imageRachel 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

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June 5, 2009 - Miami Herald
Feds Get Tough on Mortgage Fraud

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- Mortgage Fraud Scheme Leads to 83 Count Indictment
- Beazer Homes Settles Accusations of Mortgage and Accounting Fraud
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- Florida Man Sentenced for Role in $30 Million Mortgage Fraud Scheme
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- Loan Mod Company Ordered to Cease & Desist
- Former Mortgage Broker Pleads Guilty in $1.6 Million Mortgage Fraud Scheme

Wednesday, July 02, 2008

Arkansas Man Pleads Guilty to Real Estate Fraud

Kristian D. Nelson, 35, Bigelow, Arkansas, pled guilty to interstate wire fraud and being a felon in possession of firearms. His plea was accepted today by United States District Judge Susan Webber Wright.

Nelson entered a plea of guilty to ten counts of interstate wire fraud. Each count of wire fraud is punishable by not more than 30 years imprisonment, and/or a fine of up to $1,000,000. He also pled guilty to one count of being a felon in possession of firearms, which carries a statutory sentence of not more than 10 years imprisonment and/or a fine of up to $250,000. The remaining counts of the Indictment were dismissed by motion of the United States. Nelson will be sentenced at a later date to be determined by the court.

Starting in late 2004 and continuing through late 2006, Nelson fraudulently represented himself in Arkansas and elsewhere as someone who was making millions in real estate development in central Arkansas. Nelson would convince potential investors that he would assist them in making large profits, either through the purchase of lots and the construction of new houses in a subdivision he was developing, or through the buying, renovating, and selling of older existing housing in Little Rock. Nelson misrepresented to the investors that they were actually purchasing houses or purchasing lots and that he would construct houses, and further misrepresented that he actually was developing a subdivision. As most all the investors were out of state, Nelson would routinely have them wire money to his bank accounts in Arkansas. In managing the scheme, Nelson, on occasion, would promise to return the funds, would provide worthless quitclaim deeds, or would actually return small amounts of money to some of the more disillusioned investors. Nelson obtained more than $1 million from these “investors.” Nelson was indicted in April, 2007, scheduled for trial, and released on bond. While awaiting trial, the Perry County Sheriff’s Department contacted the Bureau of Alcohol, Tobacco, Firearms, and Explosives and reported they had become aware that Nelson, who had been previously convicted of felony hot-check and false police report charges, was in possession of several firearms at his home in Bigelow, Arkansas while on bond for the federal fraud charges. A federal search warrant was obtained and executed to locate and recover the firearms and Nelson was arrested. Nelson was subsequently indicted a second time in May, 2008, for being a felon in possession of firearms.

This matter was investigated by special agents with the Federal Bureau of Investigation, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives in cooperation with the Perry County Sheriff’s Department.

   

Posted by Staff Reporter on 07/02/08 at 05:08 AM
Mortgage FraudArkansas • Total comments: (3) (0) Trackbacks
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mortgage fraud news



Today's News

Some Sources require Registration.

 

Erie Area Mortgage Broker Gets Prison in Fraud Case
GoErie.com - Erie, PA
Shortly before receiving a nearly three-year federal prison sentence, former mortgage office manager Francis R. Conti told the judge he never meant to defraud any of the homeowners caught up in a widespread local mortgage-fraud scheme.

Three Former Portland-Area Mortgage Brokers Face Fraud Charges
OregonLive.com - Portland, OR
Joel D. Surprenant, Michael Duc Han and Benjamin Lucian Lucescu all were charged with one count of obtaining mortgage loans through materially false and fraudulent pretenses.

Shaker Pair Pleads Guilty to Mortgage Fraud Charges
Cleveland.com - Cleveland, OH
Two Shaker Heights residents recently pleaded guilty to charges involving a mortgage scheme with seven area houses and $3 million in fraudulent loans.

Feds File Charges in Five Mortgage Fraud Cases
Chicago Breaking News - Tribune - Chicago, IL
Federal charges were filed today against 37 people and four companies in five separate mortgage fraud cases.

Feds Fighting Back
Contra Costa Times - Walnut Creek, CA
Mortgage fraud has increased so dramatically in the San Joaquin Valley that a task force of federal, state and local agencies has been formed to fight back.

Private Investigator Sees Rise in Mortgage Fraud Due to Economy
PR Web - Ferndale, WA
In the past 12 months his firm has been retained to conduct over 300 mortgage fraud investigations, a 100% increase from 2007.

Former UGA, NFL Football Player Arthur Marshall Charged With Mortgage Fraud Claims
WJBF-TV - Augusta, GA
He is also accused of defrauding three banks in obtaining loans for seven different properties in Columbia and Richmond Counties.

Cuomo Subpoenas Loan Modification Companies
New York Times - United States
“The entire industry is a scam, in my opinion,” Mr. Cuomo said Tuesday. “These are services that homeowners don’t need to pay for in the first place.”

Defendant Pleads Guilty to Wire Fraud Relating to Mortgage Fraud Scheme
Imperial Valley News - Holtville, CA
Scavitti admitted that between 2003 and August 2008 he unlawfully diverted mortgage funds that were wire transferred into his client office account to his own personal benefit, resulting in losses in excess of $2.5 million.

Fed Drug Report: Double Trouble for Metro Chicago
ABC7Chicago.com - IL
...Chicago street gang members run a network of legitimate businesses and have engineered mortgage fraud schemes, both to launder drug proceeds...

Previous Articles

TRIAL COVERAGE

Trial coverage provided by Anne Mitchell, Crazy Fish Realty.

Update - US v. F. Jeffrey Miller, et al.

Miller II: Judge Julie Robinson has ruled in favor of the defense motion granting a continuance for sentencing of the 3 convicted defendants: F. Jeffrey Miller, Steve Vanatta and Hallie Irvin. The three will now be sentenced after ruling on post trial motions set for August 10, 2009.

Vanatta has been in custody for over 2 years.  Vanetta filed a motion for his release pending sentencing. That motion was denied.

Miller remains free pending his sentencing. He has hired a new attorney who filed a motion to delay Miller's sentencing. In one post trial motion, the defense argues as to what assets are subject to seizure.

Defendant Todd Earnshaw is a Kansas City real estate Broker (and brother in law of Miller). Earnshaw has been indicted in what is commonly referred to as Miller I. A trial date for that matter has been set for January, 2010 in Topeka, Kansas.

The Government filed a motion to revoke Earnshaw's bond and remand him to custody while he awaits trial after learning that he allegedly committed the state crimes of Driving Under the Influence, Handicap Parking Violation and Failure to Control Speed to Avoid a Collision while on pretrial release. Notwithstanding finding that probable cause existed to believe that Earnshaw committed the aforementioned state crimes, Judge Robinson denied the motion, but ordered several strict conditions that Earnshaw must follow pending his trial.



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© Copyright 2004-2007 Rachel M. Dollar

Legal Disclaimer.
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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