Archives For Reverse Mortgage

A Norwell, Massachusetts based mortgage broker, one of its loan originators, and an outside insurance agent have been sued by the Massachusetts Attorney General for sales tactics that convinced elderly homeowners to apply for reverse mortgages and invest their proceeds in risky financial products, including variable annuities

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According to the Huffington Post, Chicago Cook County Judge David Atkins granted Attorney General Lisa Madigan’s request for an injunction against Mark Diamond in connection with the lawsuit she filed against him in 2009.

In the 2009 suit Diamond was accused of bilking elderly black homeowners out of more than $1.3 million through a reverse mortgage/home repair scam.

According to Madigan:

“For too many years, Mark Diamond defrauded the most vulnerable people in our society,” Madigan said in a statement. “He stole the financial security that these families struggled to build over a lifetime. It is deplorable that he got away with his scheme for so many years. The preliminary injunction provides a small victory for those who have already lost so much but will at least prevent additional people from losing their homes and savings to one of Diamond’s reverse mortgage scams.”

Edmund Chatham, Roswell, Georgia, and Steven Connelly, Alpharetta, Georgia, have been indicted by a Fulton County Grand Jury and charged with one count of Racketeering (O.C.G.A. §16-14-4(a)) for their role in a scheme using senior citizens to fraudulently obtain payouts from mortgage lenders for reverse mortgages.

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Yesenia Pouparina, aka Yesenia Campos, 42, Miami, Florida, a title agent and former mortgage broker, was sentenced for her role in a reverse mortgage loan fraud scheme.

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Marcos Echevarria, Louis Gendason, John Incandela and Kimberly Mackey, three South Florida mortgage loan officers and a Pittsburgh, Pennsylvania, title agent have been permanently disbarred following their criminal convictions on charges they defrauded elderly borrowers, mortgage lenders and the FHA.

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Kelsey Torrey Hull, Jonathan Alred Kimpson, James Michael Green, Herbert Bush, Wilbur “Sonny” Letak, Kevin Claude Barnett, were each sentenced to prison for multiple charges relating to a reverse mortgage scheme targeting the elderly.

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John Incandela, 25, Palm Beach, Florida, a loan officer was sentenced by U.S. District Court Judge William P. Dimitrouleas in Ft. Lauderdale, Fla., for his participation in a nationwide $2.5 million reverse mortgage fraud scheme. 

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Gia Joy Glasse-Harris, 27, Atlanta, Georgia, was sentenced to prison by United States District Judge Amy Totenberg on charges of conspiring to commit mortgage fraud.

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Kimberly Mackey, 46, Pittsburgh, Pennsylvania, and Marcos Echevarria, 29, Palm Beach, Florida, were sentenced before U.S. District Court Judge William P. Dimitrouleas for their participation in a $2.5 million Home Equity Conversion Mortgage fraud scheme.

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Mary Ann Fulbright, 60, Dallas, Texas, pleaded guilty to bank fraud before U.S. District Judge David G. Larimer. Fulbright obtained the mortgage in her parent’s name, knowing that it was based upon a fraudulent quitclaim deed. 

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