Thursday, November 06, 2008
Title Agent Sentenced For Role In Flipping Scheme
Ishmett Nazario, a Florida title agent, was sentenced by Chief U.S. District Court Judge Federico Moreno to forty-one months in federal prison in connection with her participation in a mortgage fraud scheme. In addition, Nazario was ordered to pay restitution in the amount of $1,442,000.
Nazario was arrested in July 2008 for her involvement in the fraudulent sale of residential property located in Coral Gables, Florida. The Coral Gables property was flipped three times within a one year period, almost doubling the price of the property from $780,000 to $1,400,000. Nazario served as the title agent in the third sale and, through her title company Blue Coast Title, fraudulently released the lender’s funds from escrow to fund the straw buyer’s down payment on the property. Once the final sale closed, the straw buyer, co-defendant Maritza Salan, failed to make a single payment on the mortgage. The property ultimately went into foreclosure, resulting in a significant loss to the lender.
In August 2008, Nazario pled guilty two counts of wire fraud, in violation of Title18, United States Code, Section 1343. Nazario had been charged in an indictment, along with co-defendants Jose E. Alvarez, Yadira Garrido, and Maritza Salan, with conspiracy to commit wire fraud, in violation of Title 18, United States Code, Section 1349 and two counts of wire fraud, in violation of Title 18, Untied States Code, Section 1343. Alvarez, Garrido and Salan also pled guilty to wire fraud charges.
In sentencing Nazario, Judge Moreno emphasized the seriousness of the offense in this case and the need for deterrence in view of the prevalence of fraud – particularly, mortgage fraud, health care fraud, and identity theft – in the Southern District of Florida and its negative impact on the economy.
This case was investigated by agencies participating in the Federal-State Mortgage Fraud Strike Force. Mr. Acosta commended the investigative efforts of the Mortgage Fraud Strike Force with particular commendation to the U.S. Secret Service and Miami-Dade Police Department. The case was prosecuted by Assistant United States Attorney Peter A. Forand.
mortgage fraud
Sounds like another bunch of foreigners ripping off America’s financial system at the expense of not only those who invested their savings into the affected institutions but also the U.S. taxpayers who are backing those institutions.
Posted by on 11/06 at 11:42 AM
there always has to be a few in the pie to make it dirty. Title can really help out to do a lot of shady things. I still am amazed at the things that are coming out in the fraud arena. Rachel do for see a decline in the fraud cases or more in the future. the way that lenders are cracking down.
Posted by on 11/07 at 07:45 AM
When is Complete Title Solutions a/k/a Title and Abstract going to be investigated for the same practices as Blue Coast Title? The owners are all covicted felons that should not be working in any industry that involves the handling of monies.
Posted by on 11/07 at 07:10 PM
I am a strong supporter of cracking down on the greed that has devastated the economy, but I don’t see why Rachel should allow racist, xenophobic comments to remain on her website.
Some people like to blame everything on “foreigners,” even if its just a “hunch” based on some unusual names.
This is not about where you born, it’s about greed - something we clearly have no shortage of here in this country.
Posted by on 11/08 at 01:51 PM
Groups of foreigners ripping off lenders is nothing new, it is so prevalent it has even earned a name for itself known as affinity fraud.
Posted by on 11/08 at 03:45 PM
steve is nothin but a racist punk; as you know foregners are not the ones going to prison for mortage fraud.
Posted by on 11/11 at 05:16 PM
Having worked for several major underwriters for 20+ years, I can unequivocally state this issue is purely about greed. While you may see a large number of cases involving foreign names, I can assure you there are an equal or greater number of “non-foreign” sounding names involved that haven’t yet been caught. As this mortgage crisis deepens, you will see much more of these types of cases come to light.
Posted by on 11/12 at 05:35 AM
I am not a racist, I have no more or no less fustration for the Armenians (who are the same race as myself) who have perpetrated rampant mortgage fraud in and around the San Fernando Valley area of Los Angeles County California. One might argue that I’m a nationalist, but I am by no means a racist and you saying that I am a racist was very mean spirited on your part.
Posted by on 11/12 at 09:27 AM
No need to worry about “foreigners” engaging in mortgage fraud. Older white men known as CEOs do quite well on their own. Who do you think runs Wall Street? Follow the bailouts of Wall Street and auto makers; you will find a preponderance of wealthy Anglos leading the charge. Don’t be like a cop walking a beat or a drunk in a bar. Look at the big picture.
Posted by on 11/13 at 06:40 AM
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Some Sources require Registration.
Mortgage Scam Ends with Prison
The Morning Call
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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
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12-Year Prison Term in Mortgage Swindle
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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...
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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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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 
