Wednesday, July 02, 2008
Nashville Couple Indicted For Scheme To Defraud Lenders
Fred Holder and Pamela Holder were indicted by a federal grand jury on Wednesday for wire fraud and bank fraud. The four count indictment alleges that from December 2004 through April 2006, the Holders engaged in a mortgage fraud scheme that involved the purchase of a luxury home in Hendersonville, Tennessee by an unqualified straw buyer. Fred and Pamela Holder caused the submission to mortgage lenders of false mortgage loan applications that overstated the straw buyer’s income and assets and falsely stated that the home would be the straw buyer’s primary residence. The indictment also alleges that the Holders used a portion of the resulting loan proceeds to purchase jewelry and other property.
If convicted, Fred and Pamela Holder each face up to 30 years in prison, a $1,000,000 fine, and forfeiture of real and personal property derived from the scheme to defraud. Any sentence following conviction will be imposed by the Court after consideration of the U.S. Sentencing Guidelines and applicable federal statutes.
“Given the current strain on the housing and mortgage industries, our office takes more seriously than ever, the prosecution of individuals and entities that defraud financial institutions,” United States Attorney Ed Yarbrough said. “Anyone submitting false or misleading information in loan applications or engaging in any other kind of mortgage fraud is on notice that the United States Attorney’s Office and other state and federal law enforcement agencies are focused on rooting out such illegal conduct.”
This case is being investigated by the Memphis Field office of the Federal Bureau of Investigation under the supervision of Special Agent in Charge, My Harrison. The United States is represented in the case by United States Department of Justice Trial Attorney Peter Frandsen and Assistant United States Attorney Eli Richardson.
The public is reminded that an indictment contains only charges and need not be supported by proof of guilt beyond a reasonable doubt. The defendants are presumed innocent and are entitled to a fair trial at which the United States has the burden of proving guilt beyond a reasonable doubt.
mortgage fraud
wow!
cheating has always been non-rewarding job. at the beginning you get, but then loose everything.... So as far as I see it… here is the same picture…
no good
regards
GH
Posted by on 07/17 at 04:53 AM
The US DOJ and FBI are too busy to investigate major fraud in California, that is what we were told today a company in California have taken some $200 Million from Investors, Banks, under fraudulent pretenses and the Government says they are too busy with so many cases this one will have to go untouched. It appears our new AG has indeed allowed Federal Fraud to continue without repercussions or so the next time you commit wire fraud, money laundering, bank fraud, mortgage fraud, tax fraud and it is over $200 Million be glad your under the $300 Million dollar limit to get the attention of the Feds they will NOT investigate.
Posted by on 06/19 at 06:00 AM
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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.
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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 
