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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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- 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 - 4 Indicted In Multi Million Dollar Fraud Scheme - FinCEN Report Warns of Methods and Trends in Residential Real Estate Industry |
Friday, May 09, 2008Loan Originator Sentenced For Straw Buyer SchemeMarlene Dinnall a/k/a Marlene Henry, Marlene Angela Hall, and Marlene Morris, 48, Miramar, Florida was sentenced to 51 months imprisonment by United States District Court Judge James I. Cohn. Dinnall was sentenced for her participation on a mortgage and mail and wire fraud scheme that resulted in approximately $1.8 million in fraudulently obtained mortgage loans. At sentencing, the defendant was also ordered to pay restitution to National City Mortgage Company, a lender that suffered actual loss in this case. ASs previously reported by Mortgage Fraud Blog, Dinnall was a mortgage loan originator …
Idaho Dept of Finance Issues Shuts Down Bait And Switch SchemeAssurity Financial Services, LLC, was issued an Order to Cease and Desist by the Idaho Department of Finance for sending mailers to Idaho residents entitled “Refund Notice,” suggesting that recipients’ current adjustable-rate mortgage may have been the subject of errors in principal and interest calculations. The mailer indicates that “A Refund Audit Specialist will be able to help you determine your correct principal and interest payment and assist you in collecting any refund that you may be legally entitled to.” In fine print at the bottom of the document, the homeowner is informed that their consultation may include a …
Thursday, May 08, 2008Virigina Man Pleads Guilty To Mortgage FraudJohn Andreas Tsiaoushis, 40, Alexandria, Virginia, pled guilty to a two-count information charging him with mail fraud affecting a financial institution and giving false testimony at a hearing in the United States Bankruptcy Court. Tsiaoushis faces a maximum penalty of 30 years in prison, 5 years supervised release, and a fine of approximately $7,600,000 when he is sentenced on July 18, 2008. As part of the guilty plea, Tsiaoushis agreed to the entry of a Restitution Order. The government estimates the amount of restitution due to be approximately $3,841,189.48. Tsiaoushis admitted to operating a …
New Yorkers Net 2 Years For Loan MisrepsMatthew J. Kupic, 38, and Francis Thomas Disonell, 38, both of Clifton Park, New York, were sentenced before the Honorable Gary L. Sharpe in United States District Court in Albany, N.Y., for their participation in a mortgage and tax fraud scheme. Both defendants were sentenced to a term of imprisonment of 24 months. Judge Sharpe further ordered the defendants to pay restitution in the amount of $887,311.57 to the victim banks, and ordered that each defendant forfeit over $600,000 in the fraudulent mortgage proceeds that they obtained from the mortgage fraud scheme. Nearly a year ago, …
Wednesday, May 07, 20082 Guilty Pleas In Straw Buyer SchemeAryeh Schottenstein, 34, Columbus, Ohio, pleaded guilty to one count of conspiracy to commit wire fraud and one count of money laundering, and Shawn A. Griffin, 38, also of Columbus, Ohio, pleaded guilty to two counts of conspiracy to commit wire fraud and one count of money laundering. Schottenstein and Griffin were indicted along with Donald F. Green, Jeffrey Lieberman and George “Terry” Jordan for a mortgage fraud scheme in central Ohio in 2003 and 2004. According to statements of facts filed with Schottenstein‘s and Griffin‘s pleas,
Monday, May 05, 2008Woman Sentenced To 2 Years For Mortgage FraudYolanda Crawley, 59, West Palm Beach, Florida was sentenced to two years in prison followed by five years of supervised release for wire fraud arising from a mortgage fraud scheme. Judge Motz also ordered Crawley to pay restitution of $200,000. According to her guilty plea, from January 2005, continuing until December 2006, Crawley worked with David Lincoln, Rachel Donegan, and her son, Shawn Green to submit mortgage applications containing false representations about her income and employment, allowing her to secure loans for property at 10740 Versailles Boulevard, Wellington, Florida (valued …
2 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 …
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