Archives For real estate owned

Phoenix Family Members Sentenced in FNMA REO Fraud

Rachel Dollar —  September 8, 2017 — 1 Comment

Daphne Iatridis, 59, and her husband, Arthur Telles, 59, were each sentenced to 30 months in prison and ordered to forfeit 26 fraudulently purchased properties to the United States. Both had previously pleaded guilty to conspiracy to commit mail and wire fraud and tax evasion. The couple’s sons, Brendyn Iatridis and Spenser Iatridis, also pleaded guilty to related crimes and were sentenced to 10 months in prison and probation, respectively.

Between 2008 and 2012, the defendants engaged in an elaborate scheme to obtain more than 30 houses from the Federal National Mortgage Association (“FNMA”). Among other things, they stole others’ identities, used bogus trusts to buy the properties, and fraudulently notarized documents to facilitate the improper purchases. In addition, from at least 2010 through 2015, the defendants failed to pay taxes on their rental income from the fraudulently purchased properties.

“Real estate professionals who lie and forge documents are a scourge to the industry,” stated Acting U.S. Attorney Elizabeth A. Strange. “Our office places a high priority on investigating and prosecuting real estate fraud, and we hope that the lengthy sentences imposed in this case will send a strong message that this type of dishonesty and misconduct will be punished severely.”

“This case epitomized the greed that erodes confidence in the Realtor/Mortgage industry,” said Michael DeLeon, Special Agent in Charge of the FBI Phoenix Division. “I am pleased the defendants are now being held accountable for their crimes and that the majority of the fraudulently obtained properties will be forfeited.”

Senior U.S. District Judge Neil V. Wake handed down the sentences.  The investigation was conducted by the Federal Housing Finance Agency’s Office of Inspector General, the Internal Revenue Service-Criminal Investigation, and the Federal Bureau of Investigation. The prosecution was handled by Kevin M. Rapp and M. Bridget Minder, Assistant U.S. Attorneys, District of Arizona, Phoenix.

In Mortgage Fraud ,
 permalink

Special Assets Officer Sentenced in REO Fraud Case

Rachel Dollar —  October 5, 2016 — Leave a comment

Michael Johnson, 56, Odessa, Florida, was sentenced to 18 months in federal prison for embezzlement and misapplication of funds. As part of his sentence, the Court also entered a money judgment in the amount of $152,783, the proceeds of the charged criminal conduct.  Johnson was adjudicated guilty on July 8, 2016.

According to the plea agreement and court proceedings, Johnson was employed as a Senior Vice President/Special Assets Officer at American Momentum Bank, an FDIC insured institution that was a member bank of the Federal Home Loan Bank of Dallas. In this capacity, he was responsible for marketing and selling bank-owned properties to investors in order to remove these troubled assets from American Momentum Bank’s balance sheet. Johnson signed the closing documents, including the HUD-1 Settlement Statement, on behalf of American Momentum Bank.

Beginning around June 2012, and continuing through November 2014, Johnson devised a scheme to misapply and embezzle funds provided by American Momentum Bank. After the sale of bank-owned property had been approved by American Momentum Bank, Johnson set up closings with real estate settlement agents. Johnson then contacted the settlement agents and ordered additions and/or changes to the disbursement side of the HUD-1. After closing, funds from American Momentum were misapplied by directing checks to be written or the wiring of funds to bank accounts that were controlled by Johnson’s family members.

Johnson was sentenced by U.S. District Judge James D. Whittemore. This case was investigated by the Unites States Secret Service, the Tampa Police Department, and the Federal Housing Finance Agency – Office of Inspector General. It was prosecuted by Special Assistant United States Attorney Chris Poor.

In Mortgage Fraud , ,
 permalink

Real Estate Agent Charged with Fannie Mae REO Fraud

Rachel Dollar —  September 1, 2016 — 26 Comments

Spenser Iatridis, 30, Scottsdale, Arizona, was charged by Information with Conspiracy to commit mail and wire fraud on August 26, 2016 in the United States District Court for the District of Arizona.

