Thursday, May 29, 2008
Father And Daughter Charged With Mortgage Fraud
Mark J. Calhoun and his daughter April Calhoun were indicted by a federal grand jury in connection with a mortgage loan fraud scheme. Mark Calhoun is charged with 12 counts of wire fraud and an additional four counts of money laundering. Mark and April Calhoun are both charged with conspiracy to commit money laundering and eight counts of money laundering offenses.
According to the 25-count indictment, Mark Calhoun worked as a mortgage broker as an employee of Professional Mortgage Consultants Corp. and as the operator of New World Mortgage doing business as Silver Cross Financial Group LLC where April Calhoun was employed. The indictment alleges that from September 2004 through July 2006, Mark Calhoun prepared false and fictitious documents to insure that lenders would make mortgage loans to prospective borrowers. If the mortgage loans were successful, Mark Calhoun received a fee for his brokerage services.
The false and fictitious documents, along with the loan application containing false information, were included in each loan application packet submitted to potential lenders by Mark Calhoun and others acting under his direction. False entries were also included with loan application packets which showed that the borrower paid cash at the closing of the loan when no such funds were paid by the borrower. During the time period covered by the indictment, Mark Calhoun obtained fraudulent loans for approximately 40 borrowers totaling more than $8.5 million.
According to the indictment, Mark Calhoun and April Calhoun conspired to create fictitious creditors to which these borrowers allegedly were indebted. These fictitious creditors were actually companies under the control of Mark Calhoun and April Calhoun, who received funds for these fictitious creditors from the loan closings. The investigation is continuing and other charges are expected in the near future.
“Mortgage fraud is a serious concern throughout the United States. This case is part of our continuing efforts to bring to justice those people who are enriching themselves by committing crimes at the expense of borrowers and lenders,” said U.S. Attorney for the Southern District of Mississippi, Dunn Lampton.
mortgage fraud
Better than robbing banks, he would have went to jail for much longer exponentially. This country is RETARDED............
Posted by on 05/29 at 06:52 AM
can someone please help me. many of my friends and family members were sold house that foreclosed. Our real estate agent made jobs for us and income documents and told us that it was a good investment and that we could sell our houses within 6 months for a good profit. she scamed us and we dont know where to turn.
Posted by on 05/29 at 10:14 AM
Jackie,
you knew going into it the jobs and documentation werent legit. If the homes were foreclosed, you got a home you couldnt afford. I am not sure how she ‘scammed’ you, but if the home values were to double and you DID sell for a profit, i highly doubt you will be complaining to anyone.
Posted by on 05/29 at 04:31 PM
Get your affairs in order, and call your local District Attorney’s office. It appears that you broke the law.
Posted by on 05/29 at 06:42 PM
Will someone explain to me how come the Feds charge the entire amount of the fraud loans to the people who are indicted? Do the people who are living in these homes get to own them without paying? When will the Feds go after the major lenders who “coached” these types of loans though underwriting to closing? I think that it is wrong for the Feds to use “selective” recovery during their investigations!
Posted by on 06/05 at 03:53 PM
I think it is sad that a father corrupted his daughter into doing fraudulent loans. This is a sad day for the ethics and morals of our culture. We don’t know if she knew it was wrong, but what a lesson to learn.
Posted by on 06/05 at 04:48 PM
You know, for the past several years as a loan officer, I have been approached by people wanting to buy homes and produce fraudlent documentaion. I had one just last week. If those of us in the business are not careful we can be easily duped by those wanting to do this sort of fraud, and who gets blamed? The loan officer. Unknowingly many times. It is also the responsibly of the the borrower to make sure his documents are correct, and not sign any document that contains wrong information. The borrowers need to be blamed just as much as the brokers, and coaches.
Posted by on 06/09 at 02:59 PM
Post a Comment
The trackback URL for this entry is:
Trackbacks:
|
Some Sources require Registration.
Mortgage Fraud Risk Index Jumps 11 Percent, According to Verisk Analytics Subsidiary Interthinx
CNNMoney.com
The report...indicates that the overall Interthinx Mortgage Fraud Risk Index surged more than 11 percent from the previous quarter...
Mortgage Fraud Case Appears Headed to Jury in Jackson County Circuit Court
The Jackson Citizen Patriot - MLive.com
The prosecution and defense rested Thursday in the mortgage fraud cases against Teresa Marie WIlson and Angelo Surveo Williams.
Wyoming Woman Charged with Mortgage Fraud After Allegedly Stealing Sister's Identity
MLive.com
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
Wall Street Journal
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
Forbes
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
Greeley Tribune
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.
FHA Digging Out After Loans Sour
Wall Street Journal
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
Bradenton Herald
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.
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 
