Wednesday, October 31, 2007
Texas Builder Pleads Guilty to Straw Borrower Scheme
Les Tarrance Sr., Montgomery County business owner, pled guilty to conspiracy to commit mail and wire fraud after orchestrating an elaborate scam with two co-conspirators to defraud mortgage companies across the country out of more than $11 million. According to his plea agreement, Tarrance could avoid possible convictions for other crimes related to the scheme - including laundering of monetary instruments and aiding and abetting - and prison time, by cooperating with federal prosecutors.
The scheme, as set forth in the indictment and confirmed in the plea agreement, occurred from September 2000- March 2006. Essentially, Goodson would locate and recruit straw borrowers to purchase homes from Tarrance with the assistance of Booth.
The Defendants included in the indictment are:
Michael Goodson, Recruiter;
Les Tarrance, Sr., owner of Ultra Classic Custom Homes, Inc., and Ultra Classic Custom Homes III, Inc.; and
Nancy Booth, loan officer and loan processor.
The defrauded Lenders included in the indictment are:
Aames Home Loan;
Argent Mortgage;
BNC Mortgage Inc.;
Decision One Mortgage;
First Magnus;
IndyMac;
Long Beach Mortgage;
New Century Mortgage Corp.; and
Wells Fargo Home Mortgage.
The properties included in the indictment are:
212 and 228 W Pines Drive Montgomery, TX;
31 and 53 Fairway Park, Montgomery, TX;
810 Plum Hollow Drive, College Station, TX;
24322 Piney Bend, Spring, TX;
3606 Vashon Lane, Spring, TX;
9627 Stonebridge Place, Tomball, TX;
178 Sentinel Point Court, The Woodlands, TX;
3132 Bentwater, Montgomery, TX;
18 and 22 Hillock Woods, The Woodlands, TX.
mortgage fraud
Do you know what sentence Michael D. Goodson got?
Posted by on 09/30 at 09:57 AM
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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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