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4 Indicted for Stealing $276,000 From Couple Who Thought They Were Buying a House

Stephanie Abbott —  May 22, 2019 — 1 Comment

Ramjit Jaikaran, a.k.a. A.J. Jaikaran, 55, South Ozone Park, Queens; Colin Hill, 41, Jamaica, Queens; Kaso Rampersad, 51,  Orlando, Florida, and Justin Codrington, 29,  New Rochelle, New York were arraigned today on an indictment in which they are variously charged with grand larceny, money laundering, identity theft, and other charges for allegedly conspiring to sell a vacant Canarsie, Brooklyn house to the victims, using forged documents to conceal the fact that the homeowner was deceased, and then stealing the $276,000 that the couple paid for the property.

According to the investigation, in July 2017, a married Guyanese couple who wanted to invest in Brooklyn real estate were allegedly fraudulently induced by the defendants to pay $276,000 to purchase a residential property located on East 94th Street, Canarsie, Brooklyn, which the couple believed the defendants were authorized to sell. The property was actually owned by Ruth Adelman, who died in 1993 without a will.

It is alleged that defendant Jaikaran showed the house to the couple and claimed that it was for sale. Defendant Rampersad allegedly pretended to represent Adelman’s heir – falsely claiming that she had a son who inherited the property and was willing to sell it. Ms. Adelman did not have any children, and the person identified by the defendants as her “son” was in fact the victim of identity theft.

It is alleged that defendant Hill agreed to act as the couple’s attorney at the closing for the property on July 31, 2017. Hill is not an attorney and is not admitted to practice law in New York State.

While at the closing, it is alleged, Hill falsely claimed that Adelman’s “son” had earlier signed the contract of sale, the deed and other documents, transferring ownership of the property to the couple’s family corporation. Hill even presented them with a fraudulent death certificate for Adelman which identified her supposed son, and a fraudulent birth certificate for the “son.”

To complete the sale, the couple paid the defendants $250,000, using two bank checks for $150,000 and $125,000, along with $1,000 in cash for Hill’s “legal” fee. According to the indictment, defendant Codrington cashed the check for $150,000 using an account controlled by his company; other funds were disbursed to a company controlled by Jaikaran’s wife.

In November 2017, the couple’s family corporation was sued by Valley Capital Partners LLC, which alleged that it purchased the property from Adelman’s true heirs. One of the victims confronted defendants Jaikaran and Rampersad, in separate conversations, stating that he believed that he may have been defrauded, and, it is alleged, both defendants urged him not to report it to law enforcement.

Brooklyn District Attorney Eric Gonzalez made the announcement.

District Attorney Gonzalez said, “These defendants allegedly engaged in an elaborate scam to steal the savings of an innocent couple. I am committed to protecting homeowners and home purchasers in Brooklyn and will now seek to hold the defendants accountable for this alleged scheme. As property values continue to rise in Brooklyn, protecting residents from fraudulent real estate schemes is a top priority.”

The District Attorney identified the defendants as Defendants Jaikaran and Hill were arraigned before Brooklyn Supreme Court Justice Joanne Quinones on April 16, 2019; defendants Rampersad and Codrington were arraigned before Justice Danny Chun on April 17, 2019 and yesterday, May 21, 2019, respectively. The defendants are variously charged, in the 20-count indictment with one count of conspiracy, one count of second-degree grand larceny, two counts of first-degree identity theft, seven counts of second-degree criminal possession of a forged instrument, one count of fourth-degree conspiracy, and five counts of first-degree falsifying business records. Hill is charged with one count of practicing and appearing as an attorney at law without being admitted and registered, and Codrington is charged with one count of criminal possession of stolen property and two counts of second-degree money laundering. They face up to 15 years in prison if convicted of the top count. Codrington is being held on $30,000 bail. The other defendants were released without bail. All of the defendants were ordered to return to court on June 26, 2019.

The District Attorney thanked the New York City Sheriff’s Office for its assistance in the investigation.

The case was investigated by Detective Investigators assigned to the District Attorney’s Investigations Bureau. Detective Sergeant Teresa Russo of the New York City Sheriff’s Office, Bureau of Criminal Investigation, provided valuable assistance in the investigation.

The case is being prosecuted by Senior Assistant District Attorney Elizabeth Kurtz, of the District Attorney’s Frauds Bureau, under the supervision of Assistant District Attorney Richard Farrell, Chief of the Real Estate Fraud Unit, Assistant District Attorney Michel Spanakos, Deputy Chief of the District Attorney’s Investigations Division and the overall supervision of Assistant District Attorney Patricia McNeill, Chief.

In Mortgage Fraud ,
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Man Sentenced in Mortgage Fraud and Identity Theft Scheme

Stephanie Abbott —  April 12, 2019 — Leave a comment

George French Jones, Jr., 50, Santa Monica, California, was sentenced to 116 months in prison today after previously pleading guilty to mail fraud and identity theft charges in connection with a mortgage fraud scheme involving two waterfront residential properties in Broward County, Florida.

