Tuesday, December 11, 2007
3 Arrested in Florida For Mortgage Fraud Crimes
Rafael Diaz, who defrauded a lender by enlisting the help of a straw buyer, loan processor and others for the fraudulent purchase of a property located in Tavernier, Florida, has been arrested by teh Miami-Dade Mortgage Fraud Task Force. The property was closing for $800,000 with fraudulent documents listing it for $1.8 million. Neither the seller nor the lender were aware of the extra million Diaz and his team were trying to steal.
The second case involves repeat offender, Mariana Navarrete. Navarrete sold an unsuspecting buyer a residence - twice. “Twice” because two mortgages were obtained by the victim in the amount of $415,000 each. Then later, a fraudulent Quit Claim Deed was filed taking ownership of the property from the victim, even though he is still responsible for the mortgage. The grantee on the Quit Claim Deed is a company associated with Navarrete.
Richard Jacob Gutierrez who obtained a $260,000 mortgage from a private lender on a home that didn’t even exist, has also been arrested. Gutierrez proclaimed to be the owner of the property used as collateral for the loan. The investigation revealed that the loan was fraudulently obtained as the property did not physically exist.
Mortgage Fraud Task Force Chair and Miami-Dade Police Department Chief Counsel Glenn Theobald said, “Prosecuting the parties involved in these schemes is more effective and efficient now with the passage of the new mortgage fraud law that went into effect on October 1.”
The Mortgage Fraud Task Force, whose members were instrumental in passing the first legislation, continues to work on new state legislation with members such as Senator Gwen Margolis and State Representative Carlos Lopez-Cantera. Proposed legislation that provides stricter penalties for mortgage fraud perpetrators and the ability for just valuation in appraisals, which removes inflated property values in select areas, is on its way to Tallahassee.
Other significant strides being made by the Task Force’s includes the first Code of Conduct Model for real estate professionals and others involved in real estate transactions – from realtors to lenders to banks and surveyors.
“The industry now has higher standards,” said Mayor Alvarez about the model, which serves a manual for ethical transactions. “Task Force members are working toward the adoption of this model throughout the entire industry.”
“In the County, we are also holding ourselves to a higher standard with additional resources going to the Economic Crimes Bureau and new processes being implemented by the Clerk of the Courts Office,” added Mayor Alvarez.
mortgage fraud
I keep reading about proposed mortgage fraud legislation (Federal and State).
Such legistlation should also blanket all individuals who influence the appraisers and values (ie: attorneys, etc.) rather than just lenders, brokers, etc. involved in mortgage fraud. Fraudulent appraisals are rampant from other sources too (not just mortgage related)
Posted by on 12/12 at 05:32 AM
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Mortgage Scam Ends with Prison
The Morning Call
A judge didn't hold back when Shirley Matthews appeared before him Tuesday to be sentenced for stealing from a Monroe County man instead of helping him save his home from foreclosure, as she was hired to do.
Woman Gets Prison Time After Mortgage Scam Conviction
Pocono Record
A New Jersey woman will be spending two to five years in state prison after she was sentenced on Tuesday for promising to help homeowners avoid foreclosure and then keeping the money she was given for their mortgages.
2 Indicted in Mortgage Scam Face New Charges
Newsday.Com
Prosecutors add extra charges to two who are charged in LI mortgage fraud with county legislator, dominatrix and her husband
Untangling Mortgage Fraud in Chicago Condo Buildings
Chicago Public Radio
Why did so many units go into foreclosure all at once? In some cases, the reason can be traced to mortgage fraud.
No Contest Plea Entered in Real Estate Fraud Case
Northbay Business Journal
Juan Carlos Alcala of Windsor pleaded no contest to nineteen felony counts and admitted three special allegations for defrauding real estate investors, money laundering and elder fraud.
Bedford Woman Sentenced to a Year in Prison for Mortgage Fraud
Plain Dealer
Sharon Cox, 49, of Bedford, was sentenced today to a year in prison for mortgage fraud involving money laundering, theft and receiving stolen property from August 2008 through March.
CITIZEN JOURNALISM: Mortgage Fraud High in Area
Washington Times
According to the FBI, Virginia, Maryland and the District are among the top 10 jurisdictions experiencing mortgage fraud.
Former Vegas Resident Charged with Mortgage Fraud in Nevada
National Mortgage Professional Magazine
A former Las Vegas resident has been charged with federal conspiracy and fraud charges for his involvement in a Nevada mortgage fraud scheme involving straw buyers and falsified mortgage loan documents...
Missouri Man Sentenced for Mortgage Fraud
Belleville News Democrat
A suburban St. Louis mortgage company operator has been sentenced to more than 11 years in prison for a mortgage fraud scheme.
12-Year Prison Term in Mortgage Swindle
Washington Post
A Maryland woman who stole millions from Washington area homeowners trying to avoid foreclosure is a "vulture" whose case should serve as a warning to other con artists...
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
F. Jeffrey Miller Update - October 20, 2009
A hearing was held in Topeka, Kansas in front of Judge Julie Robinson. Miller is currently being held pending his sentencing which is set for December 22nd, 2009 at 9:00 a.m.. Steve Vanatta and Hallie Irvin, Miller's codefendants, will be sentenced at that time also.
Several motions were heard this week. One was a motion for Miller to be released pending his sentencing. Miller's attorney, Jeff Morris, argued that the court had dismmissed with predjudice the matter involving Miller's purchase of a commercial lawnmower, violating the court ordered monitoring agreement. He also argued that Miller was not a flight risk and should be released. This motion was denied.
Another motion heard by Judge Robinson was that of an escrow account containing proceeds from the sale of Miller's forfeited assets. This account has a balance of $143,000. Attorney Morris argued that his firm was due $100,000 for work done in the Miller matter, to date. The government argued that his 'un-itemized fees' were 'exhorbitant'. The balance of the funds, Morris argued, should be released to the Miller family to help pay for mounting household expenses.
The government argued that the 'Asset Forfeiture Provision' applies down to 'the last penny' and that 'the rights of the victims to made whole are of paramount immportance' and that no routine household expenses like Visa bills, are allowed.
Attorney Morris argues that there is more than enough assets to satisfy the jury's judgement of $2.65 million dollars. The government argues that the estimated value of his assets are only $1.4 million.
The government also stated that Miller has been paid dividends from a company Miller has an ownership interest in; Boreflex. From July, 2008 to present, Miller has been paid $330,509.30 from Boreflex, unbeknownst to the court appointed monitor.
Present in the courtroom was Todd Earnshaw. Earnshaw was indicted along with Miller and others in what is commonly referred to as 'Miller I'. That trial is scheduled to begin on January 11, 2010 in Topeka, Kansas.
More Trial Coverage
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Rachel Dollar, the editor of Mortgage Fraud Blog, is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. She is an author and a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is a shareholder with the law firm of 
