Friday, April 21, 2006
Former Missouri Charter School President Indicted in Mortgage Fraud
James Elliott Coleman, 58, Raytown, Missouri and James Lynn Woolard, 54, Gladstone, Missouri were charged with mortgage and investment fraud. The 11 count indictment alleges that between February 4, 2002 and May 21, 2003, Coleman and Woolard caused mortgage lenders to approve nine fraudulent loans totaling $778,336.
Coleman and Woolard allegedly solicited a widow and her daughter to invest in real estate. They prepared false loan applications and supporting documentation to submit to mortgage lenders and caused inflated appraisals to be prepared for the properties, the indictment says. Coleman and Woolard they would manage the investment properties that the rental income would cover the mortgage payments and also told the investors they would have no financial obligations for the properties.
The men are also accused of convincing the widow to invest in a nonexistent low-income housing development.
Coleman was also charged in a separate four-count indictment with embezzling $47,368 a charter school of which he was president. Coleman is alleged to have repaid part of the embezzled funds with money he made in the mortgage fraud.
mortgage fraud
Dear Ms. Dollar
One of the people you mentioned in your article, “Former Missouri Charter School President Indicted in Mortgage Fraud”, called us mid-May 07. He indicated that he was involved in a real estate development at the Lake of the Ozarks, Missouri. He said he needed $5000 to wrap up last minute changes in the development contract and had a temporary cash flow problem. Since he is an SVP in a telecommunications business, we figured he was good for the payback which he promised to pay on July 1, 2007. To date, we have received only $2000.(in December 07!) Since then, we’ve done some research and found your article and many more about this individual (which we should have done our due dilligence before we loaned him the money), but we did not suspect he was the con man he has turned out to be. What has been the disposition of the indictments against these two indivuals?...or do you know?
Posted by on 01/14 at 05:57 PM
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Thank You,
Michael
Posted by on 03/16 at 04:44 PM
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Some Sources require Registration.
Mortgage Fraud: Beware the Wolf (Loan Officer) in Sheep's Clothing
24-7PressRelease.com - USA
US consumers looking to refinance their homes or to secure a home loan to purchase their dream homes would be well advised to educate themselves...
Internet Scammer Sells Cape Coral Residential Lot For $18,000
The News-Press - Fort Myers, FL
Because she had title insurance, Kunda will probably get back her money from the 2007 purchase, but the incident highlights cracks in the real estate market and the risk from international scammers who are growing more sophisticated.
Prosecutors Busy With Fraud Cases
Daytona Beach News-Journal - Daytona Beach, FL
The U.S. Justice Department has formed more than 40 mortgage fraud task forces nationwide as prosecutors and investigators struggle with a flood of mortgage-related criminal cases. The FBI reports that its mortgage-fraud caseload has more than doubled in three years to about 1,600 investigations that have cost lenders at least $4 billion. About 200 FBI agents are assigned to the cases, up from 120 a year ago.
Yanchek may take plea deal
Herald Tribune
Sarasota attorney John Yanchek is expected to plead guilty to mortgage fraud next week, statements from a federal prosecutor and the judge presiding over the high-profile criminal case seem to indicate.
Bear Stearns Execs Trial Slated for September
News Inferno
Two former Bear Stearns hedge fund executives are slated to go to trial in September over charges that they lied to investors about two of the funds they managed
Rockford, Chicago lead state in mortgage fraud
Rockford Register Star
Reported incidents of mortgage fraud grew by 45 percent in the second quarter compared with the year-ago period.
Report Finds Tampa No. 2 In Florida For Iffy Mortgages
Tampa Bay Online
In a state that leads the nation in mortgage fraud, Tampa had the second most cases of suspicious loan activity of any Florida city, according to a report released this morning from the Reston, Va.-based Mortgage Asset Research Institute.
Mortgage Fraud Jumps by 45% on Fewer Loan Applications in U.S., Per... MARI
Cloud Computing Journal
Key findings from the MARI Quarterly Fraud Report include that fraud most often occurs at the beginning of the loan process. More than 65 percent of fraud incidents are attributed to "General Application Misrepresentation"
Seven Are Accused Of Identity Theft And Mortage Fraud
The Star Ledger, New Jersey
Seven people have been arrested in connection with an international identity-theft scheme that targeted home equity lines of credit and siphoned at least $2.5 million away from dozens of banks, including more than 10 in New Jersey, according to documents unsealed today.
Suthers Cracks Down On Mortgage Fraud
Rocky Mountain News - Denver, CO
Suther’s office also indicted 10 individuals last March in an $11 million mortgage fraud ring involving 34 local properties...Several other investigations of mortgage fraud are ongoing.
Previous Articles
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
U.S. v. Miller, et al.
Thursday, December, 18, 2008
Verdict:
F. Jeffrey Miller Guilty of Conspiracy and Money Laundering
Steven Vanatta Guilty of Conspiracy , Money Laundering and Bank Fraud
Hallie Irvin Guilty of Conspiracy , Money Laundering and Bank Fraud
Sandra Jo Harris Not guilty- all counts
More Trial Coverage
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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. 
