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Mortgage Fraud Blog is the premier website for news and information on mortgage fraud and real estate fraud throughout the United States.
Rachel Dollar PictureRachel 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, November 26, 2008

Attorney Sentenced For Role In Mortgage Fraud Scheme

Mary Reagan, 41, Alpharetta, Georgia, was sentenced to serve almost 5 years in federal prison for her role in a multi-million dollar mortgage fraud scheme. Reagan pleaded guilty in July 2008 shortly before she was to go to trial, and agreed to assist the government in the prosecution of the scheme.

Reagan was sentenced to 4 years, 9 months in federal prison, to be followed by 5 years of supervised release. Reagan was also ordered to pay full restitution of over $4,000,000 and an exact amount will be determined by the court at a later date.

According to United States Attorney Nahmias and information presented in court and as previously reported on Mortgage Fraud Blog: From mid-2004 through June 2006, Reagan was an attorney, doing business as The Reagan Law Group, closing millions of dollars of fraudulently inflated mortgage loans being provided to unqualified straw buyers. Reagan was the attorney responsible for representing the mortgage lenders at the closing table. When the loans closed, Reagan instead transferred millions of dollars of the inflated loan proceeds to her co-conspirators by falsifying closing documents, such as the HUD-1 settlement statements, and concealing from the lenders the true recipients and purposes of payments made in connection with the closing. 

Reagan also concealed from the lenders that the unqualified straw buyers did not make sizeable down payments required by lenders as a condition of closing.  On one property, at 11795 King Road in Roswell, Georgia, Reagan falsified title work and other documents to conceal from a lender that the property was already encumbered by two mortgages at an inflated price, ensuring that the lender’s security interest in the property was worthless.

United States Attorney David E. Nahmias said, “As is unfortunately true of many mortgage fraud schemes that we have seen, this case involves an attorney who should have known and done better.  This prosecution serves as another warning to closing attorneys and others in positions of trust in the real estate industry. If you become involved in mortgage fraud, you will not just lose your license, you may end up in a federal prison.”

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Posted by Staff Reporter on 11/26/08 at 03:20 AM
Mortgage Fraud LocationsGeorgia • Total comments: (2) (0) Trackbacks
  1. One thing not mentioned in the press release is she was paid $40,000 on one residential closing and $45,000 on another, well in excess of the usual closing fees

    Posted by  on  11/30  at  06:41 PM
  2. She should have been ordered to pay restitution to the straw borrowers as well. After all she ruined their lives and profit millions when they don’t have jobs or families anymore.  Five years is a cake walk how about serving 50?

    Posted by  on  12/01  at  04:28 AM

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mortgage fraud news



Today's News

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Greenfield Man Accused of Housing Scam
The Republic
A former real estate agent conned at least eight people by renting them properties actually owned by a federal agency and then running off with their deposits, prosecutors said.

Appraisal Institute Opposes Obama Administration's Plan for Homeowner 'Short Sales'
PR News Wire
Citing concerns about increased mortgage fraud, four organizations representing more than 35,000 real estate appraisers today voiced their opposition to changes to an Obama administration program that will encourage "short sales" of homes.

Ownership Rights to Get Another Look
TBO.Com
State lawmakers may beef up protections of property owners' rights by rewriting a law this spring that is at the center of a case of alleged fraud in Pasco County.

Defaulted Loans May Haunt Seniors
On Line WSJ.Com
A little-noticed law could soon result in smaller Social Security checks for hundreds of thousands of the elderly and disabled who owe the U.S. money from defaulted loans and other debts more than a decade old.

Oregon to Help Homeowners Prevent Foreclosures
CBS State
As part of an ongoing effort to help homeowners avoid foreclosure, state agencies are organizing a foreclosure-prevention event in Bend on Saturday, March 27, 2010.

Second Snyder-Related Lawsuit is Dismissed in Bankruptcy Court
Reading Eagle
A federal bankruptcy judge has dismissed a second suit against banks seeking millions of dollars for victims of the Ponzi scheme run by mortgage broker Wesley A. Snyder.

Couple Loses $850,000 in Alleged Ponzi Scheme
Boston Herald
Al and Susan McIlvene of Kittery Point, Maine, can remember the exact moment in November when they realized they might lose their entire life savings of $850,000, reports the Portsmouth Herald.

Growing Tide of Mortgage Fraud Cases in South Carolina Swamps Investigators
Greenville Online.Com
FBI supervisory special agent Jeffrey Bruning remembers driving up the coast of South Carolina two or three years ago and gaping at all the newly constructed buildings.

Mortgage Fraud Charges Filed Against Former Bakersfield Realtor, Her father
KGET.Com
A former Bakersfield real estate agent and her father face 15 felony counts each of money laundering, conspiracy and grand theft in connection with an alleged multi-million dollar mortgage fraud scheme, newly filed court charges show.

Witness: Mortgage Name Not the Same
Clarion Ledger
A former Clinton homeowner was called to testify Wednesday as prosecutors to try to prove a Ridgeland-based mortgage broker and two associates were behind a $9 million mortgage fraud scheme.

Previous Articles

TRIAL COVERAGE

Trial coverage provided by Anne Mitchell, Crazy Fish Realty.

Follow Anne on Twitter.

Thursday, February 18, 2010

F. Jeffrey Miller Trial - 1 Convicted, 3 Acquitted

The jury deliberated for approximately 3 days after receiving their jury instructions. They asked one question:

Does ‘common sense' allow us to deduce what the banks may or may not been influenced by in order to make a loan?

Judge Julie Robinson responded by admonishing the jurors to read all of the instructions.

The jury presented its' verdict...

Read More...

Thursday, February 18, 2010

F. Jeffrey Miller Trial Continued Testimony

As reported by Anne Mitchell, who viewed the trial:

Angela Parenza worked for Jeff Miller as the office manager for 7 or 8 years beginning in 1998. Parenza was indicted along with Miller and pled guilty to conspiracy to commit bank fraud and money laundering. Parenza testified that Miller or his contractors allegedly preferred to build all the...

Read More...

Wednesday, February 10, 2010

F. Jeffrey Miller Trial Coverage Continued - Witness Testimony

Steve Middleton Testimony - Coverage Provided by Anne Mitchell

The Government continued in its cross examination of Steve Middleton. He was shown several HUD-1 statements involving sales of homes located in Overland Park, KS, and Olathe, KS. The HUD statements each allegedly showed line items of payments to (James) Moser & Associates, LLC's...

Read More...

Monday, February 01, 2010

F. Jeffrey Miller Trial Coverage - Continued Witness Examination

According to Anne Mitchell, who is present in court for the trial:

Next Witness: Kelly Sanford

Kelly Sanford of the Federal Reserve was a short witness for the Government. Sanford manages electronic payments between banks and member financial institutions. He was shown copies of wire transfers and asked whether they coincided with the counts in...

Read More...

Wednesday, January 27, 2010

F. Jeffrey Miller Trial - Prosecution Witnesses Continued

According to Anne Mitchell, who is viewing the trial:

January 13, 2010

Witness: Rick Hayes

Rick Hayes testified that on the day that he closed on his Miller Enterprise home, he received a phone call from the Kansas Banking Commission informing him that his loan was fraudulent. After the Hayes responded to a classified ad, they met with John...

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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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