Tuesday, June 07, 2005

Former Ameriquest Employee Pleads Guilty to Mortgage Fraud

Calvert Admits to Defrauding Employer and Borrowers

Chauncey Joseph Calvert, 34, Kansas City, Missouri, a former employee of Ameriquest Mortgage, pleaded guilty in connection with his role in a conspiracy to defraud Ameriquest and victim investors of more than $4 million.  The indictment was returned by a federal grand jury on Aug. 13, 2004. 

Calvert was an account executive at Ameriquest Mortgage in Gladstone, Missouri, from August 3, 1998 through November 8, 1999. His duties included soliciting new loan applications, preparing and processing loan applications, obtaining supporting documentation and closing loans.  By pleading guilty, Calvert admitted that he was involved in obtaining funding of 66 fraudulent loans between May and December 1999.

Calvert admitted that he would induce victim investors to purchase real estate by promising that a co-conspirator would obtain renters and buyers for the properties within a short period of time. The victims were led to believe that they would pay no money for the properties and have no expenses or obligations in connection with the properties but that they would be paid fees or a percentage of the profits. During the scheme, victims were told that they would receive $1,500 for each property they allowed to be purchased in their names or up to 50 percent of the profits on the eventual sale of the properties.

In carrying out the scheme, co-conspirators submitted to Ameriquest false and fraudulent loan applications signed by victims, inflated appraisals and other documentation and representations.  Calvert included false information regarding the properties’ condition and the victim-investors’ income, assets, and credit, among other things. As a result of the conspiracy, documents were prepared for loan packages on the behalf of victim investors that contained false sales contracts, settlement statements, verifications of mortgage forms, payoff letters, income verifications, W-2 Wages and Tax Statements and verification of rent forms.

Calvert had the proceeds of the loans disbursed to a co-conspirator or companies under the control of a co-conspirator by representing that fictitious companies held the first mortgage liens on the properties. Calvert benefitted from this because he obtained fees, bonuses, commissions, kickbacks and other benefits.

mortgage fraud

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Today's News

Some Sources require Registration.   Marco Island Man Arrested in Ohio on Grand Theft Charge Naples News A man who claimed he was a broker is accused of bilking a long-time family friend out of more than $130,000. Failed Mortgage Firm Trustee Allowed $50,000 in Fees Union Leader U.S. Bankruptcy Court Judge J. Michael Deasy will approve $50,000 in legal fees for the trustee of failed mortgage brokerage businesses Financial Resources Mortgage Inc. and CL&M Inc. Bend Oregon Event to Help Homeowners Prevent Foreclosures Oregon.Gov As part of an ongoing effort to help homeowners avoid foreclosure, state agencies are organizing a foreclosure-prevention event in Bend on Saturday, March 27, 2010. Shelbyville Man Gets 2-Year Sentence For Loan Fraud Chattanoogan.Com Prosecutor Gary Humble said the lost was approximately $2.3 million in the mortgage fraud involving hundreds of homes in the Shelbyville area. Lend America, VP Ashley Banned from FHA Housing Wire Michael Ashley, the embattled former vice president of Federal Housing Administration (FHA)-backed mortgage originator Lend America, and the company he worked for, were permanently banned from doing business in the industry last week. Countrywide Tries to Pin Blame on Insurer Court House News Countrywide Home Loans demands $111 million from Triad Guaranty Insurance, claiming Triad is trying to blame mortgage lenders for the insurer's role in the housing bubble and collapse. Investors Say They Were Swindled in Property Scheme Fox 13 Now Utah Division of Consumer Protection is joining forces with a few investors who claim they have been cheated by an agency called "Utah Mini Ranches. Greenfield Man Accused of Housing Scam The Republic A former real estate agent conned at least eight people by renting them properties actually owned by a federal agency and then running off with their deposits, prosecutors said. Appraisal Institute Opposes Obama Administration's Plan for Homeowner 'Short Sales' PR News Wire Citing concerns about increased mortgage fraud, four organizations representing more than 35,000 real estate appraisers today voiced their opposition to changes to an Obama administration program that will encourage "short sales" of homes. Ownership Rights to Get Another Look TBO.Com State lawmakers may beef up protections of property owners' rights by rewriting a law this spring that is at the center of a case of alleged fraud in Pasco County. Previous Articles

TRIAL COVERAGE

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