Tuesday, July 07, 2009
Man Sentenced for Mortgage Fraud Scheme
Scott Alexander, 70, Merriam, Kansas, has been sentenced to one year and a day in federal prison for mortgage fraud.
Alexander pleaded guilty in January, 2009, to one count of conspiracy to commit wire fraud and money laundering. In his plea he admitted that in 2003 and 2004 he conspired with co-defendant Wildor Washington, Jr., and others to obtain mortgage loans by fraudulent means including submitting inflated property appraisals to lenders.
Alexander's company, Atlantic Mortgage, had a contract to process loans originated by one of Washington's companies, Heritage Financial Investments, Inc., through other business entities owned by Washington. The entities used the mortgage broker's license issued to Alexander, with his knowledge and consent, to disguise and conceal from lenders the fact that Heritage Financial Investments, Inc., and Washington's other business entities did not have a valid mortgage broker's license. In December 2003, Alexander received $198,266 from a loan on a house in the 12400 block of East 58th, Kansas City, Mo. The loan was based on an appraisal with an inflated value and a forged signature.
Co-defendants include:
Victoria Bennett, who is set for sentencing July 6, 2009;
Terrence Cole, who is set for sentencing Dec. 21, 2009;
Wildor Washington, Jr., Maurice Ragland, and Kara E. Robinson-Franks, who are set for trail Nov. 17, 2009.
U.S. Attorney Lanny Welch made the announcement. Welch commended the Internal Revenue Service - Criminal Investigations Division, the Johnson County Sheriff's Department, the Overland Park Police Department, the U.S. Secret Service's Financial Crimes Task Force and Assistant U.S. Attorney Marietta Parker for their work on the case.
mortgage fraud
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During the real estate boom two years ago, some units were going for a half million dollars. Now some are short selling for just 50 grand.
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Most banks rejected Ms. DeForte because her debt level was too high and her credit score too low. But Lend America put Ms. DeForte into a $402,000 loan backed by the Federal Housing Administration...
Mortgage Fraud Probe Nets 105 Across State
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At least one local man is among 105 people arrested across the state following a nine-month investigation into organized mortgage fraud.
Mortgage Fraud Increases
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The number of frauds involving professional advisors, such as accountants and lawyers, has increased from two to four since March 2008.
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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.
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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 
