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imageRachel 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

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Tuesday, August 05, 2008

Connecticut Man Admits Mortgage Fraud

Joseph Kriz, 45, Wilton, Connecticut, pleaded guilty on August 4, 2008, before United States Magistrate Judge William I. Garfinkel in Bridgeport, Connecticut to one count of conspiracy to commit bank fraud, one count of fraud in loan and credit applications, and one count of mail fraud.  The charges stem from a three-year mortgage fraud scheme through which Kriz and others defrauded federally insured financial institutions, real estate sellers, individuals who sought to refinance existing mortgages, and title companies.

According to documents filed with the Court and statements made in court, Kriz practiced as a real estate attorney in Westport, Connecticut, was a licensed mortgage broker and was a principal of Aspetuck Building & Development, LLCKriz and several co-conspirators sought to develop various properties that they had purchased in order to flip the properties, once they were developed, for substantial profit.  In pleading guilty, Kriz admitted that, between approximately January 2005 and March 2008, he and his co-conspirators altered and created false documents to obtain financing for the properties, which far exceeded the value of the property underlying the mortgages.  In one instance, Kriz and his co-conspirators commissioned a false appraisal of a property that falsely added to the finished square footage, thereby augmenting the value of a property for which Kriz and his co-conspirators sought financing.  Kriz also admitted that he converted funds from the sale of his clients’ homes, or from the refinancing of his clients’ homes, for his own and his co-conspirators’ benefit rather than pay off the underlying mortgages on the properties as he had promised his clients.  During many of the property refinancings that he handled, Kriz mailed to a title insurance company a title policy that represented that the new mortgage was the primary lien on the property.  However, Kriz had converted the new mortgage to fund his and his co-conspirators’ development projects, and the existing mortgage remained the primary lien on the property.

As a result of this fraudulent conduct, Kriz defrauded banks and his clients of more than $8 million.

Kriz is scheduled to be sentenced by United States District Judge Janet C. Hall on October 23, 2008, at which time Kriz faces a maximum term of imprisonment of 65 years and a fine of up to approximately $16 million.

This case is being investigated by the Federal Bureau of Investigation.  The case is being prosecuted by Assistant United States Attorney Rahul Kale.

 mortgage fraud

   

Posted by Staff Reporter on 08/05/08 at 10:24 PM
Mortgage Fraud LocationsConnecticut • Total comments: (2) (0) Trackbacks
  1. “Kriz is scheduled to be sentenced by United States District Judge Janet C. Hall on October 23, 2008, at which time Kriz faces a maximum term of imprisonment of 65 years and a fine of up to approximately $16 million.” It’s good that the government make their part in this case. The people should be aware of the anomalies that are happening ant those that about to happen. This kind of problem is very common today. Mortgage fraud is a very big problem in the real state industry. For us to be saved in this problem, we should be aware in order to avoid ourselves from being a victim of mortgage fraud. 

    Posted by  on  08/07  at  12:23 AM
  2. Now that Joseph has pleaded guilty he might get away with rigorous imprisonment, however he shouldn’t be let free and not much consideration should be give n to his plead. He is responsible for what he did. He has breached the trust of many.
    -------------------------------------------
    Shane Oliver

    Posted by  on  08/19  at  02:28 AM

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Previous Articles

TRIAL COVERAGE

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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The information and notices contained on Mortgage Fraud Blog are intended to summarize recent developments in mortgage fraud cases and mortgage banking matters nationwide. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about mortgage banking, mortgage fraud matters or who believe they require legal counsel should seek the advice of an attorney. The creators, editors and sponsors of Mortgage Fraud Blog do not intend to create a confidential relationship or an attorney-client relationship by communication via or arising from this site.

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