According to information disclosed in open court, in early 2018 Jones identified two residential properties in Fort Lauderdale, Florida, which Jones fraudulently pledged as collateral in order to obtain mortgage loans from a private lender. http://www.mortgagefraudblog.com/?s=George+French+Jones%2C+Jr

The two Broward County properties were owned by corporate entities that Jones had no affiliation with and which were in fact owned by independent third parties. To execute his fraudulent loan scheme, Jones created fake identification documents and email addresses in order to impersonate officers of the corporate owners of the two properties. Jones then submitted bogus loan applications and other documents to a private lender in which he pretended to be the owners of the Fort Lauderdale properties. As a result of this scheme, Jones defrauded the private lender out of approximately $1.7 million dollars.

Jones was also ordered to pay $1,824,581 in restitution.

Ariana Fajardo Orshan, U.S. Attorney for the Southern District of Florida, and George L. Piro, Special Agent in Charge, Federal Bureau of Investigation (FBI) made the announcement.

U.S. Attorney Fajardo Orshan commended the investigative efforts of the FBI.  This case was prosecuted by Assistant U.S. Attorney Christopher Browne.  Assistant U.S. Attorney Nalina Sombuntham is handling the asset forfeiture aspects of the prosecution.

Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov.

 

In Mortgage Fraud , ,
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Speaking Inquiries

Rachel Dollar —  February 15, 2017

If you are interested in having Ms. Dollar speak to your group, you may contact her at rdollar@smithdollar.com.

Presentations that Ms. Dollar has given include:

 

March 17, 2017 Fraud in Cycles

2017 GREFPAC Annual Conference

Atlanta, Georgia 
January 27, 2017 Fraud in Cycles

Collateral Risk Network

San Diego, California 
December 7, 2016 Freddie Mac Multi-Family Mortgage Fraud Detection Training

Webinar
October 19, 2016 Freddie Mac Multi-Family Mortgage Fraud Detection Training

Webinar
September 29, 2016 When Fraud Becomes a Compliance Issue

Mortgage Bankers Association

Risk Management, QA and Fraud Prevention Forum

Los Angeles, California
September 18, 2016 FDCPA Issues in Bankruptcy

Mortgage Bankers Association

Regulatory Compliance Conference

Washington, D.C.
September 16, 2016 False Claims and Fair Lending – The Sticky Wickets

National Association of Minority and Women Owned Law Firms

Annual Conference

Houston, Texas 
April 7, 2016 Mortgage and Title Fraud

Tennessee Land Title Association

Annual Meeting

Pigeon Forge, Tennessee 
March 15, 2016 Eliminating Your Mortgage

Marin County Escrow Association

Quarterly Meeting

Sausalito, California 
January 15, 2016 Robbins v. Spokeo

American Conference Institute

19th National Forum on Residential Mortgage Litigation & Regulatory Enforcement

San Francisco, California

 
September 17, 2015 American Conference Institute

18th National Forum on Residential Mortgage Litigation & Regulatory Enforcement

Dallas, Texas

 
August 6, 2015 Is Mortgage Fraud “SO Yesterday”?

American Association of Residential Mortgage Regulators

Annual Conference

New Orleans, Louisiana

 
August 3, 2015 Mortgage Banking Sessions on Real Estate Law, Regulatory Compliance, Ethics and Fraud

Private In-House Class

Denver, Colorado
May 3 2015 Emerging State Litigation and Enforcement Issues:   Negligence in California and Mass Joinder Update

Mortgage Bankers Association

Legal Issues and Regulatory Compliance Conference

Chicago, Illinois
December 16, 2014 Freddie Mac Multi-Family Mortgage Fraud Detection Training

Webinar
September 28, 2014 Litigation Forum: Other Agency Enforcement – FIRREA and False Claims

Mortgage Bankers Association

Regulatory Compliance Conference

Washington, DC
September 8, 2014 When Fraud Becomes a Regulatory Issue

Mortgage Bankers Association

QA/QC/Risk Conference

Miami, Florida 
May 7, 2014 Turn the Pain into Gain: What We’ve Learned from the Origination Claim and Litigation Barrage

Mortgage Bankers’ Association

Legal Issues and Regulatory Compliance Conference
April 12, 2014 Why Appraisal Fraud:

Association of Appraiser Regulatory Officials

Annual Meeting

San Francisco, California
March 24, 2014 Town Hall Session

REOMAC

Annual Education Summit and Expo

Palm Desert, California
March 21, 2014 When Fraud Becomes a Regulatory Issue

Mortgage Bankers Association

National Fraud Conference
March 5, 2014 Fraud Trends and Cases

2014 GREFPAC Annual Conference

Atlanta, Georgia
December 2, 2013 California Litigation Update: The Interplay Between CFPB, UDAAP and CA UCL

