Tuesday, January 30, 2007
Oklahoma Cash Back Case Nets Four Guilty Pleas
Theresa Ann Campbell, aka Ann Campbell, 67, Edmond, Oklahoma, pled guilty to one count of conspiracy to commit wire fraud in connection with the mortgage fraud scheme at the Oak Tree Subdivision in Oklahoma in which the participants are alleged to have inflated the purchase price of homes to obtain cash back at closing in the guise of false remodeling or repair costs. The guilty plea relates to her conduct with respect to property at 5916 Morning Dove Lane, Edmond, Oklahoma.
Campbell was a prominent real estate agent in the Edmond, Oklahoma area, licensed for more than 25 years. She will face an additional investigation by the Oklahoma Real Estate Commission. Penalties if she is deemed to have violated the real estate code include potential license revocation, fines, probation or continuing education.
Others charged in cases related to sales at the Oak Tree Subdivision are:
Dalton Joe Alford, 35, Oklahoma City, Oklahoma, pled guilty to engaging in a monetary transaction in criminally derived property (money laundering). The crime that he is being charged with involved a check in the amount of $57,750.00. The maximum sentence in this case is 10 years imprisonment or $250,000 or both. Alford is required to pay restitution of $172,500 to the victims of this crime.
Toney Charles Mykel, 40, Edmond, Oklahoma, pled guilty to misprision of a felony, admitting that he had knowledge of a felony and concealed the commission of the felony. Mykel is required to pay restitution in the amount of $405,489 to his victims. The maximum sentence 3 years imprisonment or a fine of $250,000 or both.
Anthony Jew, 38, Oklahoma City, Oklahoma, pled guilty to engaging in a monetary transaction in criminally derived property (money laundering). The crime for which he pled guilty involved a check for $15,847.50. The maximum sentence in this case is 10 years imprisonment or $250,000. Jew is required to pay restitution of $449,409 to various victims.
Previously an additional seven people were indicted in the U.S. District Court for the Western District of Oklahoma on allegations that they inflated the purchase price of homes to obtain cash back at closing in the guise of false remodeling or repair costs. Those indicted were:
Brandon L. Baum, real estate salesman and owner of Secorum Investments, LLC.
Gayle L. Caldwell, owner of Access Marketing Services Inc., Edmond, Oklahoma
Joseph Conrad Therrien, home buyer
Charles E. Caldwell Jr., husband of Gayle L. Caldwell and mortgage broker with United Lending, Oklahoma City, Oklahoma
Teresa M. Therrien, home buyer.
Rusty Real Therrien, home buyer and husband of Teresa Therrien.
Timothy J. McDaniel, home buyer.
(referenced by their initials in the indictment as home buyers but not charged were D.J.A. and F.B.)
According to the indictments:
Baum would tell his clients (potential home buyers that he represented as a real estate agent) that they could receive substantial funds at closing under the guise of repair costs that they would be able to use for their personal benefit so long as they agreed to purchase the homes at an inflated price. Sellers agents that represented certain hard to sell properties in the Oak Tree Subdivision, Edmond, Oklahoma, would negotiate with Baum.
Brokers at United Lending, including Charles E. Caldwell, Jr., would facilitate the submission of fraudulent loan applications for the potential homeowners that could not qualify for the loans. False information would be provided on the loan applications. In some cases, Baum, Charles Caldwell Jr., Joseph Therrien and Rusty Therrien would provide temporary loans to buyers for down payments with the understanding they would be reimbursed at closing from the purported remodeling or repair costs, marketing services fees and other undisclosed disbursements. The buyers in those cases would falsely represent the sources of the down payments.
Baum would present the sales contracts to the sellers agents at prices far above those listed on the MLS. The sellers agents would then present the contracts to the sellers by which the sellers would agree to pay for the purported remodeling, repair and other charges. Once the purchase terms had been approved by buyer and seller, the sellers agents would, in many case, increase the MLS list price to an amount equal to or above the agreed inflated purchase price to avoid detection by the lenders.
At closing, the title companies were directed by Baum, sellers agents and the sellers to issue checks from the sales proceeds to various entities for purported remodeling, repair costs, marketing service fees or other fees.
T.C.M. was an associate of Baum and controlled bank accounts that Baum used to funnel money back to defendants, buyers and others after closing. The title company checks issued to the various entities for purported remodeling, repairs and other fees would be deposited and Baum would direct T.C.M. to issue checks or obtain cashiers checks payable to buyers, those who advanced down payment funds and others. In one case, Secorum was used to funnel these charges back to the buyer.
