… The Wax House investigation began in 2007 and became one of the largest in the country, involving over $100 million in mortgage loans. Once investigators started looking at bank documents (nearly 1,000,000 pages were eventually part of the evidence in multiple cases) and talking to people, they did not find a structured criminal enterprise but instead a connected web of fraud among numerous disinterested parties.
Bruce Swisshelm, 68, Battlefield, Missouri, and his son, Bruce Swisshelm II, 43, Springfield, Missouri pleaded guilty in two separate but related cases, to their roles in a more than $5.5 million bank fraud scheme. Swisshelm pleaded guilty to bank fraud and money laundering. Swisshelm II pleaded guilty to misprision of a felony. Continue Reading…
Michael P. O’Donnell, 53, mortgage broker, Middleton, Massachusetts was convicted of one count of bank fraud after a three-day bench trial before the Honorable Douglas P. Woodlock, United States District Judge. Judge Woodlock scheduled sentencing for October 20, 2015. Continue Reading…
Former Eagles wide receiver Irving Fryar and his mother went on trial Tuesday on charges they conspired to defraud six banks in South Jersey and Philadelphia as part of a $1 million mortgage scheme.
If they are convicted of the conspiracy and theft-by-deception charges lodged against them, they could face five to 10 years in prison and up to $150,000 in fines, according to the state attorney general, whose office is handling the contentious case in Mount Holly.
Two brothers who worked as mortgage loan officers were sentenced today to 2 1/2 years in prison for taking part in a scheme to scam banks and lending companies by falsely inflating the prices of over a dozen waterfront condominiums in Long Beach.
Isaac and Israel Soussana were also ordered by U.S. District Judge Philip S. Gutierrez to pay restitution of about $4.8 million, according to the U.S. Attorney’s Office.
Brenda Ann Blair, 37, loan officer, Bonita Springs, Florida, formerly of Goochland County, Virginia, was sentenced to 27 months in prison, followed by five years of supervised release for participating in a fraud scheme that obtained approximately $2.4 million worth of mortgage backed loans from federally backed financial institutions. Continue Reading…
Xue Heu, 38, Modesto, California, was sentenced to five years and three months in prison, to be followed by three years of supervised release and ordered to pay $1,166,366 in restitution, for investment fraud schemes in Fresno, California and Texas. Continue Reading…
The trial for a woman who was allegedly involved in a $3 million real estate scheme is on hold after the judge halted proceedings for the day Monday.
Jennifer Ann McTigue is accused of defrauding new homeowners, title companies and banks in a complex investment scheme.
Joseph Brogan, St. Louis, Missouri, was sentenced to 14 months in prison and ordered to pay more than $350,000 in restitution after pleading guilty to multiple fraud charges related to a scheme involving applications for home loans.
According to court documents, Brogan was employed as a loan officer for USA Mortgage, Inc. where he handled both conventional mortgages and FHA loans. Michael Wallis owned and operated a company known as Missouri Builders and Home Remodeling (Missouri Builders), which performed interior construction and remodeling work on houses. Continue Reading…