Wednesday, April 30, 2008
Unlicensend Loan Officer Sentenced to 15 Months
Sennett H. Swift, 26, Sacramento, California, was sentenced by United States District Judge Lawrence K. Karlton to 15 months in prison. Swift pleaded guilty on January 15, 2008, to felony counts of bank fraud and money laundering.
As previously reported by Mortgage Fraud Blog, Swift admitted that he defrauded two homeowners and the corresponding lenders by fraudulently refinancing the two homes. The purpose of Swift‘s fraud was to receive the substantial loan broker commissions. To accomplish this fraud, the defendant solicited these two homeowners and falsely told them that they would receive loans with favorable terms, such as a low adjustable rate that would not increase above a certain rate cap. He also falsely led the homeowners to believe that their prepayment penalties on their existing mortgages would be rebated by the defendant. Actually, Swift knew there would be no rebates and that the rate caps were higher than promised. Additionally, in one of the cases, Swift submitted a forged loan application with forged documents to the lender without the knowledge or consent of the homeowner. In addition, the loan application contained false statements regarding the eligibility of the homeowner for the loan, such as wages inflated above her true wages.
In addition to a 15 month prison sentence, Judge Karlton also ordered the defendant to pay as restitution the $38,843.53 he obtained from lenders as loan broker commissions. Investigating agents seized approximately $30,000 from the defendant that Judge Karlton ordered forfeited. The defendant had $3,400 in cash on him when he was arrested at the Sacramento International Airport. In addition, agents seized $27,441 just after the defendant’s arrest from the defendant’s two bank accounts. Upon release from prison, the defendant will be on supervised release for 3 years.
mortgage fraud
Only 15 months for bank fraud, document forgery and money laundering? Not bad, considering that thanks to these “agents,” those of us who gave our clients fair and legal deals, are now considered a notch above rattlesnakes and used car salesmen and just below blackwidows and worms.
Posted by on 04/30 at 05:35 PM
We used a loan agent and just found out that his department of real estate license is suspended which I verified with DRE and they confirmed that he may not act as an agent. I feel that we were taken advantage of and want to take action against him
Posted by on 10/28 at 11:40 AM
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Some Sources require Registration.
Erie Area Mortgage Broker Gets Prison in Fraud Case
GoErie.com - Erie, PA
Shortly before receiving a nearly three-year federal prison sentence, former mortgage office manager Francis R. Conti told the judge he never meant to defraud any of the homeowners caught up in a widespread local mortgage-fraud scheme.
Three Former Portland-Area Mortgage Brokers Face Fraud Charges
OregonLive.com - Portland, OR
Joel D. Surprenant, Michael Duc Han and Benjamin Lucian Lucescu all were charged with one count of obtaining mortgage loans through materially false and fraudulent pretenses.
Shaker Pair Pleads Guilty to Mortgage Fraud Charges
Cleveland.com - Cleveland, OH
Two Shaker Heights residents recently pleaded guilty to charges involving a mortgage scheme with seven area houses and $3 million in fraudulent loans.
Feds File Charges in Five Mortgage Fraud Cases
Chicago Breaking News - Tribune - Chicago, IL
Federal charges were filed today against 37 people and four companies in five separate mortgage fraud cases.
Feds Fighting Back
Contra Costa Times - Walnut Creek, CA
Mortgage fraud has increased so dramatically in the San Joaquin Valley that a task force of federal, state and local agencies has been formed to fight back.
Private Investigator Sees Rise in Mortgage Fraud Due to Economy
PR Web - Ferndale, WA
In the past 12 months his firm has been retained to conduct over 300 mortgage fraud investigations, a 100% increase from 2007.
Former UGA, NFL Football Player Arthur Marshall Charged With Mortgage Fraud Claims
WJBF-TV - Augusta, GA
He is also accused of defrauding three banks in obtaining loans for seven different properties in Columbia and Richmond Counties.
Cuomo Subpoenas Loan Modification Companies
New York Times - United States
“The entire industry is a scam, in my opinion,” Mr. Cuomo said Tuesday. “These are services that homeowners don’t need to pay for in the first place.”
Defendant Pleads Guilty to Wire Fraud Relating to Mortgage Fraud Scheme
Imperial Valley News - Holtville, CA
Scavitti admitted that between 2003 and August 2008 he unlawfully diverted mortgage funds that were wire transferred into his client office account to his own personal benefit, resulting in losses in excess of $2.5 million.
Fed Drug Report: Double Trouble for Metro Chicago
ABC7Chicago.com - IL
...Chicago street gang members run a network of legitimate businesses and have engineered mortgage fraud schemes, both to launder drug proceeds...
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
Update - US v. F. Jeffrey Miller, et al.
Miller II: Judge Julie Robinson has ruled in favor of the defense motion granting a continuance for sentencing of the 3 convicted defendants: F. Jeffrey Miller, Steve Vanatta and Hallie Irvin. The three will now be sentenced after ruling on post trial motions set for August 10, 2009.
Vanatta has been in custody for over 2 years. Vanetta filed a motion for his release pending sentencing. That motion was denied.
Miller remains free pending his sentencing. He has hired a new attorney who filed a motion to delay Miller's sentencing. In one post trial motion, the defense argues as to what assets are subject to seizure.
Defendant Todd Earnshaw is a Kansas City real estate Broker (and brother in law of Miller). Earnshaw has been indicted in what is commonly referred to as Miller I. A trial date for that matter has been set for January, 2010 in Topeka, Kansas.
The Government filed a motion to revoke Earnshaw's bond and remand him to custody while he awaits trial after learning that he allegedly committed the state crimes of Driving Under the Influence, Handicap Parking Violation and Failure to Control Speed to Avoid a Collision while on pretrial release. Notwithstanding finding that probable cause existed to believe that Earnshaw committed the aforementioned state crimes, Judge Robinson denied the motion, but ordered several strict conditions that Earnshaw must follow pending his trial.
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Rachel Dollar is an attorney and Certified Mortgage Banker who handles fraud recovery litigation for lenders and secondary market investors nationwide. She is a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is licensed to practice law in California and maintains offices in Santa Rosa, California. 
