Monday, July 07, 2008

4 Indicted In $4 Million Mortgage Scheme

A federal grand jury in Los Angeles, California, has indicted four people in a mortgage fraud scheme that collected approximately $4 million in loan proceeds for properties that were not for sale. Those named in the indictment and charged with conspiracy, wire fraud and money laundering are:

Angela Cotton, 38, Fontana, California, who allegedly ran a bogus title company and who self-surrendered to federal authorities;

Terral Toole, 40, Irvine (formerly of Lake Elsinore), California, was arrested by authorities;

Miles Davis, 45, Glendale (formerly of Reseda), California, a loan processor, was arrested by authorities; and

Lisa Lievanos, 44, Fontana, California, who allegedly acted as a straw buyer, was also arrested by authorities.

All four are expected to make their initial court appearances in United States District Court in Los Angeles.

According to the indictment, Cotton found two properties in Rancho Cucamonga, California, that had lis pendens notices filed against them, meaning that there was a dispute over the ownership of the property. Neverthess, Cotton, with the assistance of real estate professionals and people who agreed to sell their personal information, “purchased” the two properties and obtained funding on loans totalling approximately $4 million.

On each loan application, the four defendants allegedly included false employment information, which included verifying the amounts of income of the straw buyer. Cotton signed the loan applications as the mortgage broker on the loans using the name ”Tiffany Skinner.” Cotton allegedly established fraudulent escrow companies to complete the fraudulent sale transactions. Cotton assumed the aliases of escrow officer ”Diane Laboski” and escrow employee ”Rayven Skinner” when communicating with the financial lending institutions. According to the indictment, the financial institution victims included Argent Mortgage Company, Mylor Financial, New Haven Financial and Bridgelock Capital.

Cotton, if convicted of the dozen charges in which she is named, faces a maximum statutory sentence of 175 years in federal prison. The other defendants also face potential prison terms.

An indictment contains allegations that a defendant has committed a crime. Every defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

This case is a result of an investigation by the FBI’s Southern California Mortgage (SCAM) Task Force.

mortgage fraud

1. Dear freinds,

   New Haven Financial Inc. takes pride in the services it provides to both consumers and its investors. Unfortunately we were the victim, along with 3 other lenders, of a crimal fraud that was carried out by individuals that have been indicted, arrested, and have or will be standing trial for their crimes. We were notified by the Federal Bureau of Investigation of this criminal act and continue to cooperate with the investigation.

   As far as the Harris matter, they were not mislead in any way by New Haven Financial, Inc. during the two years that they had their loan with our firm. Further, they have had their day(s) in court and our investor was granted title and possesion to the home subject to the $130K mortgage.

   The DRE did complete a surprise 7 day audit of our firm and the results are of public record. The “ACCUSATION” is detailed and the investigation found minor wrong doings. The “HIDDEN PROFIT” was charging $45.00 for a credit investigation when the report costs between $9.00 and $15.00 from the vendor. There is more to a “Credit Investigation” than the report. Operating in the “RED” on our trust account was a negative one time for $1,900.00 even though we had our own funds in the account to cover it that were not transferred from one Sub account to the other.

   The moral to the story is to not always believe what you read and “William ?” may contact New Haven Financial, Inc. at any time @ 818 222-5222 to discuss his problems.

   Sincerely,
   Scot R. Fine
   Chief Executive
   New Haven Financial, Inc.

   Posted by  on  02/02  at  01:01 PM

2. Mr. Fine, I think anyone reading this forum is intelligent enough to realize that you are scrambling to save face before the public.  I personally would rather Mr. Rabinoff be the respondant to complaints regarding New Haven Financial. If you would like, I would be more than happy to post the EVICTION documents from our DAY IN COURT.  Which in fact, while the Judge had no alternative other than to grant you your eviction and urge me to seek legal representation(due to the obvious fraudulent practices of your company, take a look at the court minutes), he awarded your company not one dime of the $50k in attorneys fees, unpaid RENT, etc.  You see, your comment is rather amusing...our day in court was AFTER you filed faudulent documents with the SB county recorder.  For obvious reasons, I wont elaborate any further on that issue.  Mr. Fine, we have yet to have our day in court.  Be assured however, we will.  I am quite confident there will be many more than 4 people associated with New Haven included in the current indictment.

   As for your list of the DRE findings.  First off, how dare you minimize ANY wrong doings by your company.  It is FRAUD whether it is one cent or a million dollars.  In addition, I can assure all reading this, including you Mr. Fine, those are not all and only the minor fraudulent activities by New Haven Financial, Inc. 

   I suggest the next time you respond to me or any other former or present New Haven customers, you first investigate your companies activities in regards to each situation so that you can post something other than a laughable attempt to make the other party appear less intelligent than you and responsible for FORCING YOU to defraud them.  I have to say, I have never been more confident in what our future holds, now that I have read your pathetic attempt to maintain your reputation and rationalize New Havens abhorent business practices.

   Respectfully,

   Cheri Harris

   Posted by  on  02/09  at  11:31 AM

3. Thanks for posting this, Cheri.  I am one of Scott Fine’s Victims.  Along with James Powell, Karen Larsen, Laurence Rabinoff, Reliable Trust Deed and Marilyn Gantz and John Bentencourt.

   “It is not what you say, but what you do that defines you”

   More to come.

   Posted by  on  02/21  at  10:58 PM

4. Your welcome Stephen.  You may find the latest post here of some interest:

   www.complaintsboard.com/complaints/new-haven-financial-c139140.html#c247748

   Posted by  on  02/22  at  06:56 PM