A Mortgage Fraud Summit will take place on Thursday, September 30, 2010 in Los Angeles, California. Representatives of the Financial Fraud Enforcement Task Force will host the Summit. The interagency Financial Fraud Enforcement Task Force was assembled to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state

Noting a sharp increase in home foreclosures, lenders were urged to work more aggressively with homeowners to stem the foreclosure tide.

Arizona foreclosures rose from 3,100 in August 2009 to 4,000 this past August 2010, an increase of 29 percent. During the past month, foreclosure sales accounted for 45 percent of the existing home market activity in the Valley. In Phoenix, Arizona, an estimated 51 percent of homes are currently under water financially.

In a speech to the

Brian J. Moorman, a North Texas real estate appraiser, pled guilty to count four of the superseding indictment, charging wire fraud, aiding and abetting. Although the offense carries a maximum sentence of 20 years, Moorman, through the plea agreement, faces imprisonment not to exceed 27 months and agreed to

Ezri Namvar, 59, Brentwood, California, a prominent Los Angeles businessman, was named in a five-count indictment returned by a grand jury on charges of stealing approximately $23 million from five clients who allowed his “qualified intermediary” company to hold their money in a safekeeping before it was reinvested in real estate. A second defendant, Hamid Tabatabai, 62, Agoura

Barclays Capital Real Estate dba HomEq Servicing, headquartered in New York City, New York, was sued by Ohio Attorney General Richard Cordray last December 2009 for multiple alleged violations of Ohio’s Consumer Sales Practices Act (CSPA), including unfair and deceptive business practices. The just took a legal step forward with a recent decision by a state court. Montgomery County Common Pleas Judge Timothy N. O’Connell overruled

Nicole Song (a/k/a Paris Samantha Song), 32, most recently of Las Vegas, Nevada, was sentenced to seven years in prison and ordered to pay $1,645,789.23 in restitution for her fraud and identity theft scheme.

Song pleaded guilty to charges of wire fraud, bank fraud, and aggravated identity theft. According to the plea agreement, Continue Reading...