Tuesday, June 26, 2007
California Man Sentenced for Mortgage Fraud
David Jose Calderon, 40, Grand Terrace, California, was sentenced to 24 months in federal prison for his role in a mortgage fraud scheme that defrauded the Department of Housing and Urban Development. Calderon was also sentenced to 3 years of supervised release, and a court-ordered restitution of approximately $1.8 million.
Calderon was one of four people indicted in June 2004 by federal grand jury in the Central District of California. Also indicted were Calderon’s wife, Baneza Calderon, his brother, Carlos Calderon, and an employee, Robert Cardenas. The defendants were charged with making false statements, aiding and abetting, and conspiracy for their roles in a fraud scheme involving forty-two residential properties. These properties were sold to non-existent or unqualified buyers using federally-insured Federal Housing Authority (FHA) mortgage loans. Calderon and others caused loan applications to be submitted to mortgage lenders which included false down-payment, identity, income and employment information.
On June 12, 2006, David Calderon, pled guilty to one count which charged violations of Title 18, USC, Section 1001 (False Statements) and Title 18, USC, Section 2 (Aiding and Abetting) for his participation in the fraud scheme. The other co-defendants also plead guilty in April and June of 2006 to charges related to this scheme.
Carlos Calderon was sentenced on May 10, 2007, to ten months of incarceration, three years of supervised release, and a court-ordered restitution of $273,690. Baneza Calderon was sentenced on May 15, 2007, to three years of probation and court-ordered restitution of $370,354. Robert Cardenas has not yet been sentenced.
mortgage fraud
This is the fourth story I have read this week regarding the sentencing of an Appraiser and/or the parties to the transaction when in connection with Mortgage Fraud. I am blown away that “illegal” persons can, by way of mortgage fraud, can own real estate in the United States. Considering what is happening in our world today, this has to be curbed immediately!
Posted by on 06/27 at 05:40 AM
I just wanted to finally comment and let you know I really enjoy your blog. I just wrote my own blog article based on this one, you can find it it on my blog - HemetRealEstateBlog.Com with this tile: Everywhere You turn - Mortgage Fraud. The article before that also references your blog as an overall resource - I thought you might like to know. This article is called: So You Have a Short Sale Lined Up - The Loss Mitigation Specialist is Your Friend - Step #6.
Now Have a Blessed Day,
John Occhi, Hemet CA REALTOR
www.JohnOcchi.Com
Posted by
John Occhi, CA REALTOR on 06/27 at 06:57 AM
Someone has committed fraud by getting the family trust off of the deed and putting herself on as single owner?
Title company slipped this one so the fraudulent person could take out a reverse mortgage on our trust for over 300,000. Now the account is lower and frozen due to litigation..What steps should be taken to convict someone of this action?
Posted by on 07/17 at 11:57 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.
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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 
