Friday, February 01, 2008
Broker Gets 9 Years For Apartment Condo Scheme
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.
The properties involved are:
6963-69 North Ashland Ave, Chicago, Illinois
7309-11 North Ashland Ave, Chicago, Illinois
1949-51 West Birchwood Ave, Chicago, Illinois
6201-03 South Champlain Ave, Chicago, Illinois
639-41 East 62nd Street, Chicago, Illinois
1606-08 West Chase Ave, Chicago, Illinois
1810-24 West Chase Ave, Chicago, Illinois
6940 South Dorchester Ave, Chicago, Illinois
7316-18 South Dorchester Ave, Chicago, Illinois
7700-04 South Essex Ave, Chicago, Illinois
2451 East 77th Street, Chicago, Illinois
1633-35 West Estes Ave, Chicago, Illinois
6157-59 South Evans Ave, Chicago, Illinois
740 East 62nd Street, Chicago, Illinois
7201-03 South Evans Ave, Chicago, Illinois
741-43 East 72nd Street, Chicago, Illinois
1324 West Greenleaf Ave, Chicago, Illinois
2423 West Greenleaf Ave, Chicago, Illinois
7633-39 North Greenview Ave, Chicago, Illinois
7311-13 North Honore Street, Chicago, Illinois
1600 West Jarvis Ave, Chicago, Illinois
7749-53 South Kingston Ave, Chicago, Illinois
6752 North Lakewood Ave, Chicago, Illinois
5922-24 South Michigan Ave, Chicago, Illinois
12130 South Normal Ave, Chicago, Illinois
7647 South Phillips Ave, Chicago, Illinois
4843-45 South Prairie Ave, Chicago, Illinois
5037-39 South Prairie Ave, Chicago, Illinois
5326-28 South Prairie Ave, Chicago, Illinois
1301 West Pratt Blvd, Chicago, Illinois
6752 North Lakewood Ave, Chicago, Illinois
7527-31 North Sheridan Rd, Chicago, Illinois
3215 West Sunnyside Ave, Chicago, Illinois
4400-02 South Vincennes Ave, Chicago, Illinois
4510-12 West Washington Blvd, Chicago, Illinois
7407 North Winchester Avenue, Chicago, Illinois
mortgage fraud
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.
Posted by on 04/19 at 10:07 AM
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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...
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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.
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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.
More Trial Coverage
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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 
