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Mortgage Fraud Blog is co-sponsored by Interthinx the leading provider of fraud services and solutions for the mortgage industry. |
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.
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July 13, 2008 - Tampa Tribune
November 27, 2007 - Voice of San Diego
November 23, 2007 - You Tube |
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- Two Indicted in Cash Back Mortgage Fraud Scheme - Former Real Estate Agent Sentenced To 14 Years - Los Angeles Mortgage Fraud Mastermind Sentenced - Leader Of Foreclosure Rescue Scheme Sentenced To 10 Years In Prison - 3 Guilty Pleas In Multi Million Dollar Mortgage Fraud Case - Woman Indicted For Massive Fraud Scheme - Florida Man Indicted for $2.4M Fraud - Man Indicted For Abuse of Foreclosure Process - 2 Indicted In Florida Straw Buyer Scheme - Man Arrested in Georgia on Real Estate Fraud Charges |
Monday, October 13, 2008Two Indicted in Cash Back Mortgage Fraud SchemeDerek Davis aka Terry McCullough, 62, Sacramento, California, and Dino Rosetti, 39, Roseville, California, were indicted on charges of mail fraud and making false statements in loan documents. Davis was separately charged with attempting to cause a financial institution to fail to file a currency transaction report, and Rosetti was separately charged with engaging in a monetary transaction in criminally derived property in an amount greater than $10,000. Rosetti was recently arrested by federal agents. Davis was previously arrested on a criminal complaint and is in custody. Both defendants are scheduled …
Former Real Estate Agent Sentenced To 14 YearsJoseph Sterling Jetton, 61, Woodstock, Georgia, was sentenced by United States District Judge Beverly B. Martin on charges of conspiracy, bank fraud, wire fraud, and money laundering related to a multi-million dollar mortgage fraud scheme. Jetton was sentenced to 14 years in federal prison to be followed by 5 years of supervised release, and ordered to pay $11,194,300 in restitution. Jetton was convicted by a jury on November 26, 2007, after a three week trial. According to United States Attorney David E. Nahmias and the information presented in court: From late 2004 through …
Friday, October 10, 2008Los Angeles Mortgage Fraud Mastermind SentencedCharles Elliott Fitzgerald, 48, formerly of Newbury Park and Beverly Hills, California, was sentenced to 14 years in federal prison by United States District Judge Dean D. Pregerson, who also ordered Fitzgerald to pay $42,676,269 in restitution to two of the victim banks that he defrauded. Fitzgerald, a former Los Angeles-based real estate developer, admitted playing a key role in a $50 million mortgage fraud scheme that defrauded banks by deceiving them into funding inflated mortgages. At the sentencing hearing, Judge Pregerson said, “This is not a case about deregulation or exploiting loopholes. This is …
Thursday, October 09, 2008Leader Of Foreclosure Rescue Scheme Sentenced To 10 Years In PrisonMaurice McDowall, 50, was sentenced to ten years in prison for his participation in a wide-ranging home foreclosure rescue scheme, which defrauded homeowners who were facing foreclosure and banks and other lenders who made mortgage and home equity loans. According to the Indictment to which McDowall pleaded guilty in June 2008, other documents filed in this and related cases, and statements made in Manhattan federal court: As previously reported by Mortgage Fraud Blog, from November 2003 through April 2005, McDowall engaged in a fraud scheme targeting homeowners whose homes, primarily in
3 Guilty Pleas In Multi Million Dollar Mortgage Fraud CaseGarri Zhigun, 31, and his mother Galina Zhigun, 54, operators of mortgage brokerage firm AGA Capital NY, Inc. ("AGA Capital"), and Maryann Furman, 30, an employee of AGA Capital, pleaded guilty in Manhattan federal court to participating in a multimillion-dollar subprime mortgage fraud scheme. According to the Indictment, other documents filed in the case, and statements made during the guilty plea proceedings: As previously reported by Mortgage Fraud Blog, from 2004 to 2006, AGA Capital was a mortgage brokerage firm with various office locations in Brooklyn, New York, which in late …
Wednesday, October 08, 2008Woman Indicted For Massive Fraud SchemeMagile Cruz, a/k/a Maggie Cruz, a/k/a Magile Cruz-Rodriguez, a/k/a Magile Araujo, a/k/a Ros Rodriguez was charged for her participation in a multi-million fraud scheme that resulted in more than $24,000,000 in fraudulent mortgage loans, and losses of more than $5,000,000 to lenders. Cruz was charged with conspiracy to commit mail fraud and wire fraud, and with substantive counts of mail and wire fraud. If convicted, she faces a maximum sentence of 20 years on the conspiracy charge and on each substantive charge of mail and wire fraud. According to the Indictment,
Florida Man Indicted for $2.4M FraudVaughn Addison was charged in a 4-count Indictment for his alleged role in a mortgage fraud scheme that resulted in the approval and disbursement of three mortgage loans, totaling $2,400,000. Addison used his position as an employee of two separate lenders to facilitate the approval of fraudulent mortgage loans on the sale of three residential properties in Marco Island, Florida (“the Marco Island properties”). To execute the scheme, the mortgage broker in the transactions identified the Marco Island properties as residential properties that could be used to defraud lenders. False mortgage loan applications …
