Thursday, January 03, 2008
Oregon Man Pleads Guilty to Defrauding Lender
Ryan Bonneau, 31, Portland, Oregon, pled guilty to wire fraud and money laundering charges in connection with two residential real estate financing transactions. As previously reported by Mortgage Fraud Blog, Bonneau was charged along with two others by a federal grand jury in Portland in September, 2006.
The charges followed a federal investigation by the Internal Revenue Service (IRS) and the Federal Bureau of Investigation (FBI) into allegations that Bonneau, along with Troy Martin, 40, a Portland real estate sales agent, and Leanne Booth, 48, a Portland real estate loan broker, engaged in a scheme to defraud the Union Federal Bank of Indianapolis (UFB) in connection with the mortgage financing of the sale of two residential properties located in northeast Portland. T
he indictment alleges that in each of the sales, false representations were made to UFB in order to induce UFB to approve mortgage loans and wire transfer funds to title companies in the Portland area.
The properties are identified in the indictment as 13515 NE Marine Drive, Portland, Oregon and 13531 Marine Drive, Portland, Oregon.
During the plea hearing, Bonneau admitted that he made up a scheme to defraud UFB and, among other things, inflated the sales price and overstated the qualifications of a borrower on a residential property so that he could secure excess mortgage funds for his own use. UFB approved and funded the requested loans, which resulted in the wire transfer to an Oregon title company of $86,500 in net funds over and above the true sales price. Bonneau admitted that he then caused these funds to be transferred from the title company to an account to which he had access. He further admitted that a false closing document was sent to UFB in order to disguise the nature of this transfer.
Wire fraud carries a maximum penalty of 30 years in prison, a fine of up to one million dollars and up to five years of supervised release. Money laundering carries a maximum penalty of 20 years in prison, a fine of up to $500,000, plus three years supervised release. Sentencing in the matter is set for January 25, 2008.
The cases involving co-defendants Leann Booth and Troy Martin are set for status conferences later this year or in early 2008 to determine if they will go to trial.
mortgage fraud
They can license all they want but without enforcement, it’s meaningless. Appraisal is a good example.
Posted by on 01/03 at 09:20 AM
I am not sure why people believe that they can get away with this. Is it really worth the consequences.
Posted by on 01/05 at 04:14 AM
Fraudulent in the real estate sector is increasing day by day. This case is a proof of increasing fraudulent in Portland and other real estate sectors. Well, congratulations to FBI, the frauds are now in their hands.
______________________________
jerry
Posted by on 07/21 at 11:47 PM
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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 