California Mortgage Bankers Association

Legal Issues Conference

Costa Mesa, California
November 19, 2013 Mortgage Fraud Trends

BITS Mortgage Fraud Reduction Subgroup

Financial Services Roundtable

Teleconference
 
September 30, 2013 Litigation Session: Supervision and Enforcement

Mortgage Bankers Association

Regulatory Compliance Conference

Washington, D.C. 
September 18, 2013 Sovereign Citizens

International Association of Financial Crimes Investigators

Santa Rosa, California
August 7, 2013 Mortgage Fraud Trends

American Association of Residential Mortgage Regulators

Annual Conference

Denver, Colorado
July 11, 2013 Get Rid of Your Mortgage … Legally, Ethically …

Corelogic

Mortgage Fraud Roundtable

Webinar
 
May 16, 2013 Mortgage Fraud Trends

Kroll Factual Data

Executive Advisory Council Meeting

Washington, D.C.
April 16, 2013 Get Rid of Your Mortgage … Legally, Ethically …

Mortgage Bankers Association

Fraud Conference

Hollywood, Florida
March 26, 2013 Mortgage Fraud Today and Tomorrow

2013 ICI Detective Training Symposium

Los Angeles, California
January 23, 2013 Appraisal Fraud Post Dodd-Frank

Collateral Risk Network

Fort Lauderdale, Florida
November 9, 2012 Foreclosure and Title and Fraud, Oh My

Hot Topics in Real Estate

Nashville, TN
November 7, 2012 Trials and Trends

Private In-House Lender Presentation

Nashville, Tennessee
September 30, 2012 Litigation Involving Mortgage Origination and Servicing

MBA Regulatory Compliance Conference

Washington, D.C.
September 20, 2012 Fraud: You can run but you can’t hide!

TMBA Southern States Servicing Conference

Dallas, TX 
September 18, 2012 Keynote Speaker

2012 Mortgage Fraud Summit

Dallas, TX
August 22, 2012 Industry Mortgage Fraud Trends

2012 Mortgage Fraud Partnership Summit

Des Moines, IA
May 22, 2012 Litigation Panel 2: Defending your Company Against Individual Cases

MBA Legal Issues Conference 2012

Palm Springs, CA
April 24, 2012

March 22, 2012

 The Full Fraud Solution- From Prevention to Discovery

MBA Fraud Issues Conference 2012

Phoenix, AZ

2012 Update on Mortgage and Real Estate Fraud

IAFC North Bay Chapter Meeting

Santa Rosa, CA
February 21, 2012 Source Media Panel

MBA National Mortgage Servicing Conference 2012

Orlando, FL
January 23, 2012 Keynote Speaker

2012 Mortgage Fraud Consortium

Las Vegas, NV
January 17, 2012 A Conversation with Managing Partners of Professional Services Companies – What Does Marketing Mean to Them?

Professional Services Marketing Group- Northbay

Santa Rosa, CA
November 9, 2011 Fraud Fighters

Valuation Expo 2011

Las Vegas, NV
October 25, 2011 The Litigation Roundup: Assessing the Impact of the Usual (and Not So Usual) Mortgage Fraud Cases, Including the Upswing in Claims Involving Loan Modifications and Foreclosure Rescue Groups

ACI’s Mortgage Fraud Conference 2011

Washington, D.C.
September 1, 2011 The Mortgage Fraud Landscape in the Era of Government Funding

IAFCI Conference

Charlotte, NC
August 10, 2011 Outlook for the Structure of and Risk Exposure in Mortgage Markets

Real Estate Research Council of Southern California

Pomona, CA
July 25, 2011 New Regulatory Reform: Unintended Consequences and Pitfalls

Interthinx National Fraud Advisory Council

Newport, RI
June 23, 2011 Introduction of Key Note Speaker Aerial Gilbert

2011 Women in Business Awards Gala

Santa Rosa, CA 
May 20, 2011 Understanding Risk, Loan Quality, and Independent Verifications

Florida Quality Council Meeting

Orland, FL
May 16, 2011 Defending Your Company Against Individual Cases

MBA Legal Issues and Regulatory Compliance Conference

Boca Raton, FL
May 13, 2011 Fraud and Foreclosure- The New F Words

Sonoma County Bar Association

Santa Rosa, CA
April 7, 2011 How Safe Are You? Surveying the Current Risk Environment

5th Annual Mortgage Servicing Conference

Dallas, TX
March 9, 2011 The Increasing Ethical Risks with Short Sales- What’s the Risk to you and your License?

GREFPAC Conference

Atlanta, GA
February 23, 2011 Fraud in Default Related Transactions

MBA Servicing Conference

Dallas, TX
November 15, 2010 Agency Updates, Risk Management, and Fraud

TMBA 60th Annual Educational Seminar and Marketplace

Houston, TX
October 28, 2010 The State of the Market in the Aftermath of the Sweeping Overhaul of U.S. Financial Regulations

ACI 6th National Forum on Preventing, Detecting, and Resolving Mortgage Fraud

San Francisco, CA
September 23, 2010 Data Aggregation- A Proactive Approach to Stopping Fraud

MBA Quality Assurance and Residential Underwriting Conference

Dallas, TX
August 27, 2010 The FDIC’s Mortgage Fraud Investigation and Recovery Efforts

IAFCI Monumental Fight Against Fraud

Washington, D.C.
August 27, 2010 Mortgage Fraud Investigations and Third Party Recovery

IAFCI Monumental Fight Against Fraud

Washington, D.C.
August 16, 2010 Mortgage Fraud and the Implications in Today’s Environment

Sonoma County Women’s Consortium

Santa Rosa, CA
July 8, 2010 Risk Management, Licensing, Compliance and Fraud

Western Secondary Market Conference

San Francisco, CA
May 25, 2010 The FDIC’s Role in Mortgage Fraud

FBI-NMFT Basic Mortgage Fraud Conference

Denver, CO
May 5, 2010 Development in Addressing Mortgage Fraud and Data Security

MBA Legal Issues and Regulatory Compliance Conference

Coronado, CA
April 26, 2010 Fraud Prevention Efforts- Who’s Watching the New Money Tree?