Tuesday, October 07, 2008Man Indicted For Abuse of Foreclosure ProcessSergej Tews was charged in a 22-count indictment for his alleged involvment in a complex fraud scheme involving the abuse of the State of Florida’s foreclosure process. Through this fraudulent scheme, Tews defrauded third-party purchasers seeking to buy allegedly foreclosed properties of approximately $615,900. Acording to the indictment, from March 2007 through August 2008, defendant Sergej Tews identified at least eight homeowners interested in relinquishing their mortgages and induced them to transfer their properties to him based on a promise that he would assume the payments on their outstanding mortgage loans. With respect …
2 Indicted In Florida Straw Buyer SchemeAlberto Hernandez and John Fraga were charged in a 21-count Indictment for their participation in a mortgage fraud scheme that resulted in the approval and disbursement of six mortgage loans, totaling approximately $980,000. According to the Indictment, from August 2003 to April 2004, defendant Hernandez, through his company, Ash Homes, sold six properties in Miami-Dade County, Florida to unqualified buyers. The purchases were all financed through Federal Housing Authority (FHA) loans, which are meant to provide low and middle income purchasers with an opportunity to purchase homes at better rates than would otherwise …
Man Arrested in Georgia on Real Estate Fraud ChargesHoward Jerome Edwards, 50, formerly of Fontana, California, was charged with a felony in May 2008 involving several counts of Real Estate Fraud. In 2005 and 2006, Edwards and co-defendant John Foster, 50, Riverside, California, forged a signature on a Grant Deed and Deeds of Trust for property located in the 5700 block of Diablo Place, Fontana, California. Subsequently, Edwards and Foster sold the Fontana residence for $675,000. On September 22, 2008, at the request of the District Attorney’s Real Estate Fraud Unit, Edwards was arrested by the Henry County …
Monday, October 06, 2008Father, Son, Broker Indicted In Missouri ScamWilliam E. McKanry; his son, William C. McKanry and mortgage broker Paula Enders have been indicted on bank, wire and mail fraud charges involving the multimillion dollar sale of twelve properties. William C. McKanry owned, operated and managed USA Title, LLC; William C. McKanry and his father, William E. McKanry, owned, operated and managed USA Properties, LLC; and Paula Enders was a licensed mortgage broker. She operated under the mortgage brokerage company known as Foundation Mortgage, Inc. Between December 2005 and January 31, 2006, the McKanrys’ …
Real Estate Loan Officer Pleads Guilty to Mortgage Fraud SchemeMarty Ray Folwick, 50, pled guilty before United States District Court Judge Garr M. King to four counts of a 15-count federal indictment which was returned by a grand jury on June 12, 2008. The guilty plea was entered as part of a plea agreement in which Folwick pled guilty to one count of bank fraud, two counts of wire fraud, and one count of money laundering. Folwick also agreed to submit to a polygraph test to determine the extent of his assets to satisfy the property forfeiture provisions of the plea agreement and the indictment. Sentencing …
Friday, October 03, 2008Connecticut Man Sentenced For MisrepsMatthew S. Listro, 38, South Windsor, Connecticut, was sentenced by United States District Judge Stefan R. Underhill in Bridgeport to two years of probation for his involvement in a mortgage fraud scheme. Judge Underhill also ordered Listro to pay a fine in the amount of $10,000. On October 18, 2007, Listro pleaded guilty to one count of wire fraud. According to documents filed with the Court and statements made in court, in April 2003, Listro, doing business as Prestige Mortgage of East Hartford, prepared a Uniform Residential Loan Application (URLA) in connection with …
Thursday, October 02, 2008Woman Charged In Mortgage Fraud SchemeElizabeth Son, 26, North Andover, Massachusetts, was charged in a criminal information with four counts of Wire Fraud. The Information filed by the U.S. Attorney’s Office alleges that in December of 2005, Son participated with others in a scheme to defraud mortgage lenders in connection with two properties in Dorchester, Massachusetts. The Information charges that as a result of the fraudulent scheme two out-of-state lenders each wired more than $500,000 to the account of a Boston attorney who was responsible for closing the loans. The same properties and mortgage loans were included among charges filed …
Man Sentenced T 13 Years For Fraudulent Mortgage Rebate-Coupon ConspiracyTerry Hugh Mahon, 69, Broken Arrow, Oklahoma, has been sentenced to thirteen years in federal prison in connection with a fraudulent investment scheme involving rebate coupons and home mortgages. As previously reported by Mortgage Fraud Blog, on March 26, 2008, a jury found Mahon guilty on charges of conspiracy, mail fraud, and money laundering. Mahon has been incarcerated since the jury’s verdict in March. A co-defendant, Grover Harold Phillips, Stillwater, Oklahoma, pled guilty to conspiracy and money laundering on March 21, shortly before trial. His sentencing is pending. Starting in …
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