Wednesday, February 20, 2008

Precision Mortgage Fraud Scheme Unraveled

Anthony Fields, 38—Wire Fraud Conspiracy

Alice Fields, 28—Wire Fraud Conspiracy

Lisa Fields, 33—Wire Fraud Conspiracy

Raymond Fields, 26—Wire Fraud Conspiracy

Randy Carretta, 44—Wire Fraud Conspiracy

Jason Jester, 38—Wire Fraud Conspiracy

Aaron McCarthy, 43—Wire Fraud Conspiracy

Andrea Revak, 47—Wire Fraud Conspiracy

Joyce Davern, 66—Wire Fraud Conspiracy

Kelly Fields, 35—Wire Fraud Conspiracy

Sabrina Stetter, 46—Wire Fraud Conspiracy

Wayne Fumea, 61—Conspiracy

The grand jury returned separate but related indictments charging Kelly Fields, Joyce Davern, Sabrina Stetter, Alice Fields, Anthony Fields, Lisa Fields, Andrea Revak, Aaron McMarthy, Wayne Fumea, Jason Jester, and Randy Carretta with participating in a Mortgage Fraud Conspiracy.  In addition, the United States Attorney filed a related information charging Raymond Fields with participating in the same Mortgage Fraud Conspiracy.

The indictments allege that Jason Jester and Randy Carretta operated Precision Mortgage, a Carnegie mortgage broker business that assisted borrowers in obtaining financing to purchase homes.  The Indictment alleges that Jester and Carretta submitted loan applications and associated documents knowing that the loan applications contained fraudulent representations about the financial condition of the borrowers and that the documents were fraudulent.  The fraudulent documents included, among others, verifications of employment, verifications of deposit, appraisals, pay stubs, and W-2s.

Kelly Fields and Joyce Davern worked as loan originators recruiting individuals to purchase properties in the mortgage fraud scheme.  According to the indictment, they submitted to the lenders loan applications that they knew contained misrepresentations and documents that they knew were fraudulent.  Sabrina Stetter, according to the indictment, assisted the conspiracy by preparing fraudulent document like pay stubs and W-2s.  Alice Fields participated in the conspiracy by assisting in the processing of the fraudulent loans.

Anthony Fields assisted in the conspiracy in several ways.  First, he acted as a borrower and buyer for five properties knowing that the loan applications contained misrepresentations about his financial condition and that fraudulent documents were submitted in support of the applications.  He also, according to the indictment, verified the employment of borrowers who had falsely represented that they were employed by an entity associated with Anthony Fields.  Anthony Fields also participated in the conspiracy by agreeing to be paid a portion of the loan proceeds for construction work performed or to be performed on the collateral underlying the loan, when in fact there had been no construction work performed and there was no expectation of construction work to be performed.  Another defendant, Aaron McCarthy, also participated in the conspiracy by agreeing to be paid a portion of the loan proceeds for construction work performed or to be performed on the collateral underlying the loan, when in fact there had been no construction work performed and there was no expectation of construction work to be performed.

Lisa Fields, Raymond Fields, and Wayne Fumea were conspirators in the scheme that acted as buyers and borrowers of properties knowing that the loan applications contained misrepresentations and many of the supporting documents submitted to the lending institutions were fraudulent.

Anthony Fields Indictment.  The properties listed in the Anthony Fields Indictment include:

845 Proctor Avenue;

39 Millbridge Street;

59 Climax Street;

126 Industry Street;

1607 Methyl Street, all of Pittsburg, PA.

Alice Fields Indictment.

Lisa Fields Indictment.  The properties listed in the Lisa Fields Indictment include:

3040 Zephyr Avenue;

332 Climax Street;

3636 Oakleaf Road;

129 South 7th Street;

25 Millbridge Street;

1519 St. Patrick Street, all of Pittsburg, PA.

Raymond Fields Information.  The properties listed in Raymond Fields Information include:

6 Renwick Street, Pittsburg;

818 Soles Avenue, McKeesport;

2932 Jersey Avenue, McKeesport, all of PA.

Randy Carretta Indictment.

Jason Jester Indictment.

Aaron McCarthy Indictment.

Andrea Revak Indictment.  The properties listed in the Andrea Revak Indictment include:

436 Hays Avenue;

132 Freemont Street;

141 Margaret Street;

124 Laughlin Avenue;

716 McLain Street;

1623 Leolyn Street, all of Pittsburg, PA.

Joyce Davern, Kelly Fields and Sabrina Stetter Indictment

Wayne Fumea Indictment.  The properties listed in the Wayne Fumea Indictment include:

1129 Bell Avenue, Braddock;

232 Zara Street, Pittsburg;

449 Pacific Avenue, McKeesport;

1130 Kirkpatrick Street, Braddock;

519 Allegheny Avenue, Glassport, all of PA.

mortgage fraud

1. As one who has been fighting mortgage fraud since seeing it firsthand on the inside, I applaud busts like these.  Although it’s one in a million, it shows the industry that law enforcement is serious and not politically controlled.

   Posted by  on  02/20  at  07:09 AM

2. JULIAN PHIL HEGGIE FROM CAPE COD MASS
   MADE UP AN INCOME OF 40,500 TO REFI A YOUNG MOTHER OF 2,WHO HAS RECENTLY LOST HER HOME!

   Posted by  on  02/20  at  01:53 PM

3. .....

   Posted by  on  03/10  at  12:14 PM

4. I personally lived in the neighborhood these people preyed upon the most--I have met these people--they approached me personally-I was almost a victim-I am glad they are finally getting busted--maybe we can reclaim the neighborhood they left destroyed--their fraudulent mortgages caused several foreclosures and vacant/abandoned properties as they took the $$ and ran
   FINALLY SOME JUSTICE!!!!

   Posted by  on  08/27  at  07:15 AM

5. funny how they mispelt Pittsburgh and forgot the h on the end...anyway, these people have families and children that ae paying ten fold what any of the victims are...trust me

   Posted by  on  12/03  at  01:10 AM

6. i hope that randy carretta doesn’t get blamed for anything because he has 4 kids at home and he isn’t able to leave them it will make them very upset!

   Posted by  on  12/05  at  06:41 AM

7. First- How can you correct someone’s spelling, when your forgetting letters???
   Second- Although, sure its sad their innocent children must go through the embarrassment and financial difficulties now, but their parents are crooks!! Their families were only living beyond their means by lying and praying on the ignorance of others. Sorry the justice system has absolutely no lenience because a thief happens to have a few kids! Hopefully a lesson has been learned and we don’t have 4 more crooks in 20 years!
   By the way, when are they going to jail?

   Posted by  on  01/05  at  09:08 AM

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Today's News

Some Sources require Registration.   Marco Island Man Arrested in Ohio on Grand Theft Charge Naples News A man who claimed he was a broker is accused of bilking a long-time family friend out of more than $130,000. Failed Mortgage Firm Trustee Allowed $50,000 in Fees Union Leader U.S. Bankruptcy Court Judge J. Michael Deasy will approve $50,000 in legal fees for the trustee of failed mortgage brokerage businesses Financial Resources Mortgage Inc. and CL&M Inc. Bend Oregon Event to Help Homeowners Prevent Foreclosures Oregon.Gov As part of an ongoing effort to help homeowners avoid foreclosure, state agencies are organizing a foreclosure-prevention event in Bend on Saturday, March 27, 2010. Shelbyville Man Gets 2-Year Sentence For Loan Fraud Chattanoogan.Com Prosecutor Gary Humble said the lost was approximately $2.3 million in the mortgage fraud involving hundreds of homes in the Shelbyville area. Lend America, VP Ashley Banned from FHA Housing Wire Michael Ashley, the embattled former vice president of Federal Housing Administration (FHA)-backed mortgage originator Lend America, and the company he worked for, were permanently banned from doing business in the industry last week. Countrywide Tries to Pin Blame on Insurer Court House News Countrywide Home Loans demands $111 million from Triad Guaranty Insurance, claiming Triad is trying to blame mortgage lenders for the insurer's role in the housing bubble and collapse. Investors Say They Were Swindled in Property Scheme Fox 13 Now Utah Division of Consumer Protection is joining forces with a few investors who claim they have been cheated by an agency called "Utah Mini Ranches. Greenfield Man Accused of Housing Scam The Republic A former real estate agent conned at least eight people by renting them properties actually owned by a federal agency and then running off with their deposits, prosecutors said. Appraisal Institute Opposes Obama Administration's Plan for Homeowner 'Short Sales' PR News Wire Citing concerns about increased mortgage fraud, four organizations representing more than 35,000 real estate appraisers today voiced their opposition to changes to an Obama administration program that will encourage "short sales" of homes. Ownership Rights to Get Another Look TBO.Com State lawmakers may beef up protections of property owners' rights by rewriting a law this spring that is at the center of a case of alleged fraud in Pasco County. Previous Articles

TRIAL COVERAGE

Trial coverage provided by Anne Mitchell, Crazy Fish Realty. Follow Anne on Twitter. Thursday, February 18, 2010 F. Jeffrey Miller Trial - 1 Convicted, 3 Acquitted The jury deliberated for approximately 3 days after receiving their jury instructions. They asked one question: Does ‘common sense' allow us to deduce what the banks may or may not been influenced by in order to make a loan? Judge Julie Robinson responded by admonishing the jurors to read all of the instructions. The jury presented its' verdict... Read More... 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... Read More... 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... Read More... 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... Read More... 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... Read More... More Trial Coverage

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All Foreclosure Information and Resources Housing Storm Calculated Risk Mortgage Lender Implode-O-Meter Home Gain Blog Rain City Guide Real Estate Tomato Blood Hound Blog Appraiser Active Fraud, Phishing and Financial Misdeeds The Collar - US News and World Report Georgia Bankruptcy Blog Fighting Fraud Newsday Real LI Matrix