Mortgage Fraud Blog is the premier website for news and information on mortgage fraud and real estate fraud throughout the United States.
Rachel 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
Mortgage Fraud Blog is co-sponsored by Interthinx the leading provider of fraud services and solutions for the mortgage industry.
Mohammad “Mike” Taghie Kakvand, 54, Park Ridge, Illinois, the ringleader in a mortgage scheme that resulted in abandoned Chicago apartment buildings, was sentenced to 9 years in prison. Kakvand pleaded guilty in early 2007 to one count of wire fraud. Kakvand had been charged in a nine-count indictment alleging that he bought 33 apartment buildings on the South Side of Chicago, did not renovate them, but sold them as condominium units as greatly inflated prices. Straw buyers were used, and $29 million in loans went into default.
As previously reported by Mortgage Fraud Blog, Kakvand has been in custody since late 2005, when he was arrested in Canada after being on the run for more than a year. Kakvand was stopped for a speeding violation, and when his driver’s license was run authorities discovered he was wanted by the FBI.
Also charged in the scheme were Syed Ali Mohammed Razvi, a fugitive, and real estate appraisers Thomas M. Groh, Eric L. Dorsey and Britt J. Pierre, who already pleaded guilty.
We have two fraud cases, the first was the real state person give us the choice of having a equity loan of credit of $15.000.00 this money we didn’t how to use only if we need to. at the moment the we sing the papers to refinance for 30 yrs and told us if we want to use some money from our equity of the house and my husband told her we can use $15.000.00 to fixed the house. Three months later the bank call us to let us know we have a account with them for $15.000.00 and we need to pay them.
and they told us the we sing a paper giving the authorization for them to cash the $15.000.00 of the equity loan and they deposit that money on our account, and never give us the other 15.000.00 from our equity of the house.
she never give a paper for us to sign giving her the authorization to cash the check.
My husband and myself are and a negative loan, the person who help us refinance told us, that this loan wasn’t a negative loan, it took me 2yrs to notice the situation we have, I ask to my mortgage bank and they toll us this mortgage was negative loan. Please inform us if there is a low income lawyer that can help us in this situation for what happen to us
also beetwen this process I got sick for a sickness call lupus and is difficult for me to work prolonged times.
Another thing is the our English is not 100% and we didn’t understand and they don’t explain us the real meaning of those peppers.
at this moment we are an a very difficult financial situation and because of that we can loose our house and it feels very bad that there is people who can damage a family that bad and get away with this frauds and the state give the license to this people and they can harm our family and others.
Posted by on 02/01 at 10:15 AM
Wow, $29 million is a LOT of money. I’m glad they caught the guy!
Posted by on 02/02 at 07:16 PM
Wow - so much criminal activity in this industry! They should be hard on these crooks.
Posted by on 02/26 at 01:36 AM
$29 million was now all of the debt this group defrauded. That was all they charged them with. More addresses were also not included with the indictment. These people will just suffer it out for the rest of their life. Thanks alot Mike!!!!!!
Posted by on 11/12 at 09:45 AM
This man defrauded banks out of millions of dollars. 29 million, then he went on the run and was busted in canada. not to mention all the people he put out of work and the hard time it was for them to get a good position elsewhere..since everyone knew he was guilty.do you think 9 years is enough for this person.absolutley not!!!!
gets busted and talks and talks...oh boy..that just prooves if you got the money, you can get out of anything. I wonder if he used any of the 29 million to pay his lawyer or better yet, did he put it away in a offshore account, so when he does get out, wahla..instant millionaire. he deserves to be in jail for a long time...9 years is not enough.
Posted by on 04/19 at 09:55 AM
Oh by the way...Thanks mike!!!!! I agree with the comments laurie put down.
Failed Mortgage Firm Trustee Allowed $50,000 in Fees Union Leader
U.S. Bankruptcy Court Judge J. Michael Deasy will approve $50,000 in legal fees for the trustee of failed mortgage brokerage businesses Financial Resources Mortgage Inc. and CL&M Inc.
Bend Oregon Event to Help Homeowners Prevent Foreclosures Oregon.Gov
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.
Shelbyville Man Gets 2-Year Sentence For Loan Fraud Chattanoogan.Com
Prosecutor Gary Humble said the lost was approximately $2.3 million in the mortgage fraud involving hundreds of homes in the Shelbyville area.
Lend America, VP Ashley Banned from FHA Housing Wire
Michael Ashley, the embattled former vice president of Federal Housing Administration (FHA)-backed mortgage originator Lend America, and the company he worked for, were permanently banned from doing business in the industry last week.
Countrywide Tries to Pin Blame on Insurer Court House News
Countrywide Home Loans demands $111 million from Triad Guaranty Insurance, claiming Triad is trying to blame mortgage lenders for the insurer's role in the housing bubble and collapse.
Investors Say They Were Swindled in Property Scheme Fox 13 Now
Utah Division of Consumer Protection is joining forces with a few investors who claim they have been cheated by an agency called "Utah Mini Ranches.
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.
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...
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...
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...
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...
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.
Rachel 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 
mortgage fraud
