Wednesday, January 10, 2007

New York Settlement Agent Accused of Converting Loan Funds

Credit Suisse Financial Corporation filed a civil lawsuit in the District Court for the Southern District of New York naming as defendants Bellettieri, Fonte & Laudonio, PC, a law firm, Anthony Bellettieri, Robert V. Fonte and Tara Anne Laudonio. 

The complaint alleges that the defendants orchestrated an apparent fraud scheme to convert to their own use approximately $535,000 of Credit Suisse‘s funds. 

Specifically, it is alleged that a residential real estate closing was scheduled for property located at 115 Sears Avenue, Elmsford, New York 10523 on November 10, 2006.  Bellettieri, Fonte & Laudonio, PC, in its capacity as closing agent for the transaction, instructed Credit Suisse to wire funds to its account and in accordance with those instructions, Credit Suisse wired $536,616.73 in two wires and received immediate confirmation of receipt from the receiving bank.  A Credit Suisse representative contacted Tara Laudonio after the scheduled closing and Laudonio confirmed that the loans had, in fact, closed, according to the complaint. Despite the fact that Tara Laudonio knew the funds had been received, according to allegations in the complaint, she informed those present for the closing that the funds had not yet been wired.  The parties to the closing then agreed to complete the paperwork but to refrain from depositing their checks until it was confirmed that the Credit Suisse funds had been wired.  Although the parties were informed that the Credit Suisse funds had been received approximately an hour later, it was the end of the business day on Friday and the parties thus had to wait until November 13, 2006, the next business day, to deposit. The sellers attempted to deposit their checks on November 25 and notified their attorneys on November 28, 2006 that the checks from the Bellettieri account had failed to clear, according to the complaint.

The complaint further alleges that ”it now appears that the Bellettieri defendants may have dissipated and/or absconded with the approximately $535,000 wired by CSFC” and that CSFC has been unable to locate or otherwise communicate with the defendants despite repeated attempts.  Further, according to the complaint, the Bellettieri defendants have closed down their offices and web site and, “upon information and belief” have ”recently orchestrated a similar theft of funds from at least one other lending institution.”

Addresses identified as business addresses of Bellettieri, Fonte & Laudonio, P.C. are 25 West Red Oak Lane, White Plains, New York; 101-05 Lefferts Blvd., Suite 207, Richmond Hill, New York, 11419; 33 Walt Whitman Road, Suite 301, Huntington Station, New York 11746.

The complaint seeks relief on the theories of conversion, fraud, unjust enrichment, money had and received and negligence and seeks a prejudgment writ of attachment as to the defendants’ assets.

mortgage fraud

1. The government will start to see the massive amount of credit card fraud that has occurred in the past few years.  No one really cared since homes were appreciating 10, 15, even 20 percent per year.  But now, we are starting to see blatant cases like this one and this one The Bonnie and Clyde of Real Estate. 

   Great work and I can only say that 2007 will bring you a lot more work.

   Posted by  on  01/10  at  06:50 AM

2. I would like to say if there are any mortgage brokers who need a good bank attorney after all of this with Belettieri please contact me!

   Posted by  on  01/23  at  08:11 AM

3. On November 15th, 2006 there was a cloaing set up for the purchase of 15 Grandview Avenue , Middletown NY 10940.  There was a slight problem the payoff was never received. The title company made ab agreement with the sellers lawyer yo0 hold the money on the escrow account. On the time of closing the lawyer who represent Jorge Balbes was Phil Napoliyano , the lawyer who represented the buyer was Jaime Ramirez, the lawyer that was representing the bank was Belletiere Fonte. Papers and signatures ,were exchange , apparently everything went well and the cloasing was a success.
   For every ones surprised all then checks given by Belletiere Fonte bounced ant the money
   Disappeared and so did the lawyer. Is has been more than a month and nothing has been said or done, all we know is that it is under federal investigation. 

   ATT
   SANTOS FIGUEROA
   (845)326-0632

   Posted by  on  02/01  at  06:59 PM