MBA National Fraud Issues Conference

Chicago, IL
April 21, 2010 Appraisal Institute Mortgage Fraud Online Webinar
March 23, 2010 Mortgage Fraud: Scheme, Indictments, and Prevention

ABA Real Estate Lending Conference

Weston, FL 
March 11, 2010 Fraud in 2010

IAFCI Arizona Chapter, One Day Spring Training Seminar

Phoenix, AZ
November 11, 2009 Reengineering The Appraisal Process

Valuation 2009 Conference

New Orleans, LA
September 23, 2009 Combating Mortgage Fraud, One Loan at a Time

Arizona Bankers Association, Financial Fraud & Security Seminar

Phoenix, AZ
September 17, 2009 Latest Statistics and Trends in Mortgage Fraud

Texas Bar CLE, Advanced Consumer Bankruptcy Course 2009

Houston, TX
September 3, 2009 Lender Liability Defense and Mortgage Fraud

IAFCI Annual Conference 2009

Phoenix, AZ
June 5, 2009 Mortgage and Appraisal Fraud

IRR Residential Conference

Las Vegas, NV
May 14, 2009 Trickle Down Economics: Why Multifamily and Commercial Property are now Targets of Mortgage Fraud

MBA, Commercial/Multifamily Servicing and Technology Conference

New Orleans, LA
May 6, 2009 Developments in Combating Mortgage Fraud and Protecting Company Data

Mortgage Bankers Association, Legal Issues and Regulatory Compliance Conference

Chicago, Illinois
March 9, 2009 Critical Issues Facing the Appraisal/Valuation Process of Mortgage Industry

Appraisal Institute, Collateral Matters Congress

Washington, DC
December 8, 2008 QC & Fraud Issues in FHA & Reverse Mortgage

California Mortgage Bankers Association

Anaheim, CA 
November 5-6, 2008 What Goes Down Must Come Up – Lessons for the Coming Boom

Mortgage Fraud Blog Conference 2008

Miami, FL
September 24, 2008 Tracking Hidden Assets

ACI Preventing, Detecting and Resolving Mortgage Fraud

Scottsdale, AZ
May 29, 2008 Lending in an Environment of Increasing Frauds

Center for Financial Training

Springfield, MO
May 20, 2008 When Doing Deals Means Doing Time – Going to Jail for your Best Costumer

Santa Clara County Association of REALTORS

San Jose, CA
May 1, 2008 Developments in Combating Mortgage Fraud and Protecting Company Data

Mortgage Bankers Association, Legal Issues and Regulatory Compliance Conference

Carlsbad, CA
April 25, 2008 Ethical Creep

GREFPAC 4th Educational Conference

Atlanta, GA
March 13, 2008 Appraisal Fraud – The current crisis

Mortgage Bankers Association, Fraud Conference

Chicago, Illinois
February 21, 2008 Investigating Mortgage Fraud

Corporate Security Training Conference, M&I Bank

Milwaukee, Wisconsin
February 13, 2008 Fraud Alert – How to Cope

IRWA Public Real Estate Education Symposium
February 12, 2008 Mortgage Fraud Against Elders

Presentation before Congress for Mortgage Bankers’ Association
February 7, 2008 When Doing Deals Means Doing Time

Investors Trust Mortgage

Santa Rosa, California
January 17, 2008 When Doing Deals Means Doing Time

California Association of Mortgage Brokers, North Bay Chapter

Petaluma, California
January 15, 2008 When Doing Deals Means Doing Time

Santa Clara County Escrow Association

San Jose, California
January 8, 2008 Regulating in a Viper Pit

North Carolina Office of the Commissioner of Banks

Raleigh, North Carolina
January 2, 2008 Mortgage Fraud and Appraisal

Hawaii Appraiser Association

Kona, Hawaii
November 19, 2007 Investigating and Developing a Mortgage Fraud Case

Minnesota Law Enforcement Training Seminar

Minneapolis, MN
November 14-15, 2007 Fraud in a Changing Economy

Mortgage Fraud Blog Conference 2007

Las Vegas, NV
November 13, 2007 Appraisal Fraud Panel

Valuation 2007

Las Vegas, NV
November 13, 2007 Combating Mortgage And Valuation Fraud: Industry Updates

National Association of Realtors Annual Conference

Las Vegas, NV
September 14, 2007 The House that Fraud Built – Keynote Speaker –

Colorado Association of Mortgage Brokers Annual Conference

Denver, CO
September 13, 2007 When Doing Deals Means Doing Time

Appraisal Fraud Panel

Colorado Association of Mortgage Brokers Annual Conference

Denver, CO
August 21, 2007 Investigating and Developing a Mortgage Fraud Case

Conference of State Bank Supervisors

Portland, OR
August 13, 2007 When Doing Deals Means Doing Time

Alameda County Escrow Association

Alameda, CA
July 10, 2007 Predatory Lending and Real Estate Fraud

National Association of Hispanic Real Estate Professionals

Santa Rosa, CA
June 19, 2007 Fraud and the Escrow Agent

Redwood Empire Escrow Association

Santa Rosa, CA
May 22, 2007 Repurchase Demands – Could Fraud be at the Core?

