Tuesday, March 18, 2008
Colorado DRE Takes Action Against Two Brokers
Tracy T. Todd and Steve G. Boyer, both Greeley, Colorado real estate brokers, were disciplined by the Colorado Division of Real Estate for their alleged involvement in mortgage fraud schemes. The Division permanently revoked Todd‘s license and suspended Boyer‘s license for 90 days.
The Division asserts that Todd offered to purchase residential real estate in Greeley, Colorado at artificially inflated prices with the intent of receiving large sums of money back at closing. The cash back at closing was directed to a company called Medicine Creek Consulting, LLC owned by a business partner of Todd. In one instance, a residence was on the market for 9 months with an asking price of $300,000. Todd approached the buyer and offered $425,000 for the property, executing a commission agreement separate from the sales contract requiring a $135,000 “consulting fee” to be paid to Medicine Creek Consulting at closing. Todd operated as the buyer’s agent. The buyer was Grace Todd, a relative of Todd.
In another case, Todd executed a contract to buy a Greeley, Colorado residence for $425,000 that included a $72,250 consulting fee to Medicine Creek consulting. The buyer was Todd‘s mother-in-law. Steve Boyer was the listing agent. Boyer’s suspension was a result of his participation in this transaction.
“This type of unscrupulous activity contributes to our high foreclosure rate by artificially inflating property values,” said Erin Toll, Director of the Colorado Division of Real Estate. “The Division of Real Estate is aggressively pursuing illegal activities that could lead to foreclosures, especially in Weld County, which has one of the highest foreclosure rates in the nation,” she said.
mortgage fraud
Once again, I am so glad that there is something being done for the inflation of appraised values. and I am so glad that we have a website in teh mortgage industry that can keep us posted of all the fraud that is truly going on in the industry. we do need to keep in mind that the fraus is really a small part of the industry and we can not let it become a bigger part. if we can just hold our selves accountable and use the ethics that we are supposed to have this industry would not be causing the problem we are having right now with the economy
Posted by on 03/18 at 07:01 PM
Was there an appraisal done on any of these properties? If so, by whom?
Posted by on 03/19 at 07:06 AM
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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 prosecution and defense rested Thursday in the mortgage fraud cases against Teresa Marie WIlson and Angelo Surveo Williams.
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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
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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
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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
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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.
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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
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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 
