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
As a result of SB 1461 all California real estate agents will be required to display their DRE number on their marketing materials. This includes business cards, stationary, flyers postcards and websites created for introductory purposes and it begins in 2009. www.cuttlefishdesigns.com is available to help agents make this transition. ei. $76. for 1000 full color front and back, glossy 14 pt. business cards. Have us design them or design your own online at www.cuttlefishdesigns.com/idesign
Posted by on 10/09 at 11:46 AM
Post a Comment
The trackback URL for this entry is:
Trackbacks:
|
Some Sources require Registration.
Erie Area Mortgage Broker Gets Prison in Fraud Case
GoErie.com - Erie, PA
Shortly before receiving a nearly three-year federal prison sentence, former mortgage office manager Francis R. Conti told the judge he never meant to defraud any of the homeowners caught up in a widespread local mortgage-fraud scheme.
Three Former Portland-Area Mortgage Brokers Face Fraud Charges
OregonLive.com - Portland, OR
Joel D. Surprenant, Michael Duc Han and Benjamin Lucian Lucescu all were charged with one count of obtaining mortgage loans through materially false and fraudulent pretenses.
Shaker Pair Pleads Guilty to Mortgage Fraud Charges
Cleveland.com - Cleveland, OH
Two Shaker Heights residents recently pleaded guilty to charges involving a mortgage scheme with seven area houses and $3 million in fraudulent loans.
Feds File Charges in Five Mortgage Fraud Cases
Chicago Breaking News - Tribune - Chicago, IL
Federal charges were filed today against 37 people and four companies in five separate mortgage fraud cases.
Feds Fighting Back
Contra Costa Times - Walnut Creek, CA
Mortgage fraud has increased so dramatically in the San Joaquin Valley that a task force of federal, state and local agencies has been formed to fight back.
Private Investigator Sees Rise in Mortgage Fraud Due to Economy
PR Web - Ferndale, WA
In the past 12 months his firm has been retained to conduct over 300 mortgage fraud investigations, a 100% increase from 2007.
Former UGA, NFL Football Player Arthur Marshall Charged With Mortgage Fraud Claims
WJBF-TV - Augusta, GA
He is also accused of defrauding three banks in obtaining loans for seven different properties in Columbia and Richmond Counties.
Cuomo Subpoenas Loan Modification Companies
New York Times - United States
“The entire industry is a scam, in my opinion,” Mr. Cuomo said Tuesday. “These are services that homeowners don’t need to pay for in the first place.”
Defendant Pleads Guilty to Wire Fraud Relating to Mortgage Fraud Scheme
Imperial Valley News - Holtville, CA
Scavitti admitted that between 2003 and August 2008 he unlawfully diverted mortgage funds that were wire transferred into his client office account to his own personal benefit, resulting in losses in excess of $2.5 million.
Fed Drug Report: Double Trouble for Metro Chicago
ABC7Chicago.com - IL
...Chicago street gang members run a network of legitimate businesses and have engineered mortgage fraud schemes, both to launder drug proceeds...
Previous Articles
|
Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
Update - US v. F. Jeffrey Miller, et al.
Miller II: Judge Julie Robinson has ruled in favor of the defense motion granting a continuance for sentencing of the 3 convicted defendants: F. Jeffrey Miller, Steve Vanatta and Hallie Irvin. The three will now be sentenced after ruling on post trial motions set for August 10, 2009.
Vanatta has been in custody for over 2 years. Vanetta filed a motion for his release pending sentencing. That motion was denied.
Miller remains free pending his sentencing. He has hired a new attorney who filed a motion to delay Miller's sentencing. In one post trial motion, the defense argues as to what assets are subject to seizure.
Defendant Todd Earnshaw is a Kansas City real estate Broker (and brother in law of Miller). Earnshaw has been indicted in what is commonly referred to as Miller I. A trial date for that matter has been set for January, 2010 in Topeka, Kansas.
The Government filed a motion to revoke Earnshaw's bond and remand him to custody while he awaits trial after learning that he allegedly committed the state crimes of Driving Under the Influence, Handicap Parking Violation and Failure to Control Speed to Avoid a Collision while on pretrial release. Notwithstanding finding that probable cause existed to believe that Earnshaw committed the aforementioned state crimes, Judge Robinson denied the motion, but ordered several strict conditions that Earnshaw must follow pending his trial.
More Trial Coverage
|
|
|
|
|
|
|
|
|
Rachel Dollar is an attorney and Certified Mortgage Banker who handles fraud recovery litigation for lenders and secondary market investors nationwide. She is a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is licensed to practice law in California and maintains offices in Santa Rosa, California. 
