Mortgage Fraud Blog is the premier website for news and information on mortgage fraud and real estate fraud throughout the United States.
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 Smith Dollar, PC, is licensed to practice law in California and maintains offices in Santa Rosa, California. Email Ms. Dollar
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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.
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
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Appraisal Institute Opposes Obama Administration's Plan for Homeowner 'Short Sales' PR News Wire
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Thursday, February 18, 2010 F. Jeffrey Miller Trial Continued Testimony
As reported by Anne Mitchell, who viewed the trial:
Angela Parenza worked for Jeff Miller as the office manager for 7 or 8 years beginning in 1998. Parenza was indicted along with Miller and pled guilty to conspiracy to commit bank fraud and money laundering. Parenza testified that Miller or his contractors allegedly preferred to build all the...
Wednesday, February 10, 2010 F. Jeffrey Miller Trial Coverage Continued - Witness Testimony
Steve Middleton Testimony - Coverage Provided by Anne Mitchell
The Government continued in its cross examination of Steve Middleton. He was shown several HUD-1 statements involving sales of homes located in Overland Park, KS, and Olathe, KS. The HUD statements each allegedly showed line items of payments to (James) Moser & Associates, LLC's...
Monday, February 01, 2010 F. Jeffrey Miller Trial Coverage - Continued Witness Examination
According to Anne Mitchell, who is present in court for the trial:
Next Witness: Kelly Sanford
Kelly Sanford of the Federal Reserve was a short witness for the Government. Sanford manages electronic payments between banks and member financial institutions. He was shown copies of wire transfers and asked whether they coincided with the counts in...
Wednesday, January 27, 2010 F. Jeffrey Miller Trial - Prosecution Witnesses Continued
According to Anne Mitchell, who is viewing the trial:
January 13, 2010
Witness: Rick Hayes
Rick Hayes testified that on the day that he closed on his Miller Enterprise home, he received a phone call from the Kansas Banking Commission informing him that his loan was fraudulent. After the Hayes responded to a classified ad, they met with John...
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The information and notices contained on Mortgage Fraud Blog are intended to summarize recent developments in mortgage fraud cases and mortgage banking matters nationwide. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about mortgage banking, mortgage fraud matters or who believe they require legal counsel should seek the advice of an attorney. The creators, editors and sponsors of Mortgage Fraud Blog do not intend to create a confidential relationship or an attorney-client relationship by communication via or arising from this site.
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 
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