Joseph Miller, 63, Palm Beach Gardens, Florida, pled guilty to conspiracy to commit mail and wire fraud (Count 1), in violation of Title 18, United States Code, Section 1349. Sentencing has been scheduled for August 9, 2010 at 10:30 am.
According to documents filed with the court and as previously reported on
Continue Reading...
Francis Alan Schmitz, also known as “F. Alan Schmitz,”58, Long Grove, Illinois, was arrested on federal charges alleging that he fraudulently obtained a $2.85 million bank line of credit year resulting in a loss of approximately $2.4 million. The defendant, Francis Alan Schmitz, a former bank executive, allegedly provided false financial information in seeking bank funds
Continue Reading...
Edward William Farley, 47, Hoschton, Georgia, was sentenced to serve 25 years in federal prison on charges of bank fraud and conspiracy involving mortgage fraud, a real estate investment “Ponzi” scheme with over a hundred victims, a check-kiting scheme and bankruptcy fraud. Walter Julius Hermann, 41, Dunwoody, Georgia, was also sentenced to serve over 2 years in federal
Continue Reading...
Michael Fiorito, 41, Prior Lake, Minnesota, was sentenced by United States District Court Judge Patrick J. Schiltz on charges connected to an equity-skimming scheme that targeted vulnerable homeowners. Fiorito was sentenced to 270 months in prison on one count of conspiracy to commit mail fraud and six counts of mail fraud. Continue Reading...
John Pereless, 42, Colts Neck, New Jersey, has been convicted of one count of second degree Conspiracy to Commit Theft by Deception, eight counts of second degree Theft by Deception, eight counts of fourth degree Securing Execution of Documents by Deception and eight counts of fourth degree Falsifying Records. The jury also returned a guilty verdict against John Pereless’
Continue Reading...
Last July, Manhattan D.A. Robert Morganthau announced an indictment of the principals in a press release which declared that “AFG’s business model was focused solely on defrauding the lending banks of millions of dollars.”
MARI’s 12th Periodic Mortgage Fraud Case Report – Executive Summary – reports that “fraud continues to be a pervasive issue, growing and escalating in complexity. The market is attempting to recover from devastating financial losses and reputational harm due to the lack of controls, and denial and greed that enabled a fallacy of flourishing profits during the mortgage industry boom years. In 2009, we saw the beginning of a laser-focused effort to realign this industry back to the basics of
Continue Reading...
United States Attorney Peter F. Neronha and Rhode Island Attorney General Patrick C. Lynch announced that they have formed and held the first meeting of the Rhode Island Mortgage Fraud Task Force, an initiative linking federal and state agencies in the fight against mortgage fraud.
Consisting of several federal and state agencies and working closely with local police departments, the task force will pool investigative and prosecutorial resources and target deceptive mortgage foreclosure
Continue Reading...
Milton Retana, 46, Huntington Park, California, a man who preyed on Spanish-speaking investors with promises of hefty returns during the real estate bubble was sentenced to 25 years in federal prison for bilking approximately 2,300 victims who suffered losses of approximately $33 milion. Retana was sentenced by United States District Judge R. Gary Klausner.
Continue Reading...
Jason Vitulano, 44, Boca Raton, Florida, has pled guilty before U. S. District Judge Donald M. Middlebrooks to conspiracy to commit mail and wire fraud (Count 1) and one count of mail fraud (Count 12), in violation of Title 18, United States Code, Section 1349 and 1341, respectively. Vitulano is being held in pre-trial detention pending sentencing, which has been scheduled for
Continue Reading...
