Archives For Rachel Dollar

Luxury Home Developer Gets 18 Years

Rachel Dollar —  June 26, 2015 — Leave a comment

Keith Vinson, 57, developer, Arden, North Carolina, was sentenced to 18 years in prison for his role in a scheme involving the failed land development deal of Seven Falls, a golf course and luxury residential community in Henderson County, North Carolina. He was also ordered to serve three years of supervised release and to pay restitution in the amount of $18,384,584.53

A federal jury convicted Vinson in October 2013 of conspiracy, bank fraud, wire fraud, and money laundering conspiracy.

Stated Jill Westmoreland Rose, Acting U.S. Attorney for the Western District of North Carolina: Continue Reading…

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Sentence in Timeshare Telemarketing Scam

Rachel Dollar —  June 26, 2015 — Leave a comment

James Richard Currey, 55, Winter Park, Florida, was sentenced in federal court on one count of conspiracy to commit mail and wire fraud in connection with telemarketing of timeshares. Currey was sentenced to one year in prison, to be followed by five years of supervised release and was ordered to pay $67,137.50 in restitution to the individual victims. Continue Reading…

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“This case is another sad reminder that so-called investment gurus who make promises of big guaranteed returns should send up red flags.  If something seems too good to be true, it usually is.”

Steven M. Dettelbach, U.S. Attorney for the Northern District of Ohio. Commenting on the indictment of Northeast Ohio residents Thomas Abdallah, Mark M. George, and Jeffrey L. Gainer on allegations they conspired to defraud about 70 investors of approximately $17 Million Dollars.

 Posted by Rachel Dollar  onJune 26, 2015 In Mortgage Fraud
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Former friend testifies Sampson tried to hide loan

Veteran Brooklyn state Sen. John Sampson borrowed $188,500 from a Queens developer to pay back escrow money he had embezzled and then asked the man to hide records of the loan and lie to federal investigators, a former friend testified as Sampson’s corruption trial began Wednesday.

 Posted by Rachel Dollar  onJune 26, 2015 In Mortgage Fraud
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2014 Mortgage Fraud Risk Report Released

Rachel Dollar —  June 25, 2015 — Leave a comment

The latest Mortgage Fraud Risk Report reflects a 4% percent decrease in 2014 over 2013 that signals a halt in the gradually rising trend of mortgage fraud observed in the previous four years. The only type of fraud with increasing risk was property valuation, according to the report, which increased by 17%.   The report also reflect that overall, mortgage fraud risk has appeared to normalize and there is less overall real estate market volatility with stabilization of real estate prices and inventory across the nation.

The Mortgage Fraud Risk Report is issued by Interthinx, a subsidiary of First American Financial Corporation.

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Ex-UFC Champ Chuck Liddell Awarded $2M Against Escrow Company

 Posted by Rachel Dollar  onJune 25, 2015 In Mortgage Fraud
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Investment Advisor Pleads Guilty to Stealing $1.9M

Rachel Dollar —  June 25, 2015 — Leave a comment

Jasper Buck, 59, formerly of Westminster, Maryland and elsewhere including Sanford, Florida and Lake Mary, Florida, pled guilty to mail fraud arising from an investment fraud scheme in which Buck stole more than $1.96 million from clients.

According to his plea agreement, Buck worked for mortgage companies, but held himself out to investors as an experienced investment advisor.  Buck admitted that from October 2006 through at least December 2014, he told his victims that he was a representative of Portfolio Financial Group (PFG).  Buck told the victims that PFG would loan money provided by the victims to borrowers who needed funds quickly or were unable to obtain traditional bank loans and were therefore willing to pay a higher interest rate on the loans.  In fact, there were no such borrowers, and Buck used the victims’ money for his own personal use or to further his fraud scheme. Continue Reading…

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11 Year Scheme Nets 5 Year Prison Term for Arizona Man

Rachel Dollar —  June 24, 2015 — Leave a comment

Julio Cesar Esquivel Reyes, 41, Tolleson, Arizona was sentenced to five years in prison and ordered to pay more than $568,000 in restitution  for orchestrating a mortgage fraud conspiracy that spanned 11 years and resulted in nearly $2 million in losses for mortgage lenders.  According to prosecutors, Reyes recruited family and church members, including two pastors, to commit mortgage fraud, eventually obtaining more than $3 million in loans. Reyes previously pleaded guilty to conspiracy to commit wire fraud. According to U.S. Attorney John S. Leonardo:

“Mortgage fraud is a serious offense that has detrimental effects on the economy as a whole.  The facts of this case are especially egregious because the defendants used their affiliation with a church to further the crime.  This sentence and that of Pastor Tovar send a solid message that those engaging in such actions will be prosecuted and incarcerated.”

Matt Allen, special agent in charge for HSI Arizona, said: Continue Reading…

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sovereign citizen

Guilty Plea in Foreclosure Rescue Ponzi Scheme

Rachel Dollar —  June 24, 2015 — Leave a comment

Randy Poulson, 44, Woolwich Township, New Jersey admitted scamming distressed homeowners into giving him their houses and then soliciting fake real estate investments from private investors – secured by those same properties – that netted him more than $3 million in illicit profits.  He pled guilty to Count One of an indictment charging him with mail fraud.

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

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Judge Grants Injunction in Reverse Mortgage Scam

Rachel Dollar —  June 23, 2015 — Leave a comment

According to the Huffington Post, Chicago Cook County Judge David Atkins granted Attorney General Lisa Madigan’s request for an injunction against Mark Diamond in connection with the lawsuit she filed against him in 2009.

In the 2009 suit Diamond was accused of bilking elderly black homeowners out of more than $1.3 million through a reverse mortgage/home repair scam.

According to Madigan:

“For too many years, Mark Diamond defrauded the most vulnerable people in our society,” Madigan said in a statement. “He stole the financial security that these families struggled to build over a lifetime. It is deplorable that he got away with his scheme for so many years. The preliminary injunction provides a small victory for those who have already lost so much but will at least prevent additional people from losing their homes and savings to one of Diamond’s reverse mortgage scams.”

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