Mortgage Bankers Association National Secondary Market Conference

New York, NY 
May 11, 2007 Mortgage Fraud and Appraisers, Just Say “No”

New York Society of Real Estate Appraisers Spring Annual Conference

Fishkill, NY 
May 9, 2007 Technological and Other Approaches to Protecting Your Company From Mortgage Fraud

Mortgage Bankers Association, Legal Issues and Regulatory Compliance Conference

New Orleans, LA 
April 26, 2007 Fraud and Risk in a Changing Market

Association of Real Estate License Law Professionals Mid-Year Meeting

Banff, Canada
April 18, 2007 Real Estate Law /Regulatory Compliance / Quality Control

Mortgage Bankers Association, School of Mortgage Banking

Herndon, VA 
March 20, 2007 Mortgage Fraud in a Changing Market

2007 OCC Mortgage Banking Conference

Chicago, IL 
March 8-9, 2007 Packaging Fraud Files for Litigation

Mortgage Bankers Association, National Fraud Issues Conference

San Diego, CA 
February 14, 2007 Mortgage Fraud – Across The Nation and in our Backyards

Sonoma County Women Realtors

Santa Rosa, CA 
February 8, 2007 Mortgage Fraud – The Who, What, When, Where and HOW

Mortgage Bankers Association, School of Mortgage Banking

San Francisco, CA 
January 26, 2007 Mortgage Fraud Panel

FNC Client Conference

San Francisco, CA 
December 12, 2006 Litigation Strategies of Recovery

Source Media Mortgage Fraud Conference

Las Vegas, Nevada 
December 11, 2006 Mortgage Fraud

Office of Thrift Supervision, National Housing Forum

Washington, D.C.

Televised Live on C-SPAN 
December 7, 2006 Mortgage Fraud – The Who, What, When, Where and HOW

Mortgage Bankers Association, School of Mortgage Banking

Las Vegas, Nevada 
November 9, 2006 Taking the Tedious Out of Training

Mortgage Bankers Association, Residential Underwriting Conference

San Antonio, Texas 
November 7, 2006 Mortgage Fraud – What Appraisers Need to Know

Valuation 2006

Las Vegas, Nevada
November 6, 2006 CRA and AMC Presentation – Closed Session

Valuation 2006

Las Vegas, Nevada
October 27, 2006 Mortgage Fraud and Appraisers, Just Say “No”

New York Appraisal Society Annual Meeting

Syracuse, New York 
October 12, 2006 Valuation Fraud and the Appraiser

Appraisal Conference Valuation Symposium

Washington, D.C. 
October 6, 2006 Practical Solutions to Curb Appraisal Fraud

American Conference Institute, Mortgage Fraud Conference

Las Vegas, Nevada 
September, 8, 2006 Foreclosure Rescue or Equity Stripping, Emerging Scams in a Declining Market

Don’t Borrow Trouble, Freddie Mac

San Francisco, California 
June 16, 2006 Mortgage Fraud – The Who, What, When, Where and HOW

Mortgage Bankers Association, School of Mortgage Banking

Las Vegas, Nevada 
May 29-31, 2006 Protecting the American Dream – The True Cost of Mortgage Fraud

National Notary Association Annual Conference

Washington, D.C. 
May 15-16, 2006 Servicing Fraud, Rescuing Borrowers before the Rescuers Arrive

Mortgage Bankers Association, National Fraud Issues Conference

Chicago, Illinois 
April 7, 2006 Destroying the American Dream – The True Cost of Mortgage Fraud

Association of Real Estate License Law Professionals Mid-Year Meeting

Jacksonville, Florida 
March 23, 2006 Practical Solutions to Curb Appraisal Fraud

American Conference Institute, Mortgage Fraud Conference

Las Vegas, Nevada

Palo Alto, California 
November 7-8, 2006 Appraisal Roundtable

California Mortgage Banker’s Association QA/QC Workshop

California 
August 25, 2005 Mortgage Fraud – The Who, What, When, Where and HOW

School of Mortgage Banking

San Francisco, California 
August 12, 2005 Mortgage Fraud – What Appraisers Need to Know

Appraisal Today Conference

San Francisco, California 
August 5, 2005 Mortgage Fraud Update

California Mortgage Broker’s Association Annual Meeting 
June 28, 2005 Mortgage Fraud – Lenders Perspective

Predictive Methods Conference

Newport Beach, California 
June 10, 2005 Mortgage Fraud

Mortgage Bankers Association, Non-Prime Lending Conference

Washington, D.C.
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Media Inquiries

Rachel Dollar —  February 15, 2017

Rachel Dollar is a California lawyer and a certified mortgage banker.  She is available for media inquiries at rdollar@smithdollar.com.

