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Mortgage Fraud Blog is co-sponsored by Interthinx the leading provider of fraud services and solutions for the mortgage industry. |
Rachel Dollar is an attorney and Certified Mortgage Banker who handles fraud recovery litigation for lenders and secondary market investors nationwide. She is a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is licensed to practice law in California and maintains offices in Santa Rosa, California.
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November 27, 2007 - Voice of San Diego
November 23, 2007 - You Tube
November 18, 2007 - Newsday |
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- Maryland Man Heads To Prison For Defrauding Lenders - Husband And Wife Convicted For Real Estate Fraud - Loan Originator Sentenced For Straw Buyer Scheme - Idaho Dept of Finance Issues Shuts Down Bait And Switch Scheme - Virigina Man Pleads Guilty To Mortgage Fraud - New Yorkers Net 2 Years For Loan Misreps - 2 Guilty Pleas In Straw Buyer Scheme - Woman Sentenced To 2 Years For Mortgage Fraud - 2 Plead Guilty In Scheme To Defraud Lenders - Title Company Owner Pleads Guilty to Misreps |
New JerseyMortgage Fraud - New JerseyMonday, April 21, 2008Ex Mayor Sharpe Convicted of FlippingSharpe James was convicted by a Newark, New Jersey, jury on all corruption charges against him in connection with a scheme that enabled his girlfriend, Tamika Riley, to fraudulently obtain steeply discounted city-owned land and resell it for hundreds of thousands of dollars in profits. The jury began deliberating midday on Wednesday, April 9. Jurors deliberated another four full days before announcing early this morning they had reached a verdict. Riley was convicted with James on the same five charges: three counts of mail fraud related to the sale of the city lots to …
Monday, March 24, 2008Man Admits Role in Defrauding Mortgage CompanyMichael Umali, 38, a.k.a.”Khadafi," pleaded guilty before New Jersey US District Judge Noel L. Hillman to one count each of conspiracy to launder money and money laundering. Umali’s co-defendant Reginald Greene, 47, a.k.a. ”Amin," who was a federal prisoner originally from Philadelphia at the time of the crime, is charged in all nine counts contained in the Indictment. Judge Hillman remanded the defendant to custody pending sentencing, which is scheduled for June 20, 2008. At his plea hearing, Umali admitted that from July 2003 through December 2004 he agreed with Greene …
Tuesday, March 18, 2008Guilty Plea in Connection With VA Mortgage Fraud SchemeAnna Essex Thorne, 37, Newark, New Jersey pled guilty to a one-count information charging her with conspiracy to commit wire fraud. Thorne is facing up to 5 years in prison, a $250,000 fine, and up to three years of supervised release following any prison term. In connection with her guilty plea, Thorne stipulated to a loss amount of $220,816.99 for restitution and sentencing purposes. According to the Indictment and court records, Anna Thorne was involved in a mortgage fraud conspiracy along with Fabian Thorne, Sterling Palmer, and others from …
Monday, January 28, 200813 Indicted in New Jersey Equity Skimming SchemeA judge formally unsealed a 35-count Indictment charging 13 individuals in a scheme to fraudulently obtain more than $20 million in home equity and The Indictment alleges that four of the defendants – Jacob Kim, 51, Palisades Park; Jun Hwang, 42, Cliffside Park; Jeff Kim, 37, Edgewater; and Justin Kim, 27, Palisades Park, all of New Jersey – were loan brokers …
Tuesday, January 15, 20085 Convicted Fraudsters Unsuccessfully AppealFernando Jimenez, Ana Martell, Kathy Giunta, Luis Nieves, and Rene Abreu (the Appellants) were each convicted of one or more counts of a 47-count superceding indictment stemming from eight related conspiracies involving mortgage fraud and bank fraud. The trial lasted 3.5 months. The Appellants each appealed their convictions and sentences in a consolidated appeal on several grounds. The Appellate Court affirmed the convictions of all five Appellants.
