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
Mortgage Fraud Blog is co-sponsored by Interthinx the leading provider of fraud services and solutions for the mortgage industry.
Seattle Mortgage Broker Pleads Guilty to Assisting Drug Dealers Launder Money
Todd Love, 48, Seattle, Washington pleaded guilty in U.S. District Court in Seattle Wednesday August 9, 2006 to Conspiracy to Engage in Money Laundering. Love, a mortgage broker at Seattle Mortgage Advisors LLC , admitted that he assisted three drug dealers with investments in property, knowing that the hundreds of thousands of dollars in cash used as the down payments were the proceeds of illegal drug dealing. Love faces up to twenty years in prison when sentenced on November 1, 2006. Love has agreed to forfeit $149,500 in cash as part of a $600,000 forfeiture.
According to the plea agreement, in September 2003, convicted drug kingpin Robert Kesling purchased a home for $722,869. Love served as mortgage broker on the transaction. Love $176,600 in cash for the down payment on the home. Love knew that Kesling made his income leading a drug organization that smuggled marijuana into the U.S. from Canada and cocaine into Canada from the U.S. To assist Kesling in hiding the origin of the money, Love had escrow agent and attorney Joel Manalang place the funds in his escrow account. Love created false documents indicating that the money was a gift to Kesling from his father. Love also created a letter from a local CPA firm claiming that Kesling was in the property management business and falsely indicated the firm had done his taxes for three years.
In a second transaction detailed in the plea agreement, Love assisted another accused drug dealer, Bernard R. Casey. Casey is an alleged drug dealer who worked under Joshua Macke. Macke replaced Kesling in the drug organization following Kesling’s arrest. In August 2005, Casey wanted to invest some of his drug proceeds in property. Love had Manalang purchase a cashiers check for $50, 485.70 to use as the down payment on some water view lots in Tacoma, Washington. Love created false documents alleging Casey was employed as VP of Field Sales at Seattle Video Conference Center. Love’s mother worked at the business and would falsely verify employment.
Finally in a third transaction, Love took several hundred thousand dollars in cash from Macke for future property investments. Love provided the cash to Manalang asking that it be placed in the escrow account. Fearing IRS scrutiny, Manalang did not deposit the cash. Love asked for $50,000 from the cache, which he then spent for his own expenses, knowing it was the proceeds of drug trafficking.
Manalang pleaded guilty to Money Laundering and will be sentenced on November 17, 2006. Kesling was sentenced in December 2005 to seventeen years in prison. Casey is scheduled to go to trial in October 2006 for Conspiracy to Distribute Marijuana and Conspiracy to Engage in Money Laundering. Macke is scheduled to go to trial in September 2006 for Conspiracy to Import Marijuana, Conspiracy to Distribute Cocaine and Marijuana, and Conspiracy to Engage in Money Laundering.
I love this blog. I makes me think twice before trusting the next person in a suit.
Posted by on 03/19 at 07:15 AM
True. You know, a suit won’t change the person. A human stays a human, no matter what, and many times suits were used just as a form of manipulation. Might sound silly, but lets think how many times when we went in an interview we wear a suit, or when someone knocks at our door to sell something-always wears a suit… so…
Posted by on 06/03 at 02:05 AM
I am fully satisfied with the post, It is not only interesting but also is a informative article. Can you please provide me some more links for similar articles.
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.
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...
Legal Disclaimer.
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 
mortgage fraud