Prior media contributions include:

March 1, 2012 Investor’s Business Daily, Property Fraud Booms, FBI Probes 2,500 Mortgage Cases
August 16, 2011 Inman News, FBI: Mortgage fraud attracting organized crime
July 4, 2011 The North Bay Business Journal, Federal Agency Asking Public for Comment on Real Estate Disclosures
June 26, 2011 KSRO, The Real Estate Hour with Michael Kelly and Allison Norman
May 13, 2011 Wall Street Journal, Records Reveal Unusual Refinancing Practices of Accused FDA Insider
April 3, 2011 The Press Democrat, Appeals court sides with Santa Rosa couple in land battle
March 7, 2011 The North Bay Business Journal, Spotlight: Law Firm Managing Partners
March 1, 2011 San Francisco Chronicle, Why Those from Inside Job aren’t Inside a Prison
January 14, 2011 TNG, Real Estate Radio Show with Bruce Norris
June 28, 2010 The North Bay Business Journal, Women in Business 2010
June 23, 2010 Inman News, Cutting to the Core of the Financial Crisis
February 8, 2010 The North Bay Business Journal, Most Influential Leaders
January 2010 The Front Line Magazine, The Cost of Doing Business the Wrong Way
August 6, 2009 Inman News, The Lowdown on Downpayment Programs
July, 2009 Mortgage Banking Magazine, Flashpoint – FHA Fraud
June 5, 2009 Miami Herald, Feds Get Tough on Mortgage Fraud
March 26, 2009 American Banker, Using Racketeering Law to Recoup Fraud Losses
March 14, 2009 Milwaukee Wisconsin Journal Sentinal, Criminal Past No Barrier to Mortgage Field
January 18, 2009 New York Times, Loan Fraud Seen on the Rise
November 18, 1008 Willamette Week, House of Gain
November 14, 2008 JAMS, ADR Update: The Subprime Fallout
July 13, 2008 Tampa Tribune, Close Door on Real Estate Fraud
May 31, 2008 The Seattle Times, A Roundup of Real Estate Books
May 30, 2008 Chicago Tribune, 4 good reads
May 13, 2008 Palm Beach Post, Boca Firm Audited After Scam
April 14, 2008 Business Wire, Second Annual Mortgage Fraud Blog Conference Open for Registration
March 8, 2008 Tampa Tribune, Appraiser Evaluates Whether 303 Homes are Overpriced
March 7, 2008 Baltimore Sun, Profiting from Problems of Others 
February 27, 2008 National Mortgage News Rachel Dollar Testifies on Mortgage Fraud 
February 18, 2008 Business Spectator, The “rescue” fraud epidemic 
February 14, 2008 Senior Journal, Senior Citizens Most Likely to be Targeted by Foreclosure Rescue Scams
February 14, 2008 Ocala Star Banner, Victims of foreclosure rescue scams testify
February 10, 2008 Santa Rosa Press Democrat, How could so many people afford homes at peak of boom?
November 27, 2007 Voice of San Diego, Mortgage Fraud Hits the Courts
November 18, 2007 Newsday, Homeowners entangled in loan scheme
October 29, 2007 WBIG, Talk Radio with Steve Rayburn
October 28, 2007 Palm Beach Post, Florida, Slow housing market speeds up scam
October 25, 2007 KGEO, Real Estate Today Radio Talk Show with Jonathan Vaughn
October 24, 2007 Mortgage Radio, Detecting Fraud, Part III, Fraud Elimination
October 2, 2007 KGET, More Muscle Wanted Behind Anti-Mortgage-Fraud Action
October 1, 2007 KGET, Panel of Experts Discuss Housing Market
September 30, 2007 KGET, Boom to Bust: Kern’s Housing Market Forum
September 19, 2007 Inman News, 100 Most Influential Real Estate Leaders: 2007
September 24, 2007 Voice of San Diego, How Mortgage Fraud Functions
September 6, 2007 Indy Star, Landlord Faces Fraud and Theft Charges 
August 14, 2007 RIS Media, Real Estate Fraud Hits Hollywood: Fraud for the Rich & Famous
August 9, 2007 Union Sentinel, Georgia, Dollars and Sense
2007 Communicator, FBI Links Mortgage Fraudulent Appraisals with Terrorism and Organized Crime
July 23, 2007 Blown Mortgage, Blown Mortgage’s Podcast Interview with Rachel Dollar
July 19, 2007 The Wall Street Journal, I Feel Like an Idiot – Land Projects Gone Wrong Shows How Even Well Off Lured by Go Go Climate
June 30, 2007 San Diego Magazine, A New Kind of Housing Squeeze 
June 29 2007 Inman News, Bloggers Chase Top Blog Innovator Title
May 23, 2007 Kling Publications, Fraud at Core of Repurchases 
April 1, 2007 Bradenton Herald, Florida, Manatee’s ‘flip’ fiasco, six years later
March 20, 2007 The Virginian-Pilot, Hampton Roads, VA, Loose lending allows developers to feed off mortgage money
March 1, 2007 Realtor Magazine, The List Issue 2007 – 5 Real Estate Blogs to Visit
