Twenty-four individuals have been charged with using a corrupt enterprise to conduct a pattern of racketeering activity, namely, wire fraud, bank fraud, and money laundering. The charged racketeering activity all stems from an extensive mortgage fraud scheme based in San Diego, California, that involved 220 properties with a total sales price of more than $100 million dollars.
The lead defendants charged with running the corrupt
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The Office of the Comptroller of the Currency and the Office of Thrift Supervision today released their quarterly report on first lien mortgage performance for the fourth quarter of 2008. The report covers mortgages serviced by nine large banks and four thrifts, constituting approximately two-thirds of all outstanding mortgages in the United States.
The report showed that credit quality continued to decline in the fourth quarter of 2008. At the end of the year, just under 90 percent
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Eliyahu Ezagui, 48, has been indicted on charges of bank fraud and conspiracy to commit bank and wire fraud for masterminding a scheme to defraud banks, mortgage lenders, and residents of the Crown Heights community in Brooklyn, New York of approximately $18 million in connection with the fraudulent mortgaging of condominium apartment units.
According to the Continue Reading...
Larry J. Lupton, 33, Brookfield, Wisconsin, a real estate broker, has been found guilty of soliciting a kickback in connection with the State of Wisconsin’s attempted sale of a thirty million dollar state office building in downtown Madison. After hearing testimony and receiving evidence during a court trial earlier this month, United States District Judge Lynn Adelman issued a written decision in which he found Continue Reading...
Now that a lawyer has been arrested in connection with a bizarre real estate fraud that allegedly recruited straw buyers at a dominatrix club, he has standing to challenge the warrant that authorized a raid on his law office last month, his attorney said Thursday.
24 defendants, most of whom are professionals in the mortgage loan industry, were named in 10 indictments charging them with federal offenses relating to mortgage fraud in the Chicago, Illinois area. The cases include:
United States v. Mohammed Ali Moallem and Bahidad Javid (09 CR 228)
…accused of orchestrating a massive mortgage fraud scheme pleaded guilty yesterday in federal court in Greenbelt, admitting that she played a central role in swindling desperate homeowners out of millions of dollars.
Kandace Yancy Marriott, 52, Gun Barrel City, Texas, having been found guilty by a Navarro County jury of engaging in organized criminal activity, was sentenced to 99 years in prison for her role in a mortgage fraud scheme. According to prosecutors, evidence presented at the punishment stage showed Marriott received monthly mortgage payments from her clients, failed to remit
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Martha Aleman was found guilty by a Miami, Florida jury on a three count indictment, first returned in 1993, charging her with conspiracy to commit bank fraud; bank fraud; and making false statements to a federally insured lending institution. Sentencing is scheduled before U.S. District Judge Adalberto Jordan for June 9, 2009.
According to the evidence presented during trial, from approximately February 6 to March 12, 1990,
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The mortgage industry, applying far more scrutiny after a tidal wave of defaults, reported a record number of mortgage fraud incidents last year, with Rhode Island making its first appearance as the nation’s top fraud hot spot.
