Archives For Mortgage Fraud on the web

“He defrauded lenders, his employers, his clients and his friends during a lengthy period of nearly uninterrupted criminal conduct. As an attorney, he has violated everything that his profession holds sacred and embarrassed us all.”

Assistant U.S. Attorney Brendon Conway, in presentence filings, after bank fraud guilty plea by Pennsylvania lawyer Eric Sobkiewicz

Opening arguments completed in trial of Fryar, mom

Did former NFL star Irving Fryar and his mother conspire to defraud banks and a mortgage company of more than $1 million? Or were they the victims of a “con man” who was sent to federal prison for his role in the case?

Based on opening arguments Wednesday at the Burlington County Courthouse in Mount Holly, that is what jurors will consider during the trial, which is expected to last a few weeks.

 

Pair charged in ‘squatter scheme’ back in jail after judge sets higher bonds

Two men suspected of running a scam in which they took over and rented out abandoned properties are behind bars Wednesday after prosecutors lobbied a judge to raise their bonds, the Sun-Times is reporting.

Chicagoans Torrez Moore and David Farr were released on their own recognizance, with home monitoring, July 1 after allegedly living in and renting out over two dozen foreclosed homes in a scheme Cook County State’s Attorney Anita Alvarez described as “disturbing” and “bold and brazen.”

Feds charge convict with running Philly real-estate scam from KY prison

Not even a stint in a Kentucky prison cell could stop serial counterfeiter and forger Kenneth Hampton from engaging in one of Philadelphia’s oldest real estate scams, federal prosecutors said.

In an indictment unsealed Tuesday, Hampton, 54, was charged with recruiting three family members in a scheme to steal two West Philadelphia rowhouses by filing fraudulent deeds with the city’s Department of Records.

Prosecutor lays out Irving Fryar’s alleged scam

When ex-Eagle Irving Fryar needed money in 2008 and 2009, a financial adviser now serving time in federal prison told him about a scheme they could use to defraud banks, New Jersey Deputy Attorney General John Nicodemo said in opening arguments at Fryar’s trial in Mount Holly on Wednesday.

By applying for multiple mortgage loans in quick succession, and using one property as collateral, the two men could obtain money that banks normally would not approve, Nicodemo told the jurors. “One bank will never know about the others, and you get a whole bunch of money using one property for all of the loans,” he said.

Danville man to be sentenced on conspiracy charges

A Danville businessman who had worked to renovate dilapidated Antioch buildings pleaded guilty to two conspiracy charges as part of a plea agreement with the U.S. Attorney’s office, court records show.

Anthony Keslinke, 47, was arrested in February 2014 and ultimately charged with 12 counts of fraud, money laundering, and conspiracy, all stemming from a period between February 2011 and March 2014, during which time prosecutors say Keslinke falsified documents to “short sell” his own East Bay properties at a profit, and accepted a total of $550,000 from an undercover federal agent posing as a drug dealer, court records show.

Sex, Lies And Real Estate – Operation Wax House Comes To A Close

… The Wax House investigation began in 2007 and became one of the largest in the country, involving over $100 million in mortgage loans.  Once investigators started looking at bank documents (nearly 1,000,000 pages were eventually part of the evidence in multiple cases) and talking to people, they did not find a structured criminal enterprise but instead a connected web of fraud among numerous disinterested parties.

Former Eagle Fryar’s fraud trial begins

Former Eagles wide receiver Irving Fryar and his mother went on trial Tuesday on charges they conspired to defraud six banks in South Jersey and Philadelphia as part of a $1 million mortgage scheme.

If they are convicted of the conspiracy and theft-by-deception charges lodged against them, they could face five to 10 years in prison and up to $150,000 in fines, according to the state attorney general, whose office is handling the contentious case in Mount Holly.

Brothers get prison in Long Beach real estate scheme

Two brothers who worked as mortgage loan officers were sentenced today to 2 1/2 years in prison for taking part in a scheme to scam banks and lending companies by falsely inflating the prices of over a dozen waterfront condominiums in Long Beach.

Isaac and Israel Soussana were also ordered by U.S. District Judge Philip S. Gutierrez to pay restitution of about $4.8 million, according to the U.S. Attorney’s Office.

Trial delayed for fraud suspect

The trial for a woman who was allegedly involved in a $3 million real estate scheme is on hold after the judge halted proceedings for the day Monday.

Jennifer Ann McTigue is accused of defrauding new homeowners, title companies and banks in a complex investment scheme.