Properties referenced in the indictment:
1000 Irvine Drive, Edmond, Oklahoma
1709 Irvine Drive, Edmond, Oklahoma
5813 Dundee Terrace, Edmond, Oklahoma
5916 Morning Dove Lane, Edmond, Oklahoma
6125 Stonegate, Edmond, Oklahoma
1208 Troone Drive, Edmond, Oklahoma
mortgage fraud
Post a Comment
The trackback URL for this entry is:
Trackbacks:
|
Some Sources require Registration.
Erie Area Mortgage Broker Gets Prison in Fraud Case
GoErie.com - Erie, PA
Shortly before receiving a nearly three-year federal prison sentence, former mortgage office manager Francis R. Conti told the judge he never meant to defraud any of the homeowners caught up in a widespread local mortgage-fraud scheme.
Three Former Portland-Area Mortgage Brokers Face Fraud Charges
OregonLive.com - Portland, OR
Joel D. Surprenant, Michael Duc Han and Benjamin Lucian Lucescu all were charged with one count of obtaining mortgage loans through materially false and fraudulent pretenses.
Shaker Pair Pleads Guilty to Mortgage Fraud Charges
Cleveland.com - Cleveland, OH
Two Shaker Heights residents recently pleaded guilty to charges involving a mortgage scheme with seven area houses and $3 million in fraudulent loans.
Feds File Charges in Five Mortgage Fraud Cases
Chicago Breaking News - Tribune - Chicago, IL
Federal charges were filed today against 37 people and four companies in five separate mortgage fraud cases.
Feds Fighting Back
Contra Costa Times - Walnut Creek, CA
Mortgage fraud has increased so dramatically in the San Joaquin Valley that a task force of federal, state and local agencies has been formed to fight back.
Private Investigator Sees Rise in Mortgage Fraud Due to Economy
PR Web - Ferndale, WA
In the past 12 months his firm has been retained to conduct over 300 mortgage fraud investigations, a 100% increase from 2007.
Former UGA, NFL Football Player Arthur Marshall Charged With Mortgage Fraud Claims
WJBF-TV - Augusta, GA
He is also accused of defrauding three banks in obtaining loans for seven different properties in Columbia and Richmond Counties.
Cuomo Subpoenas Loan Modification Companies
New York Times - United States
“The entire industry is a scam, in my opinion,” Mr. Cuomo said Tuesday. “These are services that homeowners don’t need to pay for in the first place.”
Defendant Pleads Guilty to Wire Fraud Relating to Mortgage Fraud Scheme
Imperial Valley News - Holtville, CA
Scavitti admitted that between 2003 and August 2008 he unlawfully diverted mortgage funds that were wire transferred into his client office account to his own personal benefit, resulting in losses in excess of $2.5 million.
Fed Drug Report: Double Trouble for Metro Chicago
ABC7Chicago.com - IL
...Chicago street gang members run a network of legitimate businesses and have engineered mortgage fraud schemes, both to launder drug proceeds...
Previous Articles
|
Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
Update - US v. F. Jeffrey Miller, et al.
Miller II: Judge Julie Robinson has ruled in favor of the defense motion granting a continuance for sentencing of the 3 convicted defendants: F. Jeffrey Miller, Steve Vanatta and Hallie Irvin. The three will now be sentenced after ruling on post trial motions set for August 10, 2009.
Vanatta has been in custody for over 2 years. Vanetta filed a motion for his release pending sentencing. That motion was denied.
Miller remains free pending his sentencing. He has hired a new attorney who filed a motion to delay Miller's sentencing. In one post trial motion, the defense argues as to what assets are subject to seizure.
Defendant Todd Earnshaw is a Kansas City real estate Broker (and brother in law of Miller). Earnshaw has been indicted in what is commonly referred to as Miller I. A trial date for that matter has been set for January, 2010 in Topeka, Kansas.
The Government filed a motion to revoke Earnshaw's bond and remand him to custody while he awaits trial after learning that he allegedly committed the state crimes of Driving Under the Influence, Handicap Parking Violation and Failure to Control Speed to Avoid a Collision while on pretrial release. Notwithstanding finding that probable cause existed to believe that Earnshaw committed the aforementioned state crimes, Judge Robinson denied the motion, but ordered several strict conditions that Earnshaw must follow pending his trial.
More Trial Coverage
|
|
|
|
|
|
|
|
|
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. 
