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Mortgage Fraud Blog is the premier website for news and information on mortgage fraud and real estate fraud throughout the United States.
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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 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.
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Thursday, October 16, 2008
Chicago Straw Borrower Arrested
Tomas Leiskunas, 28, Chicago, Illinois, who is also known as Elidijus Pocevicius, was arrested at his home without incident by FBI Special Agents. Leiskunas was charged in a criminal complaint filed in U.S. District Court in Chicago with violation of the Federal Wire Fraud statute, which is a felony offense. According to the complaint, Leiskunas engaged in a scheme to fraudulently obtain mortgages by submitting loan applications in which he falsified his employment information and income, omitted his liabilities, and misrepresented his intent to occupy six different properties. From September 7, 2006 through November 2, 2006, various lenders relied on these false statements to issue Leiskunas over $3.7 million in loans for the purchase of the six properties. In each of the cases, the lenders fully financed the purchases by providing Leiskunas with a primary mortgage loan for 80 per cent of the purchase price and a secondary loan for the remaining 20 per cent. The properties, lenders, and loan amounts in question are as follows: 164 Mayo Ct., Elmhurst, Illinois (Washington Mutual - $601,500) 183 Mayo Ct., Elmhurst, Illinois (WMC Mortgage - $630,000) 160 Mayo Ct., Elmhurst, Illinois (21 st Century Mortgage - $607,300) 2041 Westover Rd., North Aurora, Illinois (People’s Choice Home Loan - $580,000) 702 N. Morrison Ave., Palatine, Illinois (Aegis Mortgage - $732,079) 2049 Westover Rd., North Aurora, Illinois (Wilmington Finance - $584,000) It is alleged that Leiskunas falsely represented to the lenders that he was the owner of Tom’s Hardwood Flooring, a business he had been operating for six years with a monthly income between $14,500 and $16,250. Investigation by the FBI found no such entity as Tom’s Hardwood Flooring. The complaint further alleges that Leiskunas actually worked as an independent contractor for a local real estate investment firm with annual compensation of $24,800 in 2005 and $23,500 in 2006. Moreover, Leiskunas failed to disclose prior loans to each subsequent lender in the scheme, thus vastly understating his outstanding debt position, according to the complaint. The complaint also alleges that there is evidence to indicate that Leiskunas was acting as a “straw buyer” for currently uncharged co-conspirators. An FBI financial analysis of Leiskunas’ bank account indicates that he may have personally received approximately $106,000 in kickbacks relating to his straw-buyer role. All six of the mortgage loans detailed above quickly went into default status with at least four of them being “first payment defaults.” Following his arrest, Leiskunas appeared before United States Magistrate Judge Jeffrey Cole in Chicago where he was formally charged. Leiskunas was ordered held without bond, pending his next scheduled court appearance and is being held at the Metropolitan Correctional Center (MCC) in Chicago. If convicted of the charge filed against him, Leiskunas faces a possible sentence of thirty (30) years incarceration. Investigation into this and other unrelated mortgage fraud cases are ongoing. Anyone with information about possible mortgage fraud schemes is asked to call the Chicago FBI at (312) 421-6700. The public is reminded that a complaint is not evidence of guilt and that all defendants in a criminal case are presumed innocent unless and until proven guilty in a court of law.
 mortgage fraud
Through FBI investigation they found all info on his apps were false.
How about the lender why they could’t investigate the buyer before approving the loan? Its called GREED
When are we going to hold lebder jsut as liable for these loans.
Posted by on 10/17 at 02:08 PM I agree 100 percent with Mr. Rick Rubin comments. It does seem really strange that the FBI is coming to the same conclusion that a single buyer can purchase six properties for millions of dollars and the lenders didn’t care enough to check to see if the buyer could afford to pay. The truth of the matter is that the buyer played by the rules and he could have “purchased” up to 10 properties. All he had to show that he had leased the other properties! If the truth is going to be told, IT DID NOT MATTER WHAT THE BUYER LISTED FOR HIS INCOME-----the lenders where going to buy the loans anyway!! They knew that they would never, never, never, have to worry about those loans being repaid. This is a sad day for our government being fooled by the Wall Street greedy lenders. The FBI are on the wrong track, again.
Posted by on 10/19 at 03:31 PM Hello - To Whom it may concerns.
I knew a case in Maryland- A guy : Mr Phong Dinh Tran ( Randy) who was an agent for HSBC Credit card. He abused his position at job and made up several false documents: such as hyper income, forged name and used their wrong phone numbers or his people cells that if bankers call in to verifire then his people will answer.Opened several bank accounts with victims that used to sent money in and a few weeks will cash out ...
Each house, the guy got cash money back around 100 000 usd to 150 000 usd. He made connections with Bankers : such as Brokers , Sellers, Builders , Loan Officers and Tittle works people… were his partners.
He trapped several people INVEST good credits to his Company and his Company will take care all : payments, insurances and taxes etc...but after he CASHED money back, he walked away and pretended to say : “ now business too slow, I could not sale or rent anything” .But some houses, he forged again and hire the Re-max company to find people for him to RENT it and got more money MONTHLY to his pockets. Until The banks sent people out to changed the Clocks then found down that he rented and got money.
He trapped people sign all the mortgages ( loans) he just stay in the Deed.
Examples: a guy who was a worker, his income just around 30 K and he used his name to buy 3 houses and one liquor totally 2.830 000 usd. One Tittle work man signed for all . One Loan officer did for 3 houses in 4 months with same name and income was supper hyper up around 600 000 usd per year.
Beside, others 7 more Victims as this man, they claimed to FBI Baltimore but they got advices that it was Civil case, so just go to a law firm.
