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imageRachel 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 Smith Dollar, PC, is licensed to practice law in California and maintains offices in Santa Rosa, California. Email Ms. Dollar

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Tuesday, June 17, 2008

Guilty Plea In Scheme to Defraud Long Beach Mtg

William T. Bridge, 41, San Francisco, California entered a guilty plea before United States District Court Judge William B. Shubb in connection with a widespread mortgage fraud scheme centered in the Stockton, California area. Bridge pleaded guilty today to one count of filing a false tax return and three counts of paying illegal kickbacks to a loan coordinator at Long Beach Mortgage, a former subsidiary of Washington Mutual, Inc., in connection with the funding of subprime mortgages in the Sacramento and Stockton, California areas between 2003 and 2006. Bridge also admitted that in each of the tax years 2003 through 2006 he derived more than $10,000 from criminal activity involving fraudulent loans funded by Long Beach Mortgage.

According to the indictment, and Assistant United States Attorneys Benjamin B. Wagner and Courtney J. Linn, who are prosecuting the case, Bridge admitted that in each of the tax years ending 2003, 2004, and 2005 he grossly under-reported his income from his mortgage business. For the tax year ending December 31, 2003, he reported gross receipts of $955,990 when in fact he received approximately $2,438,823. For the tax year ending December 31, 2004, he reported gross receipts of $630,070 when in fact he received $1,940,208. For tax year 2005, he reported gross receipts of $747,628 when in fact he received approximately $1,503,033. He caused a 2006 tax return to be prepared with the intent to inflict further tax losses, but did not file it. The total tax loss to the United States for tax years 2003 through 2006 exceeds $1,000,000, which sum Bridge agrees to pay as restitution.

Bridge also pleaded guilty to paying illegal kickbacks to a loan coordinator at Long Beach Mortgage in violation of the Real Estate Settlement Procedures Act of 1974 (RESPA). In connection with loans made by Long Beach Mortgage, which were secured by residential real property in the Sacramento and Stockton areas, Bridge paid a loan coordinator working for Long Beach Mortgage more than $120,000 between July 2003 and March 2007. The payments were made as part of an informal agreement between Bridge and the loan coordinator in which the loan coordinator would use his position at Long Beach Mortgage to facilitate the processing or fraudulent mortgage loan applications on behalf of Bridge.

“Today’s conviction illustrates federal law enforcement’s strong response to the mortgage fraud problem that helped fuel the subprime lending crisis in this and other regions of the country,” said U.S. Attorney McGregor Scott. “This office, with the aid of the FBI, IRS, and other state and federal law enforcement agencies, intends to use every appropriate tool, including criminal tax charges, to bring those responsible to justice.”

Bridge is scheduled to be sentenced before Judge Shubb on September 2, 2008, at 8:30 a.m. The maximum penalty for the tax offense is three years in prison, a fine of up to $100,000, or both. The maximum penalty for each of the illegal kickback violations is 12 months in prison, a fine of up to $10,000, or both. However, the actual sentence will be determined at the discretion of the court after consideration of the Federal Sentencing Guidelines, which take into account a number of variables, and any applicable statutory sentencing factors.

The case is the product of an extensive investigation conducted by the FBI and the Internal Revenue Service-Criminal Investigation (IRS-CI). The investigation is continuing.

 mortgage fraud

   

Posted by Staff Reporter on 06/17/08 at 05:19 AM
Mortgage Fraud LocationsCalifornia • Total comments: (1) (0) Trackbacks
  1. I was an underwriter at Long Beach during that time and withstood constant badgering from these filthly brokers.  Glad to see that one was caught, drawn and quartered, along with one of the greedy employees...I only worked there six months, the filth was too much for me to bear.  I went back to prime, but of course that wasn’t much better due to the other greedy individuals.

    Posted by  on  06/18  at  05:32 PM

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Previous Articles

TRIAL COVERAGE

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.



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The information and notices contained on Mortgage Fraud Blog are intended to summarize recent developments in mortgage fraud cases and mortgage banking matters nationwide. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about mortgage banking, mortgage fraud matters or who believe they require legal counsel should seek the advice of an attorney. The creators, editors and sponsors of Mortgage Fraud Blog do not intend to create a confidential relationship or an attorney-client relationship by communication via or arising from this site.

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