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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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- Guilty Plea In Conspiracy To Inflate Property Values - 2 Year Sentence Plus Restitution For Fraudster - Sacramento Man Indicted For Multiple Schemes - Government Drops Remaining Charges Against Sharpe James - Olympia Mortgage Principals Indicted - 7th Defendant To Plead Guilty In Massive Mortgage Fraud Scheme - 2 Sentenced In Downpayment Loan Scheme - Maryland Man Heads To Prison For Defrauding Lenders - Husband And Wife Convicted For Real Estate Fraud - Loan Originator Sentenced For Straw Buyer Scheme |
Monday, May 05, 20082 Plead Guilty In Scheme To Defraud LendersKolawole Aminu, 45, a Nigerian national, pleaded guilty to conspiring to make a false statement in connection with a scheme to defraud a mortgage lender. Oyekunle Ikudayisi, 39, White Plains, Maryland, pleaded guilty to the same charge on April 23, 2008. According to court documents (their plea agreements are currently sealed), Aminu and Ikudayisi conspired with others to purchase properties from a company owned by a co-conspirator. Aminu and Ikudayisi obtained mortgage loans for the properties in their own names, using their good credit histories. The co-conspirator, however, was responsible for making …
Title Company Owner Pleads Guilty to MisrepsSteven C. Gittinger, 50, Cincinnati, Ohio, pleaded guilty in United States District Court to one count of conspiracy to commit bank fraud and one count of money laundering for his participation in a mortgage fraud scheme. According to a statement of facts filed with his guilty plea, Gittinger was a principal of Classic Title Agency, Inc. and helped close real estate sales. Between June 2003 and 2005, Gittinger received business and made money for performing closings of real estate sales. In 2003, Gittinger made various fraudulent representations on closing documents in which misrepresentations …
Friday, May 02, 20084 Indicted In Multi Million Dollar Fraud SchemeDominick Devito and Robert Didonato were charged in a superceding indictment with participating in a wide-ranging scheme to commit mortgage fraud, and Devito, Didonato, John Liscio, and Louis Cordasco, Jr. were charged with participating in an associated insurance fraud scheme. Devito is also charged with obstruction of justice. According to the superseding Indictment filed in Manhattan federal court: From January 2002 through November 2004, Devito was the leader of a fraudulent real estate investment scheme, which had as its primary objective the purchase of multimillion-dollar residential properties in various communities in
FinCEN Report Warns of Methods and Trends in Residential Real Estate IndustryThe Financial Crimes Enforcement Network (FinCEN) today released the latest in a series of reports, which are based upon analysis of suspicious activity reports (SARs) provided by the financial industry. Today’s report, Suspected Money Laundering in the Residential Real Estate Industry: An Assessment Based Upon Suspicious Activity Report Filing Analysis identifies several transactional typologies and associated illicit activities that may be perpetrated by individuals or groups seeking to launder funds via residential property transactions. This study confirms an increase in the number of SARs indicating suspected money laundering in the industry which tracks closely with the past expansion …
Thursday, May 01, 2008Women Arrested For Stealing Patient Identity To Obtain LoanErica Kaprice Pollard, 37, Colton, California, was arrested at the Kaiser Permanente Riverside Medical Center, where she was employed as a licensed vocational nurse. Pollard used her position to access the confidential medical records of a 72-year old cancer victim. The information was provided to another suspect identified as Gwendolyn Monique Steele, 39, Fontana, California, who applied for a cash out mortgage refinance loan in the amount of $165,000.00, against the victim’s property located in the city of San Bernardino, California. Steele has been arrested and charged in this case. A second suspect …
Californian Sentenced For Real Estate FraudLuetta Kaye Jacobsen, 61, Cherry Valley, California, was sentenced in St. Paul, Minnsetoa, to 27 months in prison for defrauding her real estate clients. United States District Judge Richard Kyle also sentenced Jacobsen to three years of supervised release and ordered her to pay at least $804,035.14 in restitution. Jacobsen worked as a real estate broker in Cabo San Lucas, Mexico, and was an independent franchisee of the Coldwell Banker real estate company. She worked with U.S. citizens who were interested in acquiring an interest in vacation or retirement properties in
Wednesday, April 30, 2008Fraudulent Deed Scheme Equals PrisonSilvestre Cortez, 45, Fontana, California, was sentenced to a felony charge connected to a fraudulent real estate deed. Cortez appeared in San Bernardino County Fontana Superior Court and was sentenced to sixteen (16) months in prison for forgery as part of a plea agreement. He will be placed on parole for approximately 3-4 years when released from custody. Additionally, Cortez was ordered to pay restitution in the amount of $5,000 to the San Bernardino County Recorder’s Office. In 1997, Cortez borrowed $115,000 from the victim for the purchase of her Rialto, California property. …