February 2007 Mortgage Banking, Mortgage Fraud Expert Rachel Dollar – The Mortgage Fraud Blog
January 20-21, 2007 CNN, Open House with Gerri Willis
January 14, 2007 The Kansas City Star, Mortgage fraud’s new super sleuths
December, 2006 Credit Union Business, Mortgage Fraud: Fighting Back with Prevention and detection
October 29, 2006 San Francisco Chronicle, Mortgage fraud — the worst crime no one’s heard of 
October 22, 2006 Chattanooga Times, Mortgage Fraud Hurts Owners and Banks
October 18, 2006 News from Capitol Hill, Solutions to Fraud Sought at Appraisal Foundation Symposium
October 17, 2006 Realty Times, Most Fraud Charges Not Investigated
September 29, 2006 Los Angeles Times, CA, More Buyers Stretch Truth, Budgets to Get Loans
September 28, 2006 Wall Street Journal, Towns Residents Say they were Target of Big Mortgage Fraud
September 28, 2006 The Oregonian, Frauds Pump Air into Real Estate Bubble
September, 2006 Mortgage Banking Magazine, Mortgage Shakedown
September, 2006 Mortgage Banking Magazine, A High Tech Battle with Mortgage Fraud
September 10, 2006 South Florida Sun Sentinel, FL, Real Estate a Fraud Hot Spot
August 31, 2006 Inman News, 100 Most Influential Real Estate Leaders: 2006
July 1, 2006 Mortgage Banking Magazine, USAP, ACC and AGs
June 12, 2006 MSN, Don’t hand your house to a thief
July 8, 2006 Foreclosure Talk Radio, Chicago, Illinois
May 24, 2006 Inman News, Cleaning the Augean stables: obstacles to fighting loan fraud
May 23, 2006 Inman News, Schemes to Hijack the American Dream
May 22, 2006 Inman News, Loan Fraud ‘Epidemic’ Sweeping the Country
May 6, 2006 Realty Times, Cash Back at Closing: Appealing Arrangement or Sinister Scam
April 9, 2006 Wall Street Journal, Home is where the fraud is
April 5, 2006 East Bay Express, Dirty Deeds
March Edition Mortgage Originator, The Many Faces of Mortgage Fraud
March 30, 2006 Realty Times, “Bonnie and Clyde” Mortgage Broker Caught In Texas
March 29, 2006 East Bay Express, Dirty Deeds – Real-estate fraud has become epidemic as home prices have surged skyward
March 10, 2006 Inman News, Industry watchdogs warn of credit-booster sites
February 23, 2006 Online Independent, How do you keep from becoming a victim?
February 15, 2006 Chicago Tribune, Obama Durban Propose Federal Mortgage Reforms
December 18, 2005 Sun News, Convicted Real Estate Investor Could Go To Jail For Life
December 18, 2005 Investor’s Business Daily, Mortgage Scams Rising Along with Home Prices
December 17, 2005 Dallas News, Neighborhood Crime that Alarms Can’t Prevent
December 10, 2005 Baltimore Independent Media Center, ECON 101: Mortgage Fraud Website
December 4, 2005 About.com, Mortgage Fraud a Growing Problem
November 28, 2005 American Banker, Loan Performance Pitches Fraud Score
November 16, 2005 Inman News, Industry Watchdogs Warn of Site Selling Fake Paycheck Stubs
November 1, 2005 Mortgage Banking Magazine, Fighting Mortgage Fraud
October 7, 2005 American Banker, Lenders Pressed on Fraud Prevention Efforts
October 4, 2005 USA Today, Fraud Booms with Mortgage Market
August, 30 2005 Fulton County Daily Report, How the Lure of Easy Money Landed a DeKalb Attorney in Federal Prison
August 10, 2005 Inman News, 100 Most Influential Real Estate People
July 5, 2005 Inman News, Watchdogs Warn of Real Estate Investment Offer
July 11, 2005 Inman News, Feds Target Mortgage-Elimination Scheme
June 17, 2005 Inman News, Crackdown on Loan Servicing Fraud
June 12, 2005 Sun Sentinel, The Scary World of Identity Theft
May 6, 2005 Inman News, Georgia Cracks Down on Real Estate Fraud
May 5, 2005 CBS News, CBS Special Report – Sold Out, Unit 5 Investigates Real Estate Business
March 8, 2005 Inman News, Five Indicted in 10 Million Fraud Scheme
December 15, 2005 Sacramento Bee, Firm Says it Can Make Mortgages Go Away – Judge Calls it a Scam
December 14, 2005 The Journal News, Mortgage Fraud Thrives in Ohio
December 8, 2004 Inman News, Crackdown on Mortgage Elimination Schemes
December 12, 2004 Inman News, Attorney Blogs to Prevent Real Estate Fraud
November 8, 2004 The Legal Description, Industry Skullduggery; The Who, What, Where, When and How of Mortgage Fraud – Part I
December 17, 2001 Real Estate Finance Today, Busier Times, More Time for Mistakes

