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Richard Michael Colbert, Attorney, Florida, was indicted and charged with conspiracy to commit bank or mail fraud, loan application fraud, theft or embezzlement by a bank officer and money laundering.

The indictment alleges a short sale scheme whereby the owner of property negotiates with the original lender holding the mortgage to sell the property to a person whom the original lender believes is a bona-fide purchase but who is, in fact, a straw buyer.  The straw buyer, who is typically paid for used of his personal identification information and who is assured he will have no responsibility for the property or the new mortgage, negotiates a purchase price substantially less than the amount owed the lender. On the date that the short sale closes, a second sale of the property at an inflated price occurs to a second buyer.  Continue Reading…

Robert Farrace, 51, Modesto, California, an attorney specializing in real estate transactions, was indicted on three counts of wire fraud in connection with a fraudulent short-sale scheme.

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Kelvin Leonard Davis, 42, Birmingham, Alabama, a former real estate lawyer, was sentenced by U.S. District Judge Karon O. Bowdre to two years in prison for wire fraud in connection with a mortgage fraud scheme that exceeded $1 million.

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