Thursday, October 29, 2009
Las Vegas Man Indicted in Mortgage Scam
Wayne Goldenbaum, also known as Robert King, Las Vegas, Nevada, has been indicted on multiple charges of theft, including theft from an individual over the age of 60.
The charges stem from instances where King fraudulently obtained the proceeds from his victims' mortgage loans or obtained money for the lease of property which he did not own. The case is being prosecuted by the Attorney General's Mortgage Fraud Task Force.
The indictment alleges that King, through his company, King Highway Estates, promised to obtain refinancing for local homeowners who wished to use the proceeds to clear up outstanding debts or make improvements on their homes. After arranging the loans with hard money lenders, King would withhold most of the proceeds under the pretense of using them to pay off the homeowner's bills or authorizing the home improvement projects.
In the case involving a victim over the age of 60, King represented that he had the authority to sell a business, including the right to occupy the location to a group interested in opening a Smoothies for Life franchise. After providing King with a down payment of $10,000 cash, and expending over $30,000 on renovations to the site, the group was advised by the actual owner that King had no legal authority to rent the building.
In each case, King is alleged to have continued to mislead the victims into believing that he was providing services well past the time provided for him to perform under the respective contracts. It was not until a search was performed on King's residence that the alleged fraud was discovered.
An indictment is not a determination of guilt or innocence, but is a finding of probable cause that a crime was committed. As with all defendants, King is presumed innocent until proven guilty.
King is currently incarcerated in Federal prison on an unrelated charge.
Nevada Attorney General Catherine Cortez Masto announced the indictment.
"Unfortunately, unscrupulous individuals continue to take advantage of homeowners who, due to the current economic climate, are experiencing difficulty making their mortgage payments," said Attorney General Masto. "It is a top priority in my office to investigate and prosecute mortgage fraud."
Anyone who has information regarding this case should contact the Attorney General's Office at 486-3221 in Las Vegas or 684-1180 in Carson City.
mortgage fraud
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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.
More Trial Coverage
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Rachel 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 
