Raymond Foakes, 48, Rohnert Park, California, was sentenced to 70 months in prison and ordered to pay $1,085,000 in restitution for his role in a multi-million dollar mortgage fraud scheme.
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Kenneth McGavitt, 58, Washington, Pennsylvania, has been sentenced in federal court to 57 months in prison for his role in defrauding lenders by submitting forged lease agreements and loan documents as well as making false representations concerning collateral.
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Anthony F. Cutaia, 65, Boynton Beach, Florida, was sentenced yesterday in federal court. U.S. District Court Judge Daniel T.K. Hurley sentenced Cutaia to 51 months in prison, to be followed by 3 years of supervised release for his role in a real estate ponzi scheme.
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Mortgage and foreclosure related complaints have quadrupled over the past two years to become the number one reason consumers contacted the Massachusetts Attorney General’s Office for assistance in 2011.
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David Lam, 42, Parkland, Florida, a real estate agent, pled guilty before U.S. District Judge Kenneth A. Marra for his participation in mortgage fraud schemes relating to properties in the Versailles development in Wellington, Florida.
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Jorge Abbud, 33, Dover, N.J., a former employee of a Parsippany, N.J., mortgage lender admitted to taking $138,402 in illegitimate proceeds of multiple home sales as a result of a mortgage fraud scheme.
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Keith Davis, 39, Jacksonville, Florida, was sentenced by Chief U.S. District Judge Anne C. Conway to 2 years in federal prison for conspiracy to commit wire fraud for his role in fraudulently obtaining loans and receiving kickbacks after closing.
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Eric Omar Jones, 41, Clinton, North Carolina, was sentenced by Chief United States District Judge James C. Dever III to 151 months’ imprisonment followed by five years’ supervised release for leading a straw borrower scam that involved more than $1 million in ill-gotten gains.
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Frederic Alan Gladle, 53, Austin, Texas, pleaded guilty to his role in operating a foreclosure rescue scam in Southern California and elsewhere that charged distressed homeowners fees in exchange for fraudulently postponing foreclosure sales.
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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.