It was so wierd when FBI ignored to help and protect these victims.
The guy now freedom and relax to enjoy his :” CASH to Borrowers” ...people signed in loans and got a huge Debts , not him. He used the third party to cash all check out for him. Thus, nobody can trade out his banks accounts.
It was a Supperdouble Fraudulent in Vietnamese Community at Maryland- DC and Virginia.
Posted by on 10/19 at 04:45 PM Beware of E1INVESTMENTS ON 9456 W. IRVING PARK ,SCHILLER PARK ILL, JULIO VARGAS AND JANINA VARGAS. ARE STEALING THOUSAND OF DOLLARS ,PROMISING TO GET THEM OUT FORCLOSURE AND REPAIR THERE CREDIT , AND THEY TAKE YOUR MONEY AND DO NOTHING FOR YOU, THEY CANT EVEN GET THEM SELFS OUT FORCLOSURE HIM AND HIS WHOLE OFFICE ARE ALL IN FORECLOSURE ..FOR PROOF LOOK AT ,,THE “COOK COUNTY CHANSERY DIVIDION,AND HE HAS SEVERAL FRAUD CASES PENDING ,THIS GUY MUST BE STOPPED.
Posted by on 02/04 at 12:37 PM E1investments is in chicago and schiller park ill 60176,president julio vargas and his wife janina vargas operating with no liscence,and has several fraud cases pending in cook county chancery I have posted links for proof:
Plaintiff Defendant Date Filed
2009-M1-107978 AMERICAN GENERAL F VARGAS JANINA 01/30/2009
2009-M1-106287 CONTINENTAL CREDIT VARGAS ISABEL T 01/26/2009
2009-M1-105859 CONTINENTAL CREDIT VARGAS JULIO 01/23/2009
2008-M1-201515 AMERICAN EXPRESS C VARGAS JULIO 12/29/2008
2008-M1-601724 FIRST BANK TRUST VARGAS JULIO C 10/31/2008
2008-M1-019335 NAJARRO HUGO VARGAS JULIO CESAR 10/28/2008
2008-M3-003007 SCHWAB JOSEPH VARGAS JULIO 08/18/2008
2008-M1-157132 NATIONWIDE CAC L P VARGAS JULIO 07/17/2008
2008-M3-001087 STATE FARM MUTUAL VARGAS JULIO 03/19/2008
AND HERE ARE THE FRAUD CASES
w3.courtlink.lexisnexis.com/cookcounty/FindDock.asp?NCase=&SearchType=2&Database=1&case;_no=&Year;=÷=&caseno;=&PLtype=2&sname=julio+vargas&CDate;=
AND MORE:
Case Number Plaintiff Defendant Date Filed
2008-L-011268 CAPPY ANNE EXECUTIVE 1 FINANCIAL SER 10/10/2008
2008-L-006151 JPMORGAN CHASE BANK NA EXECUTIVE 1 FINANCIAL SER 06/05/2008
2008-L-002367 DIAZ BEATRIZ VALENCIA VARGAS JULIO 02/29/2008
i only speak verifiable truth....
Posted by on 02/10 at 04:10 PM They go by executive 1 financial services inc. aka e1investments.they will change there name but we are still on to them .julio vargas and his wife janina vargas .they are working with out a liscence,and are facing several fraud charges.in chicago,shiller park ill.do not get involved with these people or you will also be found guilty.
Posted by on 02/19 at 06:44 AM e1ivestments involved in scamming the public out of thousands of dollars. Forclosure rescue,credit repair,loan modifications are all fronts .do not give this guy and his wife no money....
Posted by on 02/19 at 12:20 PM LISA MADIGANS OFFICE IN ILLINOIS HAS BEEN TIPED OFF ABOUT THESES SCAM ARTIS JULIO VARGAS AND JANINA VARGAS E1INVESTMENTS OR EXECUTIVE FINANCIAL SERVICES INC.AS WELL AS THE FBI AND STILL THIS COMPANY CONTINUES TO SCAM THOUSAND OF DOLLARS FROM PEOPLE..WE WILL NOT GIVE UP REPORTING THIS CROOK TILL HE IS BEHIND JAIL..
Posted by on 02/25 at 10:22 AM The govt and the FBI has known about Julio Vargas, Nina Vargas, Delta Mortgage, Lisa “cokeho"Rosen, Daniel, etc… for many years. They do nothing except just let these criminals run amuch in our society and target poor people. They have ripped people, including myself and others I know, for millions of dollars. Many of the people that have been busted and named on this site are “students” of theirs. They learned much of their ‘game’ thru Lisa, she is like the typhoid mary of real estate fraud and a grifter for life. Not only will they rip you off they will steal your identity and obtain credit cards in your name if your credit isn’t damaged enough. Either they will all end up dead in a dumpster or will end up in jail someday. Either way they are all going to Hell anyways. For Sure. They are the poster children of how messed up the mortgage brokerage industry in Illinois and the USA is. Ain’t America great?
Posted by on 04/01 at 03:39 AM After finding this much time of the authorities knowing about all of these criminals, doesn’t it make you wonder if they really are on the side of the poor people in Chicago? With just my bogus and fraud laden contracts contrived by these ‘organized’ gang of criminals, they could have been sent away for many years, many years ago. But the system protects them and their contacts because their contacts are the ones who answer to the Wall Street high ups who started all this mess. The mortgage companies who give money to people with fake contracts are not victims, they are just as guilty as the Julio Vargas’ of the world. I hope you assholes read this because if the govt doesn’t get you ... I WILL!!!
Posted by on 04/01 at 03:48 AM
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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
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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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