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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. Email Ms. Dollar

Mortgage Fraud Blog is co-sponsored by Interthinx the leading provider of fraud services and solutions for the mortgage industry.

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Recent Posts

- Man Indicted For Abuse of Foreclosure Process
- 2 Indicted In Florida Straw Buyer Scheme
- Man Arrested in Georgia on Real Estate Fraud Charges
- Father, Son, Broker Indicted In Missouri Scam
- Real Estate Loan Officer Pleads Guilty to Mortgage Fraud Scheme
- Connecticut Man Sentenced For Misreps
- Woman Charged In Mortgage Fraud Scheme
- Man Sentenced T 13 Years For Fraudulent Mortgage Rebate-Coupon Conspiracy
- Defendants Sentenced In Louisiana Mortgage Fraud Case
- 2 Indicted In Arizona Mortgage Fraud Scheme

Wednesday, March 12, 2008

Appraiser Pleads Guilty To Accepting Suggested Valuations

Martine Yanisse Castrillon, 30, Miami, Florida, pled guilty to two counts of wire fraud, in violation of Title 18, United States Code, Section 1343.  Castrillon faces a statutory maximum sentence of twenty (20) years in prison on each of the wire fraud counts and a fine of up to $250,000 on each count. Sentencing is scheduled for May 22, 2008.

Castrillon is one of fifteen defendants charged in a wide-ranging mortgage fraud scheme in United States v. Henry Quintero-Lopez et. al. Case No 07-60207-CR-ZLOCH, known as Operation Whose House.  According to the Indictment in the case, the defendants and their co-conspirators orchestrated a scheme through which they located properties for sale in the Southwest Ranches area of Broward County, Florida, fraudulently purchased the properties using straw buyers, and received cash back at the closings.  To date, nine defendants have pled guilty to various federal charges in the Indictment.

According to the Indictment, co-defendants Quintero-Lopez and Villalba would offer the owner’s full asking price and then inflate the contract purchase price to allow their companies, New World International and D&H Investments of South Florida to receive a finder’s fee, assignment fee and/or additional funds to allegedly construct improvements to the properties, thus creating instant equity.  Quintero-Lopez and Villalba would then recruit individuals, who for a fee would act as straw buyers of the properties.  Quintero-Lopez and Villalba would obtain fraudulent pay stubs, IRS Form W-2s, verification of employment, and verification of deposit forms.  These documents would be submitted to cooperating mortgage brokers.

Castrillon, an appraiser trainer, admitted that she did fraudulent appraisals for Quintero. During her plea, Castrillon admitted that she appraised the properties at the amount requested by Quintero, not the true market price, and forged the name of the certified appraiser who was to review her work. 

   

Posted by Staff Reporter on 03/12/08 at 03:37 AM
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Real Estate Fraud Widespread, Insider Q&A Told
Orange County Register- California
As head of the California Department of Real Estate, it’s Davi’s responsibility to oversee the licensing and regulation of real estate agents and to investigate complaints.

Complaints Against Ohio Real-Estate Agents Rise
Cincinnati.com - Cincinnati, OH
Some of the most common complaints involve buyers upset over undisclosed property problems and agents not doing the marketing they had promised. There's also been an increase in mortgage fraud and criminal allegations.

Millions At Risk Of Foreclosure Fraud
Inland Empire News - Riverside, CA
The reason Carter, 55, is facing eviction, she says, is that she fell for a high-stakes scam that’s sweeping the nation, preying on the 1 in 11 consumers who are either behind on their mortgage payments or already in foreclosure.

Florida Comes Clean, Allowed Criminals to Enter Mortgage Industry, Prey on Consumers
By The Liput Group
In a stinging critique of the state's oversight of the mortgage industry, top Florida investigators found that state regulators failed to alert police agencies to crooked mortgage brokerages, ignored citizen complaints and allowed hundreds of people with criminal histories to peddle loans.

FBI's Mortgage Fraud Caseload Grows To 24
Toronto Star - Ontario, Canada
The FBI is investigating 24 cases of potential corporate fraud related to mortgage lending, up from 21 cases disclosed by the bureau in July, bureau director Robert Mueller told Congress yesterday.

Convicted Appraiser Nicolo Back In Custody
MPNnow.com - Rochester, NY
John Nicolo, who was convicted in a widespread kickback scheme involving Eastman Kodak Co. and a former Monroe County assessor, is back in police custody after he allegedly violated the conditions of his release.

Mortgage Crisis Leads To An Increase In Scams
WSBT-TV - South Bend, IN
When it comes to perpetrating a scam or a fraud some tools used are a gun, or a fist, or a knife,” Zultanski said. “Mortgage is another avenue to commit a fraud.”

Mortgage Firm Countrywide, In Response To Alleged Data Breach, Offers Free Credit Monitoring
Los Angeles Times - CA
Countrywide Financial Corp. is offering two years of free credit monitoring to customers whose sensitive personal information, including Social Security numbers, allegedly was stolen from the home lender's computer files.

Caught in ID Theft's 'Horrible Web'
Columbian - Clark County, Washington
A woman took Carpenter's professional identity as a real estate appraiser, using Carpenter's name and license number. She even appraised commercial and million-dollar properties that Carpenter, a residential appraiser, isn't licensed to do.

Top 10 Riskiest Areas for Mortgage Loans
U.S. News & World Report - Washington, DC
First American CoreLogic recently released a study that ranks America's top 10 riskiest areas in which to make a home loan.

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© Copyright 2004-2007 Rachel M. Dollar

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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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