Thursday, July 10, 2008
CFO Pleads Guilty To Misreps And Inflated Appraisals
Terrence L. Cole, 42, Kansas City, Kansas, pleaded guilty to one count of conspiracy to commit wire fraud and money laundering, and one count of money laundering.
In his plea, Cole admitted he conspired with Wildor Washington, Jr., and others to fraudulently obtain mortgage loans by submitting inflated property appraisals and other false information to lenders. The conspiracy involved various businesses owned or controlled by Washington including Heritage Financial Investments, Legacy Enterprises, Atlantic Mortgage, Inc., The Real Estate Group, J.T.F Enterprises, Liberty Escrow and AMSTAR Mortgage.
Cole was the chief financial officer of Heritage Mortgage.
Cole admitted that on October 24, 2003, he and the conspirators submitted false documents to Wells Fargo for a loan to Kara E. Robinson-Franks to buy a house in the 4600 block of West 146th Street, Leawood, Kansas. The documents falsely stated that Robinson-Franks earned $258,000 a year as a vice president of human resources for Heritage Financial Investments. In fact, Robinson-Franks did not work for Heritage Financial Investments and did not earn the amount stated on the false documents.
Cole and the conspirators also submitted false documents to Mortgage Solutions, First Magnus and Countrywide Home Loans seeking loans for Robinson-Franks to buy the house in Leawood, and making false statements about Robinson-Franks‘ occupation and income.
On November 12, 2003, Cole aided and abetted in the preparation of a false appraisal for a property in the 12400 block of East 58th, Kansas City, Missouri. The appraisal, which was submitted to The Real Estate Group, contained an inflated value for the property and a signature of the supervisory appraiser that had been forged. As a result, $199,620.65 was transferred by wire, resulting in a series of wire transfers involving various banks.
Sentencing is set for September 22, 2008. Cole faces a maximum penalty of 5 years and a fine up to $250,000 on the conspiracy charge, and a maximum penalty of 20 years and a fine up to $500,000 on the money laundering charge.
Other defendants in this case include Wildor Washington, Jr.; Maurice Ragland; Victoria Bennett; Kara E. Robinson-Franks; and Scott Alexander, all of whom are awaiting trial.
U.S. Attorney Eric Melgren commended the Internal Revenue Service–Criminal Investigation, the Johnson County Sheriff’s Department, the Overland Park Police Department, the U.S. Secret Service’s Financial Crimes Task Force and Assistant U.S. Attorney Marietta Parker for their work on the case.
mortgage fraud
NH FRAUD
www.nh.gov/banking/Order08_291AmericanHeritageMortgage_AOTSC_CD.pdf
Posted by on 11/03 at 03:19 AM
Post a Comment
The trackback URL for this entry is:
Trackbacks:
|
Some Sources require Registration.
Mortgage Scam Ends with Prison
The Morning Call
A judge didn't hold back when Shirley Matthews appeared before him Tuesday to be sentenced for stealing from a Monroe County man instead of helping him save his home from foreclosure, as she was hired to do.
Woman Gets Prison Time After Mortgage Scam Conviction
Pocono Record
A New Jersey woman will be spending two to five years in state prison after she was sentenced on Tuesday for promising to help homeowners avoid foreclosure and then keeping the money she was given for their mortgages.
2 Indicted in Mortgage Scam Face New Charges
Newsday.Com
Prosecutors add extra charges to two who are charged in LI mortgage fraud with county legislator, dominatrix and her husband
Untangling Mortgage Fraud in Chicago Condo Buildings
Chicago Public Radio
Why did so many units go into foreclosure all at once? In some cases, the reason can be traced to mortgage fraud.
No Contest Plea Entered in Real Estate Fraud Case
Northbay Business Journal
Juan Carlos Alcala of Windsor pleaded no contest to nineteen felony counts and admitted three special allegations for defrauding real estate investors, money laundering and elder fraud.
Bedford Woman Sentenced to a Year in Prison for Mortgage Fraud
Plain Dealer
Sharon Cox, 49, of Bedford, was sentenced today to a year in prison for mortgage fraud involving money laundering, theft and receiving stolen property from August 2008 through March.
CITIZEN JOURNALISM: Mortgage Fraud High in Area
Washington Times
According to the FBI, Virginia, Maryland and the District are among the top 10 jurisdictions experiencing mortgage fraud.
Former Vegas Resident Charged with Mortgage Fraud in Nevada
National Mortgage Professional Magazine
A former Las Vegas resident has been charged with federal conspiracy and fraud charges for his involvement in a Nevada mortgage fraud scheme involving straw buyers and falsified mortgage loan documents...
Missouri Man Sentenced for Mortgage Fraud
Belleville News Democrat
A suburban St. Louis mortgage company operator has been sentenced to more than 11 years in prison for a mortgage fraud scheme.
12-Year Prison Term in Mortgage Swindle
Washington Post
A Maryland woman who stole millions from Washington area homeowners trying to avoid foreclosure is a "vulture" whose case should serve as a warning to other con artists...
Previous Articles
|
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
|
|
|
|
|
|
|
|
|
|
|
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 
