Mortgage Fraud Blog is the premier website for news and information on mortgage fraud and real estate fraud throughout the United States.
imageRachel 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 Smith Dollar, PC, is licensed to practice law in California and maintains offices in Santa Rosa, California. Email Ms. Dollar

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Thursday, November 13, 2008

Account Executive Pleads Guilty To Role In Mortgage Fraud Scheme

Jarvis Fontenette, 37, an account executive for various lenders, has pleaded guilty to conspiring to commit mail fraud and wire fraud as part of a scheme to defraud Houston, Texas area residential mortgage lenders.

At the hearing before U. S. District Judge Kenneth M. Hoyt, Fontenette pled guilty to the conspiracy charge, admitting that he and co-conspirators devised and operated a mortgage fraud scheme which involved the recruitment of individuals/borrowers to purchase residential properties at or near 100% financing using their good credit and using loan officers at mortgage brokerage offices to furnish false and fraudulent information to the lenders. Once the lender funded the loans, money was withdrawn from the transaction and shared among the conspirators.

Fontenette worked as an Account Executive for various lenders for a period of time during the life of the conspiracy and was the Account Executive on various loans obtained fraudulently during 2003 and 2004 by co-conspirators Michael Goodson, Nancy Booth, and Leslie Tarrance, Sr. Fontenette used his position to assisted his co-conspirators in getting fraudulent loans approved by the lender and received kickbacks for his assistance.

In 2005 and 2006, Fontenette worked with loan officer Nancy Booth and home builder Les Tarrance, Sr., d/b/a Ultra Classic Homes, along with at least two other individuals to obtain fraudulent residential mortgage loans on two Ultra Classic Homes. The Uniform Residential Loan Applications and supporting documentation contained material false and fraudulent information concerning the Borrower’s income and ability as well as incentive to repay the loans. The income used to obtain the loans in the Borrower’s name was grossly inflated. Fontenette and his co-conspirators also created the false pretense that these houses were each being purchased as the Borrower’s primary residence. The same Borrower was used to purchase two additional properties. On both occasions, fraudulently obtained mortgage loans were used to purchase the properties through misrepresentations concerning the Borrower’s creditworthiness.

Fontenette, acting as the loan officer, also obtained a loan in the name of the borrower for his own residence intentionally misstating the borrower’s assets and liabilities on the loan application. On multiple occasions, Fontenette caused this same residence to be flipped into the name of a new borrower and fraudulently obtained a new loan each time the loan neared default so he could continue to live in the house without have the financial burden of making the mortgage payment.

The conspiracy to commit mail fraud and wire fraud carries a maximum penalty of 20 years imprisonment, and a $250,000 fine in addition to any restitution which may be ordered by the court. Sentencing has been set for Feb. 9, 2009. Fontenette has been permitted to remain on bond pending sentencing.

Goodson, Booth and Tarrance have all been convicted for their roles in the mortgage fraud scheme. Booth and Tarrance are pending sentencing and have a range of punishment up to 20 years imprisonment. Goodson was sentenced to 293 months imprisonment.

This investigation leading to the charges was conducted by the FBI and the United States Postal Inspection Service. The case is being prosecuted by Assistant U. S. Attorney Melissa Annis.

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Posted by Staff Reporter on 11/13/08 at 04:30 AM
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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.

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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...

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Previous Articles

TRIAL COVERAGE

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.



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The information and notices contained on Mortgage Fraud Blog are intended to summarize recent developments in mortgage fraud cases and mortgage banking matters nationwide. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about mortgage banking, mortgage fraud matters or who believe they require legal counsel should seek the advice of an attorney. The creators, editors and sponsors of Mortgage Fraud Blog do not intend to create a confidential relationship or an attorney-client relationship by communication via or arising from this site.

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