 

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Attorney Pleads Guilty for Concealing Incentives and Kickbacks

Rachel Dollar —  March 30, 2016 — Leave a comment

Angel Garcia-Oliver, 49, Miami, Florida, pleaded guilty to conspiracy to commit bank and wire fraud.  He faces a maximum penalty of 30 years in federal prison.

According to the plea agreement, Garcia-Oliver was the principal of Garcia-Oliver & Mainieri, P.A., a law firm located in Coral Gables, Florida.  Tribute Residential, LLC, which was owned by a co-conspirator, owned and sold multiple communities.  Garcia-Oliver, or employees working at his direction, served as settlement agents and conducted dozens of real estate closings for condominium units owned by Tribute, including Cypress Pointe in Orlando, Florida and the Villas at Lakeside in Oviedo, Florida. Continue Reading…

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Sentencing in Foreclosure Rescue Fraud

Rachel Dollar —  December 17, 2015 — Leave a comment

David W. Griffin, 44, Lutz, to three years in federal prison for bankruptcy fraud and making a false statement during a bankruptcy proceeding.

According to court documents, Griffin operated a foreclosure rescue scheme through his companies, Bay2Bay Area Holding, LLC and Business Development Consultants, LLC.  The purpose of the scheme was to obtain quitclaim or warranty deeds from distressed homeowners facing foreclosure in return for false promises to rescue their homes from foreclosure by negotiating with creditors, renting the properties back to the homeowners to obtain rental income, and falsely promising that the homeowners could repurchase the properties from Griffin. To maximize his rental income, Griffin also prevented creditors and guarantors, including the Fannie Mae and the Federal Housing Administration, from pursuing lawful foreclosure and eviction actions against homeowners who had defaulted on their mortgages. This was accomplished by filing, and causing to be filed, fraudulent bankruptcies in the names of the homeowners without their knowledge or consent.  Continue Reading…

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Cay Club Executive Convicted After Trial

Rachel Dollar —  December 14, 2015 — 1 Comment

Fred Davis Clark, Jr., a/k/a Dave Clark, 57, formerly of Monroe County, Florida, was convicted after a five week trial, of three counts of bank fraud, and three counts of making a false statement to a financial institution, all in connection with a $300 million fraud scheme involving the sale of vacation rental units involving Cay Clubs Resorts and Marinas (Cay Clubs), to approximately 1,400 investors in the Florida Keys and elsewhere.  Clark also was convicted of obstruction of the U.S. Securities and Exchange Commission (SEC), in connection with the SEC’s efforts to investigate his conduct related to Cay Clubs.

According to evidence submitted in court, Clark was the Chief Executive Officer of Cay Clubs, which operated from 2004 through 2008 from offices in the Florida Keys and Clearwater.  Cay Clubs marketed vacation rental units for 17 locations in Florida, Las Vegas and the Caribbean, to investors throughout the United States.  Cay Clubs raised more than $300 million from investors by promising to develop dilapidated properties into luxury resorts, and promising investors an upfront “leaseback” payment of 15 to 20% of the sales price of the unit at the time of closing.  Evidence at trial showed that, in reality, Cay Clubs never developed the properties it had promised to investors and that they remained in a dilapidated condition.  Continue Reading…

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Bank President Pleads Guilty to Fraud

Rachel Dollar —  December 8, 2015 — Leave a comment

Gary Patton Hall Jr., 49, Tifton, Georgia, the former president and Chief Executive Officer of Tifton Banking Company (from August 2005 to June 2010) pled guilty to one count of conspiracy to commit bank fraud and one count of conspiracy to commit fraud against the United States in connection with his role in a bank fraud scheme in which he hid underperforming and at-risk loans from the bank and the FDIC.

According to facts stipulated in the plea agreement, while president and Chief Executive Officer of TBC, Mr. Hall was engaged in an ongoing scheme to mislead the bank and its loan committee about loans TBC made to local individuals and businesses.   As part of the scheme, Mr. Hall hid past due loans from the FDIC and the TBC loan committee, which resulted in the bank continuing to approve and renew delinquent loans and loans for which the collateral was lacking.   Several of the borrowers eventually defaulted on the loans, resulting in millions of dollars in losses to TBC and others. Continue Reading…

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Guilty Verdicts in Builder Bailout Scheme

Rachel Dollar —  November 13, 2015 — Leave a comment

Edward Khalfin, 58, San Mateo, California was found guilty by a federal jury of 12 counts of mail fraud and 11 counts of making false statements on loan applications. Robin Dimiceli, 53, Brentwood, California was found guilty by a federal jury of six counts of mail fraud and six counts of making false statements on loan applications.  The convictions arise out of a builder bailout scheme that provided financial incentives to straw buyers to get them to purchase homes that developers were having difficulty selling

According to court documents, from August 2006 through May 2008, two brothers, Volodymyr Dubinsky, 56, formerly of Folsom, California, and Leonid Doubinski, 50, formerly of Copperopolis, California, built, developed, and sold real estate in Carmichael, California, Sacramento, California, and Copperopolis, California. As the real estate market declined, the brothers recruited family members, employees, and associates with good credit to act as straw buyers for residential properties. The Dubinsky brothers have not been apprehended and are fugitives thought to be residing in Ukraine. Continue Reading…

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Lender and Escrow Owner Sentenced to 84 months

Rachel Dollar —  November 11, 2015 — Leave a comment

George Kalivretenos, 59, Miami Beach, Florida, was sentenced to 84 months in prison for a wire fraud and money laundering scheme in which he defrauded borrowers of approximately $5.6 million. Kalivretenos was also ordered to pay $4.18 million in restitution as part of his sentence.

Kalivrentenos pleaded guilty on August 13, 2015. According to court documents, Kalivretenos operated and controlled Jasmine Capital and Jasmine Resources Capital Group, which were lending entities. He also owned and controlled two escrow companies, Escrow Services, LLC, and Escrow Title Services, LLC. Kalivretenos promised to lend companies and individuals millions of dollars after they sent a deposit of 10 percent of the loan amount to a third party escrow company. However, Kalivretenos concealed his control over the escrow company from borrowers. Once the escrow company received the borrowers’ deposits, Kalivretenos spent borrowers’ funds on personal expenses, including two Rolls Royces, a penthouse condominium rented at $18,000 per month, and hotel stays at the Ritz Carlton and Crowne Plaza. He also transferred substantial funds to overseas accounts. Continue Reading…

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