Tuesday, September 11, 2007
Two Indicted for Florida Straw Borrower Scheme
Matthew Price II, and Jennifer Stimpson, were charged with violations resulting from a long-term scheme to commit mail and wire fraud and depriving the citizens of Florida City, Florida of Price’s honest services. Price was the former Director of Housing and Economic Development for Florida City. A federal grand jury has indicted Price and Stimpson for conspiracy to commit mail and wire fraud, in violation of Title 18, U.S.C. Section 1349, as well as substantive mail and wire fraud violations, in violation of Title 18, U.S.C. Sections 1341, 1343, and 1346.
According to the Indictment, Price and Stimpson conspired to obtain a mortgage for Price’s personal residence when Price could not qualify for financing, using a straw purchaser who was a Florida City employee. The scheme also included efforts to use Price’s official position as Director of Housing and Economic Development to reward Stimpson and the straw purchaser for their assistance by selling the Florida City property to Stimpson’s family at a depressed price. This allowed the re-sale of the property at a substantial profit, allowing Stimpson to profit. In addition, Price used his official position to help secure affordable housing and grant money for the straw purchaser, who otherwise did not qualify for those benefits. The indictment also alleges that Price funded the straw purchase of his home with funds from a contractor doing business with Florida City. Additionally, the Indictment charges that Price, acting on his own, inappropriately rented Florida City affordable housing property in order to collect rental payments for his personal profit and use.
Each defendant faces a statutory maximum of 20 years’ imprisonment for the conspiracy and each substantive count, as well as a fine, and mandatory restitution.
mortgage fraud
Can someone please help me understand the straw purchaser situation? I have recently discovered that my b/f has changed his surname to his mother’s maiden name then either sold his house to himself in the new name OR he may have just put the house into that name without any type of financial transaction. Since I’m not familiar with how this works, I don’t want to confront him until I have all the facts. Am I on the right track with this or is this something harmless that he’s doing ‘just on paper?’ I’m extremely concerned that something fraudulent may be occurring.
Posted by on 02/13 at 06:38 AM
We investigate mortgage fraud all over south Florida. Check us out at www.mfi-miami.com
Posted by on 07/24 at 02:34 PM
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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.
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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.
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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 
