Monday, June 23, 2008
Florida Man Arrested For Flipping 2 Properties
Samir Nel Cabrera, 31, Fort Meyers, Florida, was arrested and the Indictment charging him with Wire Fraud was unsealed.
The Indictment charges that Cabrera devised a scheme to defraud, to obtain money, and to deprive persons and entities of the intangible right of honest services. The Indictment charges that the defendant perpetrated an investment fraud involving undisclosed transfers, or flips, of real property and same-day closings. A Florida limited liability company controlled by Samir Cabrera, STR & Associates, LLC, purchased two parcels of undeveloped real property and then flipped the properties on the same days to real estate investment limited liability companies controlled by Cabrera and funded by investors. The flipped properties were: 13701 Fiddlesticks Blvd, Fort Meyers, Florida and 13800 Fiddlesticks Blvd, Fort Meyers, Florida. The LLC’s involved were: Samir Cabrera, 13701 Fiddlesticks Blvd, LLC, and Samir Cabrera, 13800 Fiddlesticks Blvd, LLC. According to the Indictment, gains created by the flips were $900,000 and $1.9 million, almost all of which Cabrera misappropriated from the investment funds of investors in these real estate investment limited liability companies.
The Indictment charges that Cabrera converted these funds to his own use and the use of others. The Indictment also charges that Cabrera embezzled additional funds from one of the companies in the amount of $20,100.00. He is charged with executing the scheme to defraud by causing persons or entities to send wire transfers of money to a Fort Myers bank account under his control.
If convicted, he faces a maximum term of imprisonment of 20 years, a maximum fine of $250,000, a term of supervised release of 3 years on each of four counts. He would also be ordered to pay restitution to victims of the offenses and forfeit any property constituting or derived from proceeds obtained as a result of the offense.
An Indictment is merely a formal charge that a defendant has committed a violation of the federal criminal laws, and every defendant is presumed innocent until, and unless, proven guilty.
The case was investigated by Special Agents of the Federal Bureau of Investigation and Internal Revenue Service. The case will be prosecuted by Assistant United States Attorneys Jeffrey F. Michelland and Robert P. Barclift.
mortgage fraud
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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...
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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.
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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. 