According to the Information, Daphne Iatridis aka Daphne Trilling, aka Daphne Telles, 57, Scottsdale Arizona has been a real estate agent in Phoenix, Arizona for 18 years and Arthur Telles, 57, Scottsdale, Arizona, her husband, is also a real estate agent.  Brendyn J. Iatridis, aka Brendyn Trilling, 26, Scottsdale Arizona is the son of Daphne and also a real estate agent.  Spenser  is also a real estate agent and is the son of Daphne and brother of Brendyn.

Daphne, Telles and Brendyn were charged separately.

In 2008, Daphne was a designated listing agent for Fannie Mae REO properties.  Daphne knew that neither she nor her relatives could purchase the properties she marketed and sold for Fannie Mae and that Fannie Mae had certain restrictions that agents had to comply with in order to purchase an REO property they were listing.

Unbeknownst to Fannie Mae, the Iatridises purchased 28 properties for their own purposes.  They did this by purchasing 18 of the properties in the name of Spenser’s aunt.  Spenser knew that his aunt did not provide her permission to purchase the properties in her name and was not compensated in any manner for the purchases. Spenser knew that Brendyn falsely notarized his aunt’s name by either forging her signature or cutting and pasting a known signature onto documents.  On each of the properties purchased, defendants falsely listed his aunt as the trustee of a trust that they designated.  Once they had purchased the properties, they transferred them into the name of a deceased relative in order to conceal their ownership.  When Brendyn was notified that federal agents wanted to review his notary book, he misrepresented that it had been lost or stolen.

Defendants also committed a similar fraud with respect to at least nine homes that Brendyn purchased in the name of Brendyn Triling.  The defendants cut and pasted the signatures of known notaries on the documents.

Defendants committed the same fraud by purchasing homes in the name of Sing Lea Trust with Spenser’s former girlfriend as the trustee.  Defendant forged her signature and falsified notarized documents to complete the purchases.  They later transferred the properties to a trust under their control.

Defendants also submitted false invoices for repairs and rehabilitations of the properties to Fannie Mae.

Once they obtained the properties, Defendants installed renters for the purpose of obtaining rental income.  Because they were concealing their ownership of the properties, Spenser knew that they intentionally failed to report the rental income on their tax returns.

 

In Mortgage Fraud , ,
 permalink

Bank Officer Pleads to Embezzlement for Misdirecting REO Proceeds

Rachel Dollar —  July 11, 2016 — Leave a comment

Michael L. Johnson, 56, Odessa, Florida, pled guilty to misappropriation of bank funds and embezzlement.  He faces a maximum penalty of 30 years in federal prison.

According to the plea agreement and court proceedings, Johnson was employed as a Senior Vice President/Special Assets Officer at American Momentum Bank.  In his capacity as a Special Assets Officer, Johnson was responsible for marketing and selling bank-owned properties to investors in order to remove these troubled assets from the bank’s balance sheet.  Johnson signed the closing documents, including the HUD-1 Settlement Statement, on behalf of American Momentum Bank.

Beginning around June 2012, and continuing through November 2014, Johnson devised a scheme to misapply and embezzle funds provided by American Momentum Bank.  After the sale of bank-owned properties had been approved by the bank, Johnson set up closings with real estate settlement agents.  He then contacted the agents and ordered additions and/or changes to the disbursement side of the HUD-1.  After closing, funds provided by American Momentum Bank were directed to bank accounts controlled by Johnson’s family members.

The guilty plea was announced by United States Attorney A. Lee Bentley, III and the case was investigated by the Unites States Secret Service, the Tampa Police Department and the Federal Housing Finance Agency – Office of Inspector General. It is being prosecuted by Special Assistant United States Attorney Chris Poor.

 

In Mortgage Fraud , ,
 permalink