Archives For Equity Stripping

An indictment was filed charging six people, including a couple and their daughter, in a wide-reaching mortgage fraud conspiracy in which the defendants allegedly stripped the equity from the homes of desperate homeowners facing foreclosure.  The scheme caused losses to mortgage lenders of approximately $3.8 million.

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Julie Dianne Farmer, 45, Bakersfield, California, was convicted by a federal jury finding her guilty of conspiracy to commit mail fraud, wire fraud and bank fraud, and two counts each of mail fraud and wire fraud. The charges stem from her involvement in an extensive straw buyer scheme that ran from January 2004 to September 2007.

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David Crisp, 34, and his wife Jennifer Anne Crisp, 31, both of San Diego, California, pleaded guilty in U.S. District Court to charges stemming from their involvement in an extensive mortgage fraud scheme that ran from January 2004 to September 2007.

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Charles Head, 36, Pittsburgh, Pennsylvania, Benjamin Budoff, 46, Colorado Springs, Colorado, and Domonic McCarns, 39, Irvine, California, were found guilty after a five-week trial by a federal jury in Sacramento, California.

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Charles Christopher Head, 36, Pittsburg, Pennsylvania, two weeks after being convicted at trial in Sacramento in a huge mortgage fraud case, was arrested in Pennsylvania and charged with a new crime. Head and three others were arrested by detectives from the Moon Township Police on Wednesday, June 12, 2013 during a prostitution sting at an airport area hotel.

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Charles Head, 36, Los Angeles, California, and Jeremy Michael “Mike” Head, 33, Huntington Beach, California, were convicted by a federal jury in Sacramento, after a nearly four-week trial.

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Six of seven defendants indicted in connection with the CDC Investments mortgage fraud scheme have been sentenced by U.S. District Judge Robert J. Jonker.

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Alonzo Jackson Brown III, 45, Fairfield, California, was sentenced to five years and three months in prison for two different schemes to defraud that collectively resulted in losses of more than $2 million.

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Eric Williams, Aaron Teachout, Isaac Modert, Mario Giannandrea, Rick Artibee, Dennis Sare and Nichole Buda, all Michigan residents, have been indicted for conspiring to commit, and committing, bank fraud in connection with a mortgage fraud scheme that occurred in the Lansing, Michigan area between 2005 and 2007.

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Mary Anne Dean, 60, Severna Park, Maryland, was sentenced to 37 months in prison in connection with a mortgage fraud scheme which resulted in over $4.7 million in fraudulent mortgage loans, of which the lenders ultimately lost at least $944,223.91, and which caused the homeowners to lose over $1.2 million in equity in their homes.

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