, Maryland. Continue Reading…

In Mortgage Fraud , , ,
 permalink

Notorious mortgage fraudster Brent Barber back in Kansas City, serving out the rest of his 2006 sentence in a halfway house

Brent Barber’s presence in Kansas City was once likened to that of a hurricane.

That comparison was made by the U.S. Attorney who in 2006 prosecuted the Belton man for his mortgage fraud scheme, which left sections of midtown and the East Side in ruins.

 Posted by Rachel Dollar  onSeptember 15, 2015 In Mortgage Fraud
 permalink Leave a comment

Former island real estate agent indicted on fraud charges

A former Anna Maria Island real estate agent accused of bilking vacationers of $200,000 was indicted Sept. 1 and now faces a federal mail fraud charge and trial.

The U.S. District Court arrested Michael Perry Carleton of Bradenton Sept. 3 when he turned himself in the day after a federal clerk issued a warrant in connection with a grand jury indictment, according to U.S. Postal Inspector Alexandra Papageorge.

 Posted by Rachel Dollar  onSeptember 15, 2015 In Mortgage Fraud
 permalink Leave a comment

Florida homebuilder linked with Edgeworth businessman in bank fraud scheme pleads guilty to conspiracy

A Florida homebuilder pleaded guilty Friday in federal court in connection with a $2.4 million bank fraud scheme involving Joseph Nocito Jr., president of Castle Mortgage in McCandless.

Mark Sosso, 43, owner of Sosso Homes in Sarasota, waived indictment and pleaded to a count of conspiracy before U.S. District Judge Arthur Schwab, who set sentencing for January.

 Posted by Rachel Dollar  onSeptember 14, 2015 In Mortgage Fraud
 permalink Leave a comment

Man Posing as Real Estate Investor Admits $3 Million Fraud

Rachel Dollar —  September 11, 2015 — Leave a comment

Paul Mancuso, 49, Glen Rock, New Jersey, pled guilty in Newark, New Jersey, federal court to one count of conspiracy to commit wire fraud in connection with fraudulent investment schemes that defrauded 15 victims of more than $3 million.

According to documents filed in the case and statements made in court:

On August 21, 2014, a federal grand jury in Newark, New Jersey indicted Mancuso on one count of conspiracy to commit wire fraud and five counts of wire fraud. It also charged Pasquale Stiso, 53, West Harrison, New York, with one count of conspiracy to commit wire fraud and one count of wire fraud. Continue Reading…

In Mortgage Fraud , ,
 permalink

“Indestructible Wealth Bootcamp” Shut Down by SEC Injunction

Rachel Dollar —  September 11, 2015 — Leave a comment

The Securities and Exchange Commission filed a civil fraud lawsuit and obtained an asset freeze to halt an ongoing real estate investment scheme being conducted by a trio of business associates in California accused of stealing investors’ money while promising them “indestructible wealth.”

The SEC alleges that Paul Ricky Mata, David Kayatta, and Mario Pincheira stole investor proceeds for their own use and diverted money to unrelated businesses.  They raised more than $14 million from more than 100 investors in California and several other states for two unregistered funds purporting to invest in real estate.  Online videos posted to Mata’s website and YouTube channel helped attract investors to attend investment seminars with such titles as “Finances God’s Way” or “Indestructible Wealth” where they encouraged many retirees to sell their existing securities holdings and invest in the funds, which falsely guaranteed promising returns.  The funds have never actually made a profit. Continue Reading…

In Mortgage Fraud ,
 permalink