Provident Funding Associates is the subject of a consent order resolving allegations by the Justice Department and Consumer Financial Protection Bureau that it engaged in a pattern or practice of discrimination. According to the order, Provident allegedly increased loan prices for African-American and Hispanic borrowers who obtained residential mortgages between 2006 and 2011 from Provident’s nationwide network of mortgage brokers.
Lynda Sanabria, 51, Rockwall, Texas, was sentenced to six months in prison, followed by six months of home confinement, for her role in a commercial bribery and tax evasion scheme. Sanabria admitted accepting hundreds of thousands of dollars in bribes in return for selling mortgage loans to her preferred customers on the secondary mortgage market.
Paul Harold Doughty, 66, Edmond, Oklahoma, and Fred Don Anderson, 66, Eagle Point, Oregon, have been indicted and charged with bank fraud, conspiracy to commit bank fraud, false statements to banks, and misapplication of bank funds in connection with First State Bank of Altus and various loan schemes. Continue Reading…
Bruce Carlton Wright, 69, Norman, Oklahoma, was convicted following an 8-day jury trial of conspiracy and 11-counts of bank fraud. The scheme to defraud the IBC Bank of approximately $1.2 million dollars was in connection with property development.
Ravindranauth “Ravi” Roopnarine, 55, Guyana, was indicted on charges stemming from his leadership and participation in an extensive mortgage fraud scheme, which resulted in the issuance of more than $50 million in fraudulent mortgage loans. The co-conspirators then used the proceeds to purchase additional properties, fund pre-existing fraudulent mortgage loans, and pay kickbacks to the straw buyers.
Maximus A. Yaney, 38, New York, New York, pled guilty to mortgage fraud and was sentenced by United States District Judge J. Phil Gilbert to 18 months in federal prison, followed by two years of supervised release. Yaney made several misrepresentations and engaged in numerous fraudulent acts in order to persuade lenders to finance the purported $9,780,000 sale of one of the rental properties.
Charise Stone, 46, Ashburn, Virginia resident was convicted by a federal jury on 13 charges related to mortgage fraud, passing fictitious financial instruments, and tax fraud.
James Tyson, Jr., 34, Charlotte, North Carolina, was sentenced by Senior U.S. District Judge Graham C. Mullen to 30 years in prison, Carrie Tyson, 61, Winterville, North Carolina, was sentenced to 18 years in prison, Victoria Hunt, 36, Rockville, Maryland, received 8 years in prison, and Vonetta Tyson Barnes, 41, Mililani, Hawaii, 30 days in prison, for their roles in mortgage and investment fraud schemes codenamed “Operation Wax House”.
Julian Martin Gaspar Vazquez, 52, Mexico, was sentenced on May 22, 2015, by United States District Judge William P. Dimitrouleas, to forty-one months imprisonment, to be followed by five years of supervised release for executing a $4 million dollar bank fraud scheme.
Timothy Ricks, 47, East Orange, New Jersey, was sentenced to 84 months in prison for conspiring to defraud financial institutions and launder stolen funds as part of a $15 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos.