Friday, May 30, 2008
Builder Banker Broker And LO Charged For Fraud
Christopher A. Upchurch, 33, a Nampa, Idaho contractor and Barbara L. Cobos, 36, a loan officer at Zions First National Bank, Eagle, Idaho, made their initial appearances in federal court in Boise, Idaho after being indicted, along with Nicholas R. Gossi, 26, Nicholas R. Coats, 29, and Max Reich, 32, who are also charged in the scheme to use straw borrowers to get construction loans. Trial was set for July 22, 2008, before U.S. District Judge Edward J. Lodge at the federal courthouse in Boise. The scheme is alleged to have defrauded the bank of approximately $20 million.
As previously reported by Mortgage Fraud Blog, Upchurch did residential construction under the name of Inline Construction, LLC. Cobos is alleged to have received approximately $125,000 in kickbacks from Upchurch in order to assure funding of fraudulent loan applications.
Gossi worked first for a bank and later as a mortgage broker, and is alleged to have received “finder fees” from Upchurch to locate people willing to have their identities used to obtain the fraudulent loans.
Coats was a real estate agent, and is alleged to have recieved approximately $49,500 in finder fees for locating straw buyers. Reich is alleged to have received approximately $67,900 in finder fees for similar work.
The scheme is alleged to have begun in October 2004 and lasted until November 2005. Once straw buyers were located, their information was used as the borrower’s on residential construction loan applications. In many cases, it is charged, the loan applications overstated the “borrower’s” income and credit, and falsely said that they were planning to build “owneroccupied” homes. Upchurch and others are also alleged to have forged the “borrowers” names on loan documents.
According to the indictment, the 49 fraudulent applications would have totaled approximately $20 millions, had they all been drawn down in full. The applications were not reviewed or approved by supervisory officials at Zions Bank.
Once the fraudulent loans were approved, Upchurch had the straw borrowers sign blank draw requests, so that he could draw on the loans at any time. The indictment alleges that he then filled out the draw requests for specific construction purposes, but diverted a substantial amount of the loan proceeds for his own personal benefit.
“Mortgage fraud in all its forms is a significant investigative priority of the FBI due to the staggering impact it has had on the U.S. economy,” said Timothy J. Fuhrman, Special Agent in Charge, Salt Lake City. “The FBI will devote the necessary resources to bring its perpetrators to justice. In this particular case, which exemplifies the types of mortgage fraud practices engaged in by individuals associated with the mortgage business, the FBI worked with partners in the law enforcement community to ascertain the extent of the fraud perpetrated by these individuals. The FBI will continue to conduct these types of investigations with our law enforcement partners and with the support of the United States Attorney’s Office for the District of Idaho. We applaud their prosecutive efforts in this case and appreciate their support of the FBI.”
mortgage fraud
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Maybe the police should be contacted?
Search the following title & look at the comments.
“Rachel Dollar gives away under pants”
Posted by on 06/01 at 06:20 PM
Sorry. It’s the soul’s duty to be loyal to its own desires. It must abandon itself to its master passion.
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Posted by on 09/09 at 07:00 AM
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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.
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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 
