Baltimore Mortgage Fraud Scheme Sentencing

Rachel Dollar —  September 15, 2015 — Leave a comment

Kevin Campbell, 53, Pyesville, Maryland, was sentenced to 19 months in prison followed by five years of supervised release for conspiring to commit mail, wire and bank fraud arising from mortgage fraud schemes resulting in losses totaling approximately $1.2 million and was ordered to pay restitution of $1,182,822.

Jonathan L. Miles, 45, Perry Hall, Maryland to 18 months in prison followed by five years of supervised release for conspiring to commit bank fraud, and entered an order that Miles pay restitution of $1,182,822.

Campbell invested in Baltimore residential real estate, and controlled four companies that bought and sold residential real estate: KMJ Realty LLC; E&W Realty LLC; C Realty LLC; and City Realty LLC. Miles was a loan officer for a mortgage brokerage company formerly located in Reisterstown, Maryland. Continue Reading…

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Notorious mortgage fraudster Brent Barber back in Kansas City, serving out the rest of his 2006 sentence in a halfway house

Brent Barber’s presence in Kansas City was once likened to that of a hurricane.

That comparison was made by the U.S. Attorney who in 2006 prosecuted the Belton man for his mortgage fraud scheme, which left sections of midtown and the East Side in ruins.

 Posted by Rachel Dollar  onSeptember 15, 2015 In Mortgage Fraud
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Former island real estate agent indicted on fraud charges

A former Anna Maria Island real estate agent accused of bilking vacationers of $200,000 was indicted Sept. 1 and now faces a federal mail fraud charge and trial.

The U.S. District Court arrested Michael Perry Carleton of Bradenton Sept. 3 when he turned himself in the day after a federal clerk issued a warrant in connection with a grand jury indictment, according to U.S. Postal Inspector Alexandra Papageorge.

 Posted by Rachel Dollar  onSeptember 15, 2015 In Mortgage Fraud
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Florida homebuilder linked with Edgeworth businessman in bank fraud scheme pleads guilty to conspiracy

A Florida homebuilder pleaded guilty Friday in federal court in connection with a $2.4 million bank fraud scheme involving Joseph Nocito Jr., president of Castle Mortgage in McCandless.

Mark Sosso, 43, owner of Sosso Homes in Sarasota, waived indictment and pleaded to a count of conspiracy before U.S. District Judge Arthur Schwab, who set sentencing for January.

 Posted by Rachel Dollar  onSeptember 14, 2015 In Mortgage Fraud
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Man Posing as Real Estate Investor Admits $3 Million Fraud

Rachel Dollar —  September 11, 2015 — Leave a comment

Paul Mancuso, 49, Glen Rock, New Jersey, pled guilty in Newark, New Jersey, federal court to one count of conspiracy to commit wire fraud in connection with fraudulent investment schemes that defrauded 15 victims of more than $3 million.

According to documents filed in the case and statements made in court:

On August 21, 2014, a federal grand jury in Newark, New Jersey indicted Mancuso on one count of conspiracy to commit wire fraud and five counts of wire fraud. It also charged Pasquale Stiso, 53, West Harrison, New York, with one count of conspiracy to commit wire fraud and one count of wire fraud. Continue Reading…

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“Indestructible Wealth Bootcamp” Shut Down by SEC Injunction

Rachel Dollar —  September 11, 2015 — Leave a comment

The Securities and Exchange Commission filed a civil fraud lawsuit and obtained an asset freeze to halt an ongoing real estate investment scheme being conducted by a trio of business associates in California accused of stealing investors’ money while promising them “indestructible wealth.”

The SEC alleges that Paul Ricky Mata, David Kayatta, and Mario Pincheira stole investor proceeds for their own use and diverted money to unrelated businesses.  They raised more than $14 million from more than 100 investors in California and several other states for two unregistered funds purporting to invest in real estate.  Online videos posted to Mata’s website and YouTube channel helped attract investors to attend investment seminars with such titles as “Finances God’s Way” or “Indestructible Wealth” where they encouraged many retirees to sell their existing securities holdings and invest in the funds, which falsely guaranteed promising returns.  The funds have never actually made a profit. Continue Reading…

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Vallejo man receives prison term for investment scheme

A Vallejo man was sentenced to prison Thursday for one count of selling unregistered securities, according to an announcement by the U.S. Attorney’s Office.

Ken Sarna, 50, was one of a number of people indicted in 2010 in a real estate investment scheme operated under the name Heaven Investments Holding Co. (HIHC).

 Posted by Rachel Dollar  onSeptember 11, 2015 In Mortgage Fraud
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Fryar, mother seek new trial or reversal

Before former NFL star Irving Fryar and his mother are sentenced next month for their roles in a $1.2 million mortgage scheme, a New Jersey judge will rule on their lawyers’ motions asking for either a verdict reversal or a new trial.

Fryar, a wide receiver who played for the Eagles and other teams during his 17-year NFL career, and his mother, Allene McGhee, 74, formerly of Willingboro, were convicted of conspiracy and theft by deception Aug. 7. Each faces five to 10 years in prison and up to $150,000 in fines on Oct. 2 when state Superior Court Judge Jeanne T. Covert is expected to sentence them.

 Posted by Rachel Dollar  onSeptember 11, 2015 In Mortgage Fraud
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Charleston man charged in $800K real estate lending fraud

Federal prosecutors are charging a Charleston mortgage lender with raising $800,000 from investors and spending most of the proceeds on personal expenses.

U.S. Attorney Bill Nettles said Alison Vance White told his financial backers that their money would go to clients who wanted to buy homes but couldn’t qualify for traditional loans

 Posted by Rachel Dollar  onSeptember 10, 2015 In Mortgage Fraud
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Former loan officer at defunct South Hills mortgage company pleads guilty to fraud

A senior loan officer at a defunct South Hills mortgage company pleaded guilty Tuesday to his role in an extensive mortgage fraud scheme just as he and the former company president were set to go on trial in federal court.

Robert Denne of Jefferson Hills, a former top loan officer at Century III Home Equity and later CrossCountry Mortgage, pleaded to bank and wire fraud and will be sentenced in December.

 Posted by Rachel Dollar  onSeptember 10, 2015 In Mortgage Fraud
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