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Mortgage Fraud Blog is the premier website for news and information on mortgage fraud and real estate fraud throughout the United States.
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 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.
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Friday, April 14, 2006
Three Arrested in Alleged Theft of Leads from Former Employer
Neal Elbaum, 29, Hollis Hills, New York and Ralph Donza, 32, were arrested and charged with Commercial Bribing, Unlawful Duplication of Computer Related Material, and Unlawful Possession of Personal Identification Information. Co-defendant Carlos Orellano, 38, Great Neck, New York, was also arrested and charged with Commercial Bribe Receiving and Computer Tampering. The defendants were arrested in connection with a theft of proprietary information from Old Merchants Mortgage, Inc., of Lake Success, New York the former employer of Elbaum and Donza and current employer of Orellano. Ralph M. Donza  | It is alleged that in the summer of 2005, Donza contacted information technology expert and former co-worker Orellano. In July, 2005, Donza and Elbaum allegedly met with Orellano and Elbaum paid Orellano thousands of dollars to obtain the name and access codes to a computer account in the Old Merchants Mortgage computer system, which would provide access to Old Merchants Mortgage’s leads on potential mortgage customers. Elbaum and Donza had started their own mortgage company in Garden City, New York - Old Commonwealth Mortgage, LLC. - of which Elbaum is listed as the President. Investigators believe that it was their intention to use the stolen information from Old Merchants Mortgage to profit Old Commonwealth Mortgage. Orellano provided the requested information to Elbaum and Donza. Carlos Orellano  | In January, 2006, Old Merchants’ changed their computer system used for receipt and storage of its mortgage leads and once again, it is alleged that Elbaum gained access to the new accounts. Old Merchants Mortgage discovered the unauthorized access and the involvement of Orellano in the theft. They hired investigators who recorded a telephone conversation between Orellano and Elbaum in which Elbaum admitted having access to Old Merchants Mortgage’s accounts, his concerns about getting caught, and his desire to obtain more leads from his old employer. Old Merchants Mortgage estimates that it had paid in excess of $1.3 million for the computer mortgage leads that the defendants had unlawful access to. Neal S. Elbaum  | On Thursday, April 6, 2006 a search warrant for the defendants’ business, Old Commonwealth Mortgage, LLC. was secured by Judge Frank A. Gulotta and was executed the following day. Documents, records, computers, and related equipment were seized from the defendants’ Garden City, New York office. Two of the defendants were arraigned Saturday, April 8, 2006 in Hempstead. Bail was set at $5,000 for Elbaum, and $2,500 for Donza. Orellano was arraigned on April 10.
 mortgage fraud
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Posted by on 07/27 at 03:59 AM Now, these people should receive a serious punishment because what they did is not normal at all. I hate people who do such things. Congratulations to the authorities!
Posted by on 10/30 at 10:20 PM Actually, we can know that a quick flip of an house ownership is an easy signs of fraud. For instance, the fraudster buys a property. The fraudster receives a house appraisal with a certain inflated house price. A straw man who’s unconnected to the fraudster buys the house at a highly inflated house price. So, those fraudsters earn a huge profit.
Posted by on 08/26 at 09:28 PM
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Some Sources require Registration.
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.
Previous Articles
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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.
More Trial Coverage
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