Monday, December 15, 2008
Woman Pleads Guilty To Real Estate Investment Scheme
Cheryl Hernandez Camus pleaded guilty to mail fraud and wire fraud in connection with a real estate investment scheme.
Camus, 36, Concord, California, was indicted by a federal Grand Jury on April 8, 2008. She was charged with five counts of wire fraud and two counts of mail fraud. Under the plea agreement, Camus pled guilty to all counts of the indictment.
In pleading guilty, Camus admitted to devising a short-term money lending investment scheme in which she promised fixed returns and the return of the principle investment within a fixed period of time. Camus admitted making a number of false representations in conjunction with the investment scheme, including:
• The investor’s money would be used to help finance real estate transactions, such as payment of closing costs or down payment;
• The investor’s money would be used to pay medical costs;
• The investor would receive a fixed monthly interest payment on the investment;
• The investor would receive the return of the principle investment amount within a fixed period of time;
• The loans would involve “really no risk.”
• Camus screened the borrowers to ensure that money was only lent to borrowers who had the ability to repay;
• Camus had been conducting similar transactions for three years and the returns had been “awesome.”
• Camus would personally guarantee the investment;
• The investment would be secured by a legitimate deed of trust.
Camus used the money she obtained from investors for personal expenses and to pay back earlier investors. As a result of this fraud scheme, Camus obtained $1,760,200 from more than 50 victims. As part of the plea agreement, Camus agreed to pay restitution to victims as ordered by the Court.
mortgage fraud
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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.
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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.
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Two Shaker Heights residents recently pleaded guilty to charges involving a mortgage scheme with seven area houses and $3 million in fraudulent loans.
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Federal charges were filed today against 37 people and four companies in five separate mortgage fraud cases.
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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.
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In the past 12 months his firm has been retained to conduct over 300 mortgage fraud investigations, a 100% increase from 2007.
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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.
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...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. 