Unlicensend Loan Officer Sentenced to 15 MonthsSennett H. Swift, 26, Sacramento, California, was sentenced by United States District Judge Lawrence K. Karlton to 15 months in prison. Swift pleaded guilty on January 15, 2008, to felony counts of bank fraud and money laundering. As previously reported by Mortgage Fraud Blog, Swift admitted that he defrauded two homeowners and the corresponding lenders by fraudulently refinancing the two homes. The purpose of Swift‘s fraud was to receive the substantial loan broker commissions. To accomplish this fraud, the defendant solicited these two homeowners and falsely told them that they would receive …
Tuesday, April 29, 2008Former City Housing Director Sentenced For Straw Borrower SchemeMatthew Price II, the former Director of Housing and Economic Development for Florida City, Florida, was sentenced to 30 months imprisonment, to be followed by three years of supervised release, for his role in a conspiracy to commit mail and wire fraud that deprived the citizens of Florida City of his honest services. Co-defendant Jennifer Stimpson was sentenced to six months imprisonment, to be followed by 6 months of home confinement and 3 years of supervised release, for her role in the fraud. The defendants had been indicted by a federal grand jury on charges of conspiracy to …
Guilty Pleas In Scam To Defraud Long Beach MtgIftikhar Ahmad, 36, Stockton, California, pleaded guilty to two counts of mail fraud and one count of engaging in monetary transactions involving criminally derived property. The charges relate to a widespread mortgage fraud scheme centered in the Stockton, California area. According to court documents, Ahmad admitted that from July 2003 through October 2005, he participated in a scheme to defraud Long Beach Mortgage, a wholesale lender, in connection with the sale (and in one instance resale) of 10 residential real properties primarily located in the Stockton, area. Between July 2003 and January 2005, …
Monday, April 28, 2008Mortgage Fraud Orchestrators SentencedRichard Weldon Crowder, II, and Gary Mark Mills were sentenced by United States District Judge Jose E. Martinez to 108 months and 46 months imprisonment, respectively. Co-defendant Karen Lynn Sullivan was sentenced to 50 months’ imprisonment. The defendants were sentenced for their roles in a multi-million dollar mortgage fraud conspiracy. According to the criminal information, Crowder is a former licensed mortgage broker and the former owner of America’s Best Mortgage Services, Inc., located in Coconut Creek, Florida. Mills is a former title attorney and the owner of Four Star …
DC Man Convicted For Forging 14 DeedsDuane McKinney, 35, Washington, D.C., was found guilty by a jury in the U.S. District Court for the District of Columbia on charges of fraud, theft, and monetary transactions. Specifically, McKinney was found guilty of four counts of mail fraud, two counts of wire fraud, three counts of first degree theft, and two counts of monetary transactions. McKinney is scheduled to be sentenced on July 15, 2008, before the Honorable Judge Reggie B. Walton. At sentencing, McKinney faces a likely range of imprisonment of 87 - 108 months under the Federal Sentencing Guidelines. …Read More...
Friday, April 25, 2008Foreclosure Prevention Falls ShortCiting a new national report on subprime mortgages, Arizona Attorney General Terry Goddard said that efforts of servicers and government officials to prevent foreclosures have increased but still fall short of the need to effectively respond to the foreclosure crisis and prevent millions of unnecessary foreclosures. The report was issued Tuesday by the State Foreclosure Prevention Working Group, a group of state Attorneys General and banking regulators working to prevent home foreclosures. An earlier report by the group was issued two months ago. “The collective efforts of servicers and government officials to date have not translated …
Thursday, April 24, 20083 Indicted In Sophisticated Florida Fraud SchemeBerry Louidort, Lauren Jasky, and Ralph Michel, Palm Beach County, Florida were charged in a Criminal Complaint filed in federal court on April 22, 2008. The defendants were arrested and are expected to make their initial appearances before United States Magistrate Judge Linnea R. Johnson on April 24, 2008 at 10:00 a.m. The defendants are charged with bank fraud, in violation of Title 18 United States Code, Section 1344. According to the Complaint, defendants Louidort, Michel and Jasky were involved in a sophisticated sub-prime mortgage fraud scheme in South Florida through which they …
Californian Indicted For Mortgage Based Ponzi SchemeCheryl Hernandez Camus, 36, Concord, California made her initial appearance in federal court in San Francisco on April 22, 2008 before United States Magistrate Judge James Larson. A federal grand jury in San Francisco had previously indicted Camus on April 8, 2008 on charges of mail and wire fraud in connection with a mortgage-based Ponzi scheme. Camus is scheduled for her next appearance in federal court in San Francisco on April 29, 2008 before United States Magistrate Judge James Larson and on May 5, 2008 before United States District Judge Marilyn Hall Patel. According to …
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