Mortgage Fraud Blog Conference 2008

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. Email Ms. Dollar

Mortgage Fraud Blog is co-sponsored by Interthinx the leading provider of fraud services and solutions for the mortgage industry.

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July 13, 2008 - Tampa Tribune
Close Door on Real Estate Fraud

November 27, 2007 - Voice of San Diego
Mortgage Fraud Hits the Courts

November 23, 2007 - You Tube
Rachel Dollar Gives Away Underpants

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Recent Posts

- 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, 2008

Two Indicted in Cash Back Mortgage Fraud Scheme

Derek 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 …

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Former Real Estate Agent Sentenced To 14 Years

Joseph 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 …

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Friday, October 10, 2008

Los Angeles Mortgage Fraud Mastermind Sentenced

Charles 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 …

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Thursday, October 09, 2008

Leader Of Foreclosure Rescue Scheme Sentenced To 10 Years In Prison

Maurice 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
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3 Guilty Pleas In Multi Million Dollar Mortgage Fraud Case

Garri 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 …

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Wednesday, October 08, 2008

Woman Indicted For Massive Fraud Scheme

Magile 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,
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Florida Man Indicted for $2.4M Fraud

Vaughn 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 …

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Tuesday, October 07, 2008

Man Indicted For Abuse of Foreclosure Process

Sergej 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 …

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2 Indicted In Florida Straw Buyer Scheme

Alberto 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 …

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Man Arrested in Georgia on Real Estate Fraud Charges

Howard 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 …

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Monday, October 06, 2008

Father, Son, Broker Indicted In Missouri Scam

William 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’ …

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Real Estate Loan Officer Pleads Guilty to Mortgage Fraud Scheme

Marty 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 …

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Friday, October 03, 2008

Connecticut Man Sentenced For Misreps

Matthew 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 …

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Thursday, October 02, 2008

Woman Charged In Mortgage Fraud Scheme

Elizabeth 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 …

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Man Sentenced T 13 Years For Fraudulent Mortgage Rebate-Coupon Conspiracy

Terry 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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Real Estate Fraud Widespread, Insider Q&A Told
Orange County Register- California
As head of the California Department of Real Estate, it’s Davi’s responsibility to oversee the licensing and regulation of real estate agents and to investigate complaints.

Complaints Against Ohio Real-Estate Agents Rise
Cincinnati.com - Cincinnati, OH
Some of the most common complaints involve buyers upset over undisclosed property problems and agents not doing the marketing they had promised. There's also been an increase in mortgage fraud and criminal allegations.

Millions At Risk Of Foreclosure Fraud
Inland Empire News - Riverside, CA
The reason Carter, 55, is facing eviction, she says, is that she fell for a high-stakes scam that’s sweeping the nation, preying on the 1 in 11 consumers who are either behind on their mortgage payments or already in foreclosure.

Florida Comes Clean, Allowed Criminals to Enter Mortgage Industry, Prey on Consumers
By The Liput Group
In a stinging critique of the state's oversight of the mortgage industry, top Florida investigators found that state regulators failed to alert police agencies to crooked mortgage brokerages, ignored citizen complaints and allowed hundreds of people with criminal histories to peddle loans.

FBI's Mortgage Fraud Caseload Grows To 24
Toronto Star - Ontario, Canada
The FBI is investigating 24 cases of potential corporate fraud related to mortgage lending, up from 21 cases disclosed by the bureau in July, bureau director Robert Mueller told Congress yesterday.

Convicted Appraiser Nicolo Back In Custody
MPNnow.com - Rochester, NY
John Nicolo, who was convicted in a widespread kickback scheme involving Eastman Kodak Co. and a former Monroe County assessor, is back in police custody after he allegedly violated the conditions of his release.

Mortgage Crisis Leads To An Increase In Scams
WSBT-TV - South Bend, IN
When it comes to perpetrating a scam or a fraud some tools used are a gun, or a fist, or a knife,” Zultanski said. “Mortgage is another avenue to commit a fraud.”

Mortgage Firm Countrywide, In Response To Alleged Data Breach, Offers Free Credit Monitoring
Los Angeles Times - CA
Countrywide Financial Corp. is offering two years of free credit monitoring to customers whose sensitive personal information, including Social Security numbers, allegedly was stolen from the home lender's computer files.

Caught in ID Theft's 'Horrible Web'
Columbian - Clark County, Washington
A woman took Carpenter's professional identity as a real estate appraiser, using Carpenter's name and license number. She even appraised commercial and million-dollar properties that Carpenter, a residential appraiser, isn't licensed to do.

Top 10 Riskiest Areas for Mortgage Loans
U.S. News & World Report - Washington, DC
First American CoreLogic recently released a study that ranks America's top 10 riskiest areas in which to make a home loan.

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© Copyright 2004-2007 Rachel M. Dollar

Legal Disclaimer.
The information and notices contained on Mortgage Fraud Blog are intended to summarize recent developments in mortgage fraud cases and mortgage banking matters nationwide. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about mortgage banking, mortgage fraud matters or who believe they require legal counsel should seek the advice of an attorney. The creators, editors and sponsors of Mortgage Fraud Blog do not intend to create a confidential relationship or an attorney-client relationship by communication via or arising from this site.

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