Wednesday, December 31, 2008

Leader Of $10M Mortgage Fraud Scheme Gets 8 Years

Anthony Dehaney, 56, Lauderhill and Coral Springs, Florida was sentenced to 8 years in prison, ordered to pay restitution of $1,000,000 to the victim lenders and subject to a Special Assessment of $300.00.  The sentence arose from his conviction on one count of Conspiracy to Commit Mail Fraud and Wire Fraud, in violation of Title 18, United States Code, Section 371, one count of mail fraud in violation of Title 18, United States Code, Section 1341, and one count of Bankruptcy Fraud in violation of Title 18, United States Code, Section 152(3).

Dehaney had previously admitted to and testified at the trial of co-defendant title agent Howard Gaines in late November 2008 for engaging in a scheme to submit fraudulent mortgage applications, false verifications of employment, false verification of deposits, false earning statements and IRS-W-2 Forms to lenders in the name of straw buyers and duped purchasers.  Dehaney also admitted to filing false Bankruptcy Petitions under Chapter 13 of the Bankruptcy Code in the name of the borrowers at the Fort Lauderdale, Florida Bankruptcy Court in order to delay the foreclosure actions by the lenders.  Dehaney was involved in over 25 mortgage transactions on loans totaling over $10,000,000, in Broward County, Florida.

United States Attorney R. Alexander Acosta commended the investigative efforts of the Federal Bureau of Investigation, the State of Florida Office of Financial Regulation, and the United States Postal Inspection Service.  This Case is being prosecuted by Assistant United States Attorneys Jeffrey Kay and Jennifer Keene of the Fort Lauderdale Office.

mortgage fraud

1. The problem is that not enough of the fraudulent Mtg “professionals” were caught and punished.  Honest Mtg professionals spent time and money to file complaints, but for the most part, they were ignored.  People become indifferent about fraud and it became an accepted practice-look where we are now!  The regulators were more part of the problem than of the solution.

   It is for these reasons that I am working in Risk Management/Due Diligence. I want to help reduce fraud in mortgage lending, and restore confidence and attract capital to our ailing industry.

   Adam Levine
   www.adamjlevine.com

   Posted by  on  01/03  at  11:33 PM

2. Hey Adam,
   Stop trying push your agenda and this BS about Risk mgmt.. If you want why dont you stop this Bailout fraud that banks are taking tax payer money to buy other banks.  Its purpose was to help deliquent and foreclosure...and improve lending...these banks are taking the money to improve there balance sheet and buying other banks....that is bigtime fraud and money laundering at massive scale...the big guys get bailout and little guys get jails....

   Posted by  on  01/05  at  06:47 AM

3. Hey Anonymous, Adam is correct.  The State of Florida gave anybody who paid the fee a mortgage brokers license.  It didn’t matter whether they had a criminal past or not.  Now they’re trying to put the genie back in the bottle.  Good luck.  Blame the politicians, including Jeb Bush, for looking the other way.  In 2005 nobody wanted the party to end.  Hey, where’s my bailout?

   Posted by  on  01/08  at  01:51 PM

4. Hi Anonymous,

   You seem a bit stressed.  Relax.  RE process will go back up after unemployment peaks (my estimate is between 10-12% sometime between the 4th and 2nd quarters.  RE prices will bottom ahead of the spike in unemployment).

   I assume you have been a banker/mortgage banker for the last twenty-years and hold a CA DRE license.  I have seen more Mtg Fraud in 2004-2006 than in 1988-2003, including broker fraud, borrower fraud, appraisal fraud, title company fraud, and escrow fraud.  I have seen rating agencies call 80-20s AAA, MI companies look the other way, appraisers who lie, accountants who certify fraudulent financials, and other devious plots.
   The fraud, Mr. Anonymous, included fake comps, fake VOEs, fake VODs, Fake VORs, Fake VOLs, Fake recon’s of liens, double escrows, Fake 1040’s and W-2s, Fake CPA letters, Fake correspondents’ financials, and so much more.
   Earlier in the decade, Alan Greenspan stated that adjustable rate loans (including 2 year fixed and Option ARMs) are a “great alternative to 30 year fixed rate loans” invoking the seeming endorsement of ARMs.
   What I didn’t remember was when the Fed Chairman (Alan Greenspan) said he only used fixed rate mortgages because he found adjustable rate mortgages too risky. Funny, the brokers didn’t mention that; nor did Anonymous.
   If you want to help out borrowers pay their mortgages and other bills, raise the minimum on taxable income and help out the lower and what was the middle class.  I agree that the bailout is poorly run (thanks George Bush) and that banks are using the monies to buy other banks.  So why not use the money for afore mentioned tax cuts, OK?
   You make some good points about the bailout, but you need to study mortgage fraud before you make such ignorant comments.  There is some great books on www.Amazon.com on the subject of mortgage fraud and MBS’s.
   Regards,
   Adam Levine, CEO
   Sicuro, Inc.
   www.adamjlevine.com
   PS Why not post your real name?  What do you have to lose?

   Posted by Adam Levine  on  01/16  at  07:45 PM