Michael Staaf, 42, New Brighton, Pennsylvania, has been sentenced by United States District Judge David S. Cercone to 10 years of imprisonment and five years of supervised release for his role in a large-scale mortgage fraud and money laundering scheme.
Continue Reading...Archives For November 30, 1999
Randy Alan Carpenter, 54, Spruce Pine, North Carolina, was indicted by a federal grand jury for operating a scheme to defraud federally insured banks and individual investors out of over $82 million in residential mortgage loan proceeds.
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Joseph Duane Gustafson Jr., 37, was convicted by a jury of racketeering in the Beat Down Posse case. The charges included terroristic threats, kidnapping and multiple counts of mortgage fraud, drug trafficking and unlawful possession of a firearm.
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Bella Homes LLC was sued in a civil action for orchestrating a foreclosure rescue scheme, which has ended in a Consent Judgment and signals the end of a national foreclosure rescue scheme.
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Shawna Lea Pennington, 40, Caldwell, Idaho, pleaded guilty in U.S. District Court to bank fraud and bankruptcy fraud for making misrepresentations in a loan application and for failing to disclose creditors in her bankruptcy proceeding.
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Anthony J. DeMarco, III, 33, Conshohocken, Pennsylvania, pleaded guilty to conspiracy and fraud charges in connection with a mortgage fraud scheme involving more than $30 million in loans.
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Terry Scott Hyder, 51, Orlando, Florida, was sentenced by U.S. District Judge Martin Reidinger to serve seven years in a federal prison for defrauding eldery investors by advising them to invest in “real estate trusts.”
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George Gary O’Neal, 71, Anne Arundel County, Maryland, was sentenced to 57 months in prison for wire fraud in connection with three separate fraud schemes one of which involved soliciting investors to purchase real property under the guise of rehabbing the properties and flipping them.
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Aruna Kumari Chopra, 63, Modesto, California, was indicted by a federal grand jury and charged with two counts of mail fraud and two counts of aggravated identity theft for allegedly forging the signature of a notary on two occassions.
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Speaking at a hearing in Washington, D.C., the Appraisal Institute urged a federal judicial agency to require the use of real estate appraisals when calculating loss in mortgage fraud cases. The Appraisal Institute is the nation’s largest professional association of real estate appraisers.