Donald MacPherson, one of the prime architects of a massive mortgage fraud involving mostly Hamptons, New York, properties, was sentenced to four to 12 years in prison in Suffolk County court, New York.
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Gary Kevin Coats pled guilty before United States Magistrate Judge David W. Daniel to bankruptcy fraud for forging a buyer’s name and initials on a offer to purchase a condominium. The bankruptcy court was unaware that Coats had made a side deal to received additional funds upon the sale.
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A real estate fraud notification program was implemented in Contra Costa County, California. The purpose of the notification system is to make homeowners aware of recorded transactions to lessen the likelihood of forgeries and fraudulently recorded documents.
John Stewart Morrison IV, 55, Columbia, Maryland, was sentenced to 15 months in prison, followed by two years of supervised release, for mail fraud in connection with a mortgage fraud scheme involving a loss of $431,377.
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William A. Turner, 46, Dayton, pleaded guilty in U.S. District Court to one count of conspiracy to commit money laundering as part of his role in a $5.6 million mortgage fraud scheme.
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Shafik Hirji, 53, Las Vegas, Nevada, who unlawfully obtained financing on the home of one of his acquaintances, was indicted on three counts of forgery and one count of theft for obtaining the loan on the victim’s home and embezzling the proceeds.
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Robert C. Sasser, 31, West Columbia, South Carolina, pled guilty to his involvement in eight real estate transactions financed by Wachovia for approximately $2.5 million. The loans were collateralized by homes that were significantly overvalued.
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