Friday, February 09, 2007
Missouri Real Estate Developer Pleads Guilty to Mortgage Fraud
Larry D. Wills, 50, Kansas City, Missouri, pled guilty to tax and wire fraud and money laundering. He claimed personal income tax refunds to which he was not entitled and filed fraudulent corporate tax returns for his business, WB Enterprises, a real estate development firm. Wills also pleaded guilty to working with Ida Mathis to defraud New Century Mortgage by submitting false documents with a $472,500 loan application connected to property at 100 W. Bannister Road, Kansas City, Missouri.
Ida Mathis, 52, Kansas City, Missouri, and Wills were charged with wire fraud and money laundering as part of a fraudulent mortgage transaction.
Count One of the federal indictment alleges that Mathis and Wills, aiding and abetting one another, defrauded New Century Mortgage by submitting false documents with a $472,500 loan application in connection with the property located at 100 W. Bannister Rd., Kansas City, Missouri.
According to the indictment, Mathis represented to New Century Mortgage that she was employed by WB Enterprises, of which Wills is the sole owner and employee, and that her salary was $116,100 in 2000. Mathis allegedly included a fraudulent W-2 form, several fraudulent pay stubs from WB Enterprises and a fraudulent income tax return with the loan application.
Mathis also included a Contract for Deed signed by Mathis as the purchaser and herself as the seller of the property at 100 W. Bannister Rd., Kansas City, Missouri which indicated a sale price of $630,000 payable in monthly payments of $4,485. Mathis allegedly included in the loan application a letter from an accountant and a verification form signed by Mathis, both fraudulently claiming that she had been making substantial monthly payments on the residence. Mathis included in the loan application a payoff letter purported to be signed by Wills, which included a payoff amount of $460,631.
The indictment alleges that, on August 14, 2001, Mathis and Wills caused a wire transfer in the amount of $478,383 to be transmitted from New Century Mortgage’s bank account in Minnesota to Chicago Title Insurance Company’s bank account in Kansas City, Missouri.
Count Two of the federal indictment alleges that, on August 21, 2001, Mathis and Wills, aiding and abetting one another, engaged in a monetary transaction involving criminally-derived property. According to the indictment, Mathis and Wills caused the transfer of funds in the amount of $352,000 – derived from the wire fraud alleged in Count One – from Chicago Title Company‘s bank account in Kansas City, Missouri to Countrywide Home Loans, Inc.’s bank account in Los Angeles, California.
mortgage fraud
It sure seems that Kansas City has this going on all the time all over the city. And sadly I see attempts every single month.
Posted by on 02/10 at 06:27 PM
Post a Comment
The trackback URL for this entry is:
Trackbacks:
|
Some Sources require Registration.
Mortgage Fraud Risk Index Jumps 11 Percent, According to Verisk Analytics Subsidiary Interthinx
CNNMoney.com
The report...indicates that the overall Interthinx Mortgage Fraud Risk Index surged more than 11 percent from the previous quarter...
Mortgage Fraud Case Appears Headed to Jury in Jackson County Circuit Court
The Jackson Citizen Patriot - MLive.com
The prosecution and defense rested Thursday in the mortgage fraud cases against Teresa Marie WIlson and Angelo Surveo Williams.
Wyoming Woman Charged with Mortgage Fraud After Allegedly Stealing Sister's Identity
MLive.com
A Wyoming woman is facing felony charges accusing her of stealing her sister's identity to obtain a mortgage...then defaulting on that mortgage, leaving taxpayers on the hook.
U.S. Attorney Targets White-Collar Crime
Wall Street Journal
In San Francisco, Mr. Russoniello said he is trying to crack down on cases like mortgage fraud, though he doesn't have the budget to hire additional white-collar prosecutors.
Arrests Made in Orlando Mortgage Fraud Roundup
MyFoxOrlando.com
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.
10 Accused of Mortgage Fraud at PR Coastal Resort
Forbes
A developer and nine other people, including a former salsa singer, have been charged in an alleged $14 million mortgage fraud in Puerto Rico...
Strodtman Jury Selected in Mortgage Fraud Trial
Greeley Tribune
Attorneys will deliver opening statements this morning in the trial of Mark Strodtman, who is accused of bilking homeowners in a mortgage scheme years ago.
FHA Digging Out After Loans Sour
Wall Street Journal
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
Bradenton Herald
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
MortgageRates.co.nz
The number of frauds involving professional advisors, such as accountants and lawyers, has increased from two to four since March 2008.
Previous Articles
|
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
|
|
|
|
|
|
|
|
|
|
|
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 
