FinCen Provides Helpful Anti-Fraud Information

admin —  March 8, 2010 — Leave a comment

FinCEN joins with other Federal, State and Local government agencies and consumer protection organizations to recognize the 12th Annual National Consumer Protection Week (NCPW), March 7-13. This coordinated consumer education campaign encourages individuals across the country to take full advantage of their consumer rights.

FinCEN provides a number of special resources to educate consumers, and the financial institutions that serve them, of potential fraud and scam attempts. FinCEN’s rules

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Man Arrested for Falsely Promising to Flip Homes for a Profit

admin —  March 5, 2010 — Leave a comment

William Warren Baker, 57, Laguna Nigel, California, was arrested for stealing over $900,000 from investors in a Ponzi scheme by fraudulently promising to buy, refurbish, and re-sell distressed homes for a profit. Baker is charged with 13 felony counts of using untrue statements in the purchase or sale of securities and 13 felony counts of selling securities in issuer transactions

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Man Arrested for Buying Real Estate With Stolen Identity

admin —  March 4, 2010 — 1 Comment

John Melchionna, 42, a former Linden, New Jersey, resident was arrested and charged with 13 separate counts after an investigation revealed that he used another man’s identity to secure $270,000 in loans. Melchionna a faces charges of theft by deception, identity theft and forgery.

According to the complaints, Melchionna

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Woman Arrested In Real Estate Fraud Cases

admin —  March 4, 2010 — 1 Comment

Angela M. Moore, 42, a Florida resident, has been charged with a scheme to defraud, grand theft, and operating as a real estate broker without a license in a case involving online real estate sales.

The initial investigation began in October 2008 when the Florida Office of the Attorney General received a complaint and referred it to the Lee County Sheriff’s Office Economic Crimes Unit. The victim had participated in an online auction

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FFIEC Issues 2009 Mortgage Fraud White Paper

admin —  March 1, 2010 — Leave a comment

The Detection and Deterrence of Mortgage Fraud Against Financial Institutions

The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, released an updated edition of its white paper on mortgage fraud detection and deterrence. The primary objective is to help examiners understand, identify, and detect mortgage fraud schemes and elements. The white paper defines various types of fraud, gives examples of how individuals commit fraud, provides a list of red

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Former Appraiser Sentenced in Mortgage Fraud Scheme

admin —  February 26, 2010 — Leave a comment

Barry C. Westergom, 60, Jacksonville, Florida, has been sentenced to four years in federal prison for conspiracy to commit wire and bank fraud. The court also ordered restitution in the amount of $866,141.62 and entered a money judgment for $100,000, the amount that Westergom had obtained from the fraud. Westergom had Continue Reading...

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Montana Lawyer Charged for Accepting Mortgage Payments but Failing to Pay Lender

Allison Tussey —  February 26, 2010 — Leave a comment

Marvin Earl “Toby” Alback, 62, Billings, Montana, was arraigned and pled guilty to wire fraud and bankruptcy fraud. A sentencing date will be set later. He is currently released on special conditions.

In an Offer of Proof filed by Assistant U.S. Attorney Ryan M. Archer, the government stated it would have proved at trial the following:

Alback is an attorney in

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Task Force to Host Mortgage Fraud Summit in Miami, Florida

admin —  February 24, 2010 — Leave a comment

Representatives of the Financial Fraud Enforcement Task Force will meet in the first of a series of Mortgage Fraud Summits on WEDNESDAY, FEBRUARY 24, 2010 in Miami. President Barack Obama established the interagency Financial Fraud Enforcement Task Force 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 and

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Father & Son Plead Guilty to Mortgage Fraud

admin —  February 23, 2010 — Leave a comment

Gerald Wayne Snow, Sr., a/k/a Gerald Snow, 68, Broken Arrow, Oklahoma, has pled guilty to Conspiracy to Commit Wire Fraud, in violation of Title 18, United States Code, Section 1349 and five counts of Wire Fraud, in violation of Title 18, United States Code, Section 1343. The Superseding Indictment also contained a criminal forfeiture of $4,878,743.87.

Charges arose from an investigation by the Federal Bureau of

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Million Dollar Judgment Obtained for Real Estate Fraud

admin —  February 22, 2010 — Leave a comment

Jeremiah Yancy, Idaho, has had a default judgement placed on him for violating provisions of the Idaho Uniform Securities Act, the Idaho Commodity Code and the Idaho Residential Mortgage Practices Act between 2006 and 2009. The findings were based on a 40-page complaint filed by the Department in July 2009. Yancy was permanently enjoined by the Court from engaging in future violations.

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