The Georgia Department of Banking and Finance ("Department") referred this matter to the State Attorney General's Office after learning …

Read More...]]> 2009-11-06T09:27:43Z http://www.mortgagefraudblog.com/index.php/weblog/former_mortgage_broker_pleads_guilty_to_a_20_million_mortgage_fraud/ Mortgage Fraud, Georgia Edward William Farley, 47, Hoschton, Georgia, has pleaded guilty in federal district court to committing mortgage fraud, bankruptcy fraud, operating a real estate investment "Ponzi" scam involving over 150 victims, and a check-kiting scheme.

Farley was charged in a criminal Information on October 15, 2009 with bank fraud and conspiracy, which included the bankruptcy fraud. He pleaded guilty to those charges. He could receive a maximum sentence of up to …

Read More...]]> 2009-11-06T09:16:34Z http://www.mortgagefraudblog.com/index.php/weblog/maryland_woman_pleads_guilty_to_mortgage_fraud_scheme_in_dc_and_maryland/ Mortgage Fraud, Maryland, Washington D.C. Rasheeda M. Canty, 35, Upper Marlboro, Maryland, a former mortgage broker, pled guilty in September 2009 to engaging in an extensive mortgage fraud scheme involving properties in the District of Columbia and Maryland.

During the plea hearing, Canty admitted that the intended loss to victims of the scheme was over $1,000,000. Canty agreed to a forfeiture Order requiring her to pay the government $342,572, which represents the …

Read More...]]> 2009-11-05T10:20:41Z http://www.mortgagefraudblog.com/index.php/weblog/tyler_woman_guilty_of_mortgage_related_fraud/ Mortgage Fraud, Texas Tahmeane Elrod, 47, Tyler, Texas, has pleaded guilty to mortgage related fraud in the Eastern District of Texas.  A federal grand jury returned an indictment on May 6, 2009, charging Elrod with conspiracy to commit wire fraud. 

According to information presented in court, in September 2007, Elrod devised a scheme to defraud mortgage financing companies by submitting false documents in order to qualify for mortgages for the purchase of a …

Read More...]]> 2009-11-05T09:57:23Z http://www.mortgagefraudblog.com/index.php/weblog/mortgage_fraud_results_in_charges_for_west_michigan_woman/ Mortgage Fraud, Michigan Maria Antonia Franks Hernandez, Wyoming, Michigan, has been accused of defrauding the Michigan State Housing Development Authority (MSHDA) by fraudulently obtaining a mortgage, defaulting on that mortgage and leaving taxpayers to pick up the tab.

Franks Hernandez is accused of stealing her sister's identity between December 2003 and February 2004 to fraudulently obtain an $83,000 mortgage through MSHDA. She then defaulted on the mortgage, leaving taxpayers with a balance of more that …

Read More...]]> 2009-11-05T09:56:28Z http://www.mortgagefraudblog.com/index.php/weblog/mortgage_fraud_surge_investigation_nets_more_than_100_individuals/ Mortgage Fraud, Florida A nine-month-long Mortgage Fraud Surge investigation in Florida has resulted in charges against more than 100 defendants and involves allegations concerning more than $400 million in loans procured by fraud and more than 700 properties. United States Attorney A. Brian Albritton is holding events throughout the middle district of Florida to highlight the announcement.

There are currently mortgage fraud-related charges pending against approximately 500 defendants in federal mortgage fraud cases around the nation. The cases concern both mortgage …

Read More...]]> 2009-11-05T09:07:46Z http://www.mortgagefraudblog.com/index.php/weblog/marc_dreier_co_conspirator_pleads_guilty/ Mortgage Fraud, New York Kosta Kovachev, 58, formerly a registered broker with the National Association of Securities Dealers, pleaded guilty this morning to one count of conspiracy to commit securities and wire fraud and one count of wire fraud stemming from his participation with Marc Dreier in the sale of over $100 million dollars in fictitious promissory notes to various hedge funds, as part of a larger fraud perpetrated by Dreier. The plea was …

Read More...]]> 2009-11-04T15:40:41Z http://www.mortgagefraudblog.com/index.php/weblog/real_estate_fund_manager_is_charged_with_defrauding_idaho/ Mortgage Fraud Sheila Lea Jones, owner of Vitruvian Investment Group, is facing allegations that she solicited investors to pool their money for investment into a real estate fund managed by Jones. The Idaho Department of Finance has filed a complaint in Ada County District Court against Jones. The fund purportedly invested in short-term construction and development loans, as well as conventional real estate transactions including both commercial and residential loans. The …

Read More...]]> 2009-11-04T09:39:00Z http://www.mortgagefraudblog.com/index.php/weblog/ringleader_of_mortgage_fraud_scheme_sentenced_to_30_years/ Mortgage Fraud, Colorado Uto Essien, 45, the ringleader of a Colorado based multimillion-dollar mortgage fraud operation, was sentenced by an Adams County judge to 30 years in the Colorado Department of Corrections. Essien, a Nigerian national, will be deported upon completion of his sentence.

As previously reported by Mortgage Fraud Blog, an Adams County jury convicted Essien in July 2009 on four felony charges all related to the use of …

Read More...]]> 2009-11-04T09:13:05Z http://www.mortgagefraudblog.com/index.php/weblog/department_of_finance_orders_meridian_mortgage_loan_modification_company_to/ Mortgage Fraud, Idaho International Co-op LLC, Meridian, Idaho, has been ordered by the Idaho Department of Finance to cease and desist unlicensed mortgage loan modification activities and illegally charging distressed Idaho homeowners exorbitant upfront fees.

Department of finance director, Gavin Gee, said that the department received complaints from three Idaho homeowners who had paid International Co-op LLC $1,500 to $2,000 on the company's representation that it would assist the homeowners obtain mortgage loan modifications. "On top of the …

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