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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. Email Ms. Dollar
Mortgage Fraud Blog is co-sponsored by Interthinx the leading provider of fraud services and solutions for the mortgage industry.
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Monday, June 25, 2007
Minnesota Broker & Assistant Indicted for Mortgage Fraud
Michael Fiorito, Prior Lake, Minnesota, a mortgage broker, and his assistant, Kristin Louis Jerde, Minneapolis, Minnesota, have been indicted by a federal grand jury for allegedly bilking vulnerable homeowners. Fiorito, formerly a mortgage broker at American Alliance Mortgage company in Wayzata, Minnesota, and Jerde, who worked as Fiorito’s assistant, were charged with one count of conspiracy, three counts of mail fraud, and one count of engaging in a financial transaction with criminally derived property.
The sealed indictment in this case alleges that from January of 2004 through February of 2007, Fiorito and Jerde schemed to defraud homeowners who were either in foreclosure or behind on their mortgage payments. Specifically, they allegedly caused homeowners to refinance their homes and then stole some or all of the equity checks produced through the refinancing process. In some instances, Fiorito and Jerde also allegedly used physical intimidation to force homeowners to endorse equity checks over to them. In addition, Fiorito and Jerde allegedly induced homeowners to sell them or a third party their homes and then stole the sale proceeds intended for the sellers. The indictment states that during the scheme to defraud, the defendants converted to their own use approximately $160,000.
 mortgage fraud
What kind of jail time could these two see if convicted?
Posted by on 06/25 at 07:46 AM Michael Fiorito is less than five feet tall. Maybe he is 4"11. 140 lbs. He has stubby little hands. Probably, a birth defect. I am curious how the Feds alledged he could intimate anyone?
Posted by on 10/06 at 03:34 PM this is just sad. kristyn has problems, but she doesnt deserve this much trouble. if convicted on all accounts she could face up to 75 years.
Posted by on 11/25 at 12:16 PM
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Some Sources require Registration.
Mortgage Fraud: Beware the Wolf (Loan Officer) in Sheep's Clothing
24-7PressRelease.com - USA
US consumers looking to refinance their homes or to secure a home loan to purchase their dream homes would be well advised to educate themselves...
Internet Scammer Sells Cape Coral Residential Lot For $18,000
The News-Press - Fort Myers, FL
Because she had title insurance, Kunda will probably get back her money from the 2007 purchase, but the incident highlights cracks in the real estate market and the risk from international scammers who are growing more sophisticated.
Prosecutors Busy With Fraud Cases
Daytona Beach News-Journal - Daytona Beach, FL
The U.S. Justice Department has formed more than 40 mortgage fraud task forces nationwide as prosecutors and investigators struggle with a flood of mortgage-related criminal cases. The FBI reports that its mortgage-fraud caseload has more than doubled in three years to about 1,600 investigations that have cost lenders at least $4 billion. About 200 FBI agents are assigned to the cases, up from 120 a year ago.
Yanchek may take plea deal
Herald Tribune
Sarasota attorney John Yanchek is expected to plead guilty to mortgage fraud next week, statements from a federal prosecutor and the judge presiding over the high-profile criminal case seem to indicate.
Bear Stearns Execs Trial Slated for September
News Inferno
Two former Bear Stearns hedge fund executives are slated to go to trial in September over charges that they lied to investors about two of the funds they managed
Rockford, Chicago lead state in mortgage fraud
Rockford Register Star
Reported incidents of mortgage fraud grew by 45 percent in the second quarter compared with the year-ago period.
Report Finds Tampa No. 2 In Florida For Iffy Mortgages
Tampa Bay Online
In a state that leads the nation in mortgage fraud, Tampa had the second most cases of suspicious loan activity of any Florida city, according to a report released this morning from the Reston, Va.-based Mortgage Asset Research Institute.
Mortgage Fraud Jumps by 45% on Fewer Loan Applications in U.S., Per... MARI
Cloud Computing Journal
Key findings from the MARI Quarterly Fraud Report include that fraud most often occurs at the beginning of the loan process. More than 65 percent of fraud incidents are attributed to "General Application Misrepresentation"
Seven Are Accused Of Identity Theft And Mortage Fraud
The Star Ledger, New Jersey
Seven people have been arrested in connection with an international identity-theft scheme that targeted home equity lines of credit and siphoned at least $2.5 million away from dozens of banks, including more than 10 in New Jersey, according to documents unsealed today.
Suthers Cracks Down On Mortgage Fraud
Rocky Mountain News - Denver, CO
Suther’s office also indicted 10 individuals last March in an $11 million mortgage fraud ring involving 34 local properties...Several other investigations of mortgage fraud are ongoing.
Previous Articles
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
U.S. v. Miller, et al.
Thursday, December, 18, 2008
Verdict:
F. Jeffrey Miller Guilty of Conspiracy and Money Laundering
Steven Vanatta Guilty of Conspiracy , Money Laundering and Bank Fraud
Hallie Irvin Guilty of Conspiracy , Money Laundering and Bank Fraud
Sandra Jo Harris Not guilty- all counts
More Trial Coverage
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