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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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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.

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Posted by Staff Reporter on 07/02/08 at 05:08 AM
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Today's News

Some Sources require Registration.

 

Mortgage Fraud Risk Index Jumps 11 Percent, According to Verisk Analytics Subsidiary Interthinx
CNNMoney.com
The report...indicates that the overall Interthinx Mortgage Fraud Risk Index surged more than 11 percent from the previous quarter...

Mortgage Fraud Case Appears Headed to Jury in Jackson County Circuit Court
The Jackson Citizen Patriot - MLive.com
The prosecution and defense rested Thursday in the mortgage fraud cases against Teresa Marie WIlson and Angelo Surveo Williams.

Wyoming Woman Charged with Mortgage Fraud After Allegedly Stealing Sister's Identity
MLive.com
A Wyoming woman is facing felony charges accusing her of stealing her sister's identity to obtain a mortgage...then defaulting on that mortgage, leaving taxpayers on the hook.

U.S. Attorney Targets White-Collar Crime
Wall Street Journal
In San Francisco, Mr. Russoniello said he is trying to crack down on cases like mortgage fraud, though he doesn't have the budget to hire additional white-collar prosecutors.

Arrests Made in Orlando Mortgage Fraud Roundup
MyFoxOrlando.com
During the real estate boom two years ago, some units were going for a half million dollars. Now some are short selling for just 50 grand.

10 Accused of Mortgage Fraud at PR Coastal Resort
Forbes
A developer and nine other people, including a former salsa singer, have been charged in an alleged $14 million mortgage fraud in Puerto Rico...

Strodtman Jury Selected in Mortgage Fraud Trial
Greeley Tribune
Attorneys will deliver opening statements this morning in the trial of Mark Strodtman, who is accused of bilking homeowners in a mortgage scheme years ago.

FHA Digging Out After Loans Sour
Wall Street Journal
Most banks rejected Ms. DeForte because her debt level was too high and her credit score too low. But Lend America put Ms. DeForte into a $402,000 loan backed by the Federal Housing Administration...

Mortgage Fraud Probe Nets 105 Across State
Bradenton Herald
At least one local man is among 105 people arrested across the state following a nine-month investigation into organized mortgage fraud.

Mortgage Fraud Increases
MortgageRates.co.nz
The number of frauds involving professional advisors, such as accountants and lawyers, has increased from two to four since March 2008.

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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