Thursday, December 27, 2007New Jersey Loan Processory Pleads Guilty to Fraud SchemeFrank Corallo, charged December 21, 2007 in a criminal information, pled guilty to conspiracy for his involvement in a wide-ranging mortgage fraud scheme that involved the Mahwah, New Jersey real estate mogul Michael Eliasof. As previously reported by Mortgage Fraud Blog, Michael Eliasof, Mahwah, New Jersey, was charged with conspiracy to commit money laundering in a criminal information filed on November 14, 2007. According to the information, Eliasof assisted underqualified borrowers to obtain financing from several lenders including, GMAC, Argent, Long Beach, Finance America, LLC …
Wednesday, November 21, 2007New Jersey Real Estate Mogel Pleads Guilty to Money LaunderingMichael Eliasof, Mahwah, New Jersey, was charged with conspiracy to commit money laundering in a criminal information filed on November 14, 2007. According to the information, Eliasof assisted underqualified borrowers to obtain financing from several lenders including, GMAC, Argent, Long Beach, Finance America, LLC and others, to purchase properties at inflated prices; prices that sometimes exceeded 400% of the original sale price. Eliasof and his co-conspirators provided the “unsophisticated” borrowers with false bank statements, asset information and other false documents to aid in substantiating the exaggerated incomes submitted to the lenders as the borrower’s …
Wednesday, October 03, 2007Trustee Sues New Jersey Mortgage CompanyCharles M. Forman, the appointed chapter 7 trustee for NJ Affordable Homes Corp., filed a Complaint against First United Mortgage and its president and CEO, Joseph Natale, in Federal Bankruptcy Court. According to the complaint, Wayne Puff served as NJ Affordable‘s President. Puff used NJ Affordable and others to defraud hundreds of people out of tens of millions of dollars. Puff intentionally relied on fraudulent and materially misleading property appraisals to induce investors to invest funds with NJ Affordable in return for mortgages that far exceeded …
Monday, August 27, 2007Appraiser Pleads Guilty in $50 Million Real Estate Investor FraudWilliam Page, 37, Old Bridge, New Jersey, pled guilty before U.S. District Judge Jose L. Linares to a one-count Information charging him with conspiracy to commit mail fraud for creating materially false and misleading property appraisals and construction progress letters. The scheme involved the following defendants: John Morris, 61, Fort Lee, New Jersey; The inflated appraisals were …
Wednesday, March 14, 2007Appraiser Pleads Guilty in New Jersey Affordable Homes Mortgage Fraud CaseMichael Meehan, 47, Bellmar, New Jersey, pleaded guilty to a one-count Information which charges him with conspiracy to commit wire fraud for creating and submitting to various mortgage lenders materially false and misleading property appraisals in the names of nominee buyers. Meehan is the fourth defendant associated with N.J. Affordable Homes, Inc. (NJAH) to plead guilty in connection with the mortgage fraud scheme. NJAH, Perth Amboy, New Jersey, purported to be in the real estate financing and investment business. The company first came under scrutiny of the U.S. Securities and Exchange Commission, …
Monday, January 22, 2007New Jersey Loan Processor Pleads Guilty in Mortgage Fraud SchemeKatrina Arrington, 34, loan processor, Hillside, New Jersey, was the third employee of N. J. Affordable Homes to plead guilty in conjunction with a real estate fraud scheme that cost investors millions of dollars. John Kurzel, 55, New Brunswick, New Jersey, and Lucesita Santiago, 37, Woodbridge, New Jersey, pled guilty in October 2006 to participating in a mortgage fraud scheme that defrauded investors of more than $7 million. All three co-conspirators worked for N. J. Affordable Homes, Corp, (NJAH). NJAH was also known as:
Wednesday, December 13, 2006New Jersey Mortgage Broker Pleads Guilty to Tax FraudRussell Mainardi, 51, mortgage broker, Hyland Mills, New York, pleaded guilty today to tax evasion, admitting that he failed to report to the IRS nearly $836,500 of income, a portion of which represented proceeds from fraudulent mortgage transactions. Mainardi admitted that he knowingly permitted mortgage loans to be made to borrowers based upon false information submitted to the banks. He then directed commissions and proceeds from the real estate transactions to a company bank account that he used to hide the income from the IRS. Mainardi pleaded guilty to a one-count Information charging tax evasion, …
Thursday, October 05, 2006Former Employee of N.J. Affordable Homes Pleads GuiltyJohn Kurzel was charged by information and pled guilty in a Newark, New Jersey federal court to one count of conspiracy to commit wire fraud in connection with an alleged New Jersey mortgage fraud scheme involving inner-city properties. The information alleges that Kurzel was employed by N.J. Affordable Homes Corp (NJ) as a mortgage loan processor and was responsible for preparing loan applications in the names on nominee buyers of property being sold by NJ. The information identifies WP, the president of NJ, LS an account manager …
Thursday, June 29, 2006Chicago Title Sues Issuing Agent Alleged to have Misappropriated FundsChicago Title Insurance Company filed a civil lawsuit in the Federal Court for the Eastern District of Pennsylvania against the following defendants: Lexington & Concord Search and Abstract, LLC The complaint states that it seeks to enjoin the defendants from ‘continuing to harm Chicago Title and members of the public’ and also seeks to recover approximately $1,000,000 in damages allegedly suffered by Chicago Title as ‘a result of funds …
Friday, June 02, 2006Pair of New Jersey Residents Arrested in Forged Mortgage CaseSalvatore Gramaglia, 52, Warren, New Jersey and Paula Benhayon, 56, Union, New Jersey were arrested and charged with Theft By Deception, Impersonation, two counts of Simulated Documents, two counts of Forgery and two counts of Uttering a Forged Instrument. According to authorities, in November 2005, an attorney for Mrs. Maria Gramaglia learned that her marital home was refinanced by her husband without her knowledge or consent while they were involved in divorce proceedings. Mrs. Gramaglia‘s lawyer notified the Somerset County Prosecutor’s Office and an investigation was undertaken. The investigation revealed that Salvatore Gramaglia …
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