Edward Dacy, 76, most recently of West Melbourne, Florida, has been found guilty by a jury of 10 counts of conspiracy, bank fraud, and mail fraud stemming from a multi-million-dollar mortgage fraud scheme involving 45 properties and $16 million in mortgage loans used for the purchase of residential real estate in the District of Columbia and Maryland.
Ivan Levy, 54, Boynton Beach, Florida, has been arrested for his alleged involvement in an advance fee loan scheme. Levy was charged with nine counts of collecting advanced fees as a loan broker, six counts of grand theft and three counts of petit theft.
Teresa Jean Whitten, 41, Claycomo, Missouri, who operated a real estate business, was sentenced in for her role in a $5 million mortgage fraud scheme wherein she claimed to have a program through which people could purchase houses without putting money down and could qualify and obtain mortgage loans for which they would not otherwise qualify.
Freddie Mac has sold via auction 5,398 deeply delinquent non-performing loans (NPLs) from its mortgage investment portfolio on March 25th, 2015. The loans have an aggregate unpaid principal balance (UPB) of $985 million. The transaction is expected to settle in early May 2015.
Edgar Tibakweitira, a/k/a Edgar Julian, Charles Edgar Tibakweitira, and Edgar Gaudious Tibakweitira, 46, Severn, Maryland, was sentenced by District Judge George J. Hazel to 57 months in prison, followed by five years of supervised release, for conspiracy to commit wire fraud and aggravated identity theft, arising from a residential mortgage fraud scheme.
Barry J. Graham, 59, and Ricky Lynn Stokes, 54, both of Ft. Myers, Florida, were sentenced to 60 months imprisonment, followed by three years of supervised release, for promising to develop dilapidated properties into luxury resorts as well as an upfront leaseback payment at the time of closing, but failed to disclose the leaseback payment and other financial inducements to the borrowers, on paperwork submitted to lenders.
Xue Heu, 38, Modesto, California, pleaded guilty to two counts of wire fraud in connection with a fraudulent real estate investment scheme wherein he gave investors fraudulent documents, such as grant deeds, HUD-1 settlement statements, and portfolio listings of properties he claimed he intended to purchase, including properties that had already been sold and were no longer available to purchase.
Teresa Wieringo Humphries, 60, Madison Heights, Virginia, the former head teller of the Lynrocten Credit Union, Lynchburg, Virginia, was sentenced on federal embezzlement charges for her role in a scheme whereby she, and the manager of the credit union, used unauthorized and fraudulent origination of loans in the names of credit union members to embezzle and steal funds from the credit union’s deposits.
Jonathan L. Herbert, 36, Lighthouse Point, Florida, was sentenced to 140 months in federal prison for wire fraud concerning his bogus loan modification programs that duped struggling homeowners into sending their mortgage payments to him.
Ebrahim Shabudin, 66, Moraga, California, was convicted by a jury on seven felony counts of conspiracy, securities fraud, and other corporate fraud offenses stemming from the failure of United Commercial Bank.