Mortgage Fraud Blog is the premier website for news and information on mortgage fraud and real estate fraud throughout the United States.
imageRachel 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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Wednesday, December 10, 2008

Loan Officer Sentenced To 63 Months For Conviction In Mortgage Fraud Scheme

Marty Ray Folwick, 50, Portland, Oregon, was sentenced to 63 months in prison by United States District Judge Garr M. King for his part in a mortgage fraud scheme.  In addition, Folwick was order to make restitution of $536, 514 to one bank.  Other victim banks will have 60 days to seek further restitution.  As part of the sentence, Folwick was ordered to forfeit $25,000.  The defendant was ordered to surrender to the Bureau of Prisons on January 22, 2009.  After release from prison, he will be required to serve 48 months of supervised release.  Folwick was sentenced based on his entry of a guilty plea on October 2, 2008, to bank fraud, wire fraud, and money laundering charges. 

As previously reported on the Mortgage Fraud Blog, the charges to which Folwick pled guilty relate to a single property in Woodburn, Oregon, which was purchased for $390,000.  The indictment alleged that Folwick, a real estate loan officer, found buyers for the property and then falsified their loan application by overstating their monthly income, failing to disclose that the buyers had an outstanding mortgage on another property, and failing to disclose that Folwick was receiving a $25,000 kickback from the transaction.  At the plea hearing, prosecutors argued that Folwick had engaged in similar illegal conduct with respect to almost seventy properties.  The government submitted a memorandum asserting that there were 32 victim banks and 21 straw buyers used by Folwick to perpetuate his mortgage fraud scheme.

This case involves the kind of fraud that is at the very heart of the mortgage crisis,” stated U.S. Attorney Karin J. Immergut.  “The U.S. Attorney’s Office for the District of Oregon has made mortgage fraud a top priority and will continue to hold accountable those who seek to profit from the mortgage industry through lies and deception.”

 mortgage fraud

   

Posted by Staff Reporter on 12/10/08 at 01:49 AM
Mortgage Fraud LocationsOregon • Total comments: (1) (0) Trackbacks
  1. There is a whole bunch of brokers here
    in central Florida, getting people with bad credit hard money loans, to purchase foreclosed homes,offering them
    a few thousand dollars that should be used on fixing up the home instead putting it in their pocket. They are telling these people if it can’t be flipped or rented & is foreclosed it won’t go on their credit because it;s a hard money loan! These brokers & their so called investors are making a killing here in Orange County.

    Posted by  on  12/12  at  11:07 AM

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Today's News

Some Sources require Registration.

 

Mortgage Scam Ends with Prison
The Morning Call
A judge didn't hold back when Shirley Matthews appeared before him Tuesday to be sentenced for stealing from a Monroe County man instead of helping him save his home from foreclosure, as she was hired to do.

Woman Gets Prison Time After Mortgage Scam Conviction
Pocono Record
A New Jersey woman will be spending two to five years in state prison after she was sentenced on Tuesday for promising to help homeowners avoid foreclosure and then keeping the money she was given for their mortgages.

2 Indicted in Mortgage Scam Face New Charges
Newsday.Com
Prosecutors add extra charges to two who are charged in LI mortgage fraud with county legislator, dominatrix and her husband

Untangling Mortgage Fraud in Chicago Condo Buildings
Chicago Public Radio
Why did so many units go into foreclosure all at once? In some cases, the reason can be traced to mortgage fraud.

No Contest Plea Entered in Real Estate Fraud Case
Northbay Business Journal
Juan Carlos Alcala of Windsor pleaded no contest to nineteen felony counts and admitted three special allegations for defrauding real estate investors, money laundering and elder fraud.

Bedford Woman Sentenced to a Year in Prison for Mortgage Fraud
Plain Dealer
Sharon Cox, 49, of Bedford, was sentenced today to a year in prison for mortgage fraud involving money laundering, theft and receiving stolen property from August 2008 through March.

CITIZEN JOURNALISM: Mortgage Fraud High in Area
Washington Times
According to the FBI, Virginia, Maryland and the District are among the top 10 jurisdictions experiencing mortgage fraud.

Former Vegas Resident Charged with Mortgage Fraud in Nevada
National Mortgage Professional Magazine
A former Las Vegas resident has been charged with federal conspiracy and fraud charges for his involvement in a Nevada mortgage fraud scheme involving straw buyers and falsified mortgage loan documents...

Missouri Man Sentenced for Mortgage Fraud
Belleville News Democrat
A suburban St. Louis mortgage company operator has been sentenced to more than 11 years in prison for a mortgage fraud scheme.

12-Year Prison Term in Mortgage Swindle
Washington Post
A Maryland woman who stole millions from Washington area homeowners trying to avoid foreclosure is a "vulture" whose case should serve as a warning to other con artists...

Previous Articles

TRIAL COVERAGE

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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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.

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