Bradley Holcom, 55, a real estate developer, admitted soliciting investors to provide funds for commercial and residential development through an investment program he operated called the Trust Deed Investment Program. Holcom falsely told investors that they would receive a lien on a specific piece of property he was developing and that the lien would enable them to take priority over any other potential liens or interests in the property.
Archives For Mortgage Fraud
Laura Ortuondo, 33, formerly of San Diego, California, pleaded guilty before Magistrate Judge William V. Gallo to one count of making false statements to federal agents concerning her role in a nearly five-year cover-up of a scheme to defraud La Jolla Bank in connection with a $1.8 million loan that her former boss sought from the bank.
Henry Thomas Hammond, 57, Ponte Vedra Beach, Florida, formerly of Liberty, Missouri, has been indicted by a federal grand jury for a $6.2 million series of investment fraud schemes. The defendant allegedly promised real estate investors an exorbitant rate of return, but instead, deposited investors’ funds into his personal bank account to make vacation home payments, and for elaborate hunting excursions
Carmen Denise Mosley, 43, Granada Hills, California, a licensed accountant, was convicted following a five-day jury trial of conspiracy and fraud charges for participating in a mortgage fraud scheme in southern Nevada and causing approximately $1.6 million in losses to federally insured financial institutions.
Joel Wilson, 31, Saginaw, Michigan, has been successfully extradited after fleeing justice for more than a year in Europe. Wilson faces nine felony charges dealing with three specific Michigan investors. Wilson allegedly told investors that he would use their funds to purchase distressed properties, refurbish them, and then sell for a profit.
Manjeet Bawa, 46, Dix Hills, New York, Joseph Ferrara, 70, Long Beach, New York, Eric Finger, 48, Miami, Florida, Joseph Mirando, 54, Centereach, New York, John Petition, 68, Garden City, New York, and Aaron Wider, 50, Copiague, New York, have been charged with carrying out a $30 million bank fraud conspiracy by fraudulently inflating the prices of homes for sale and then obtaining mortgages that far exceeded the true collateral value of properties.
Jose Manuel Goyos, Jr., 27, Jupiter, Florida, was sentenced to 96 months in federal prison for his role in a fraudulent scam promising timeshare owners that in exchange for an advance fee that typically exceeded $1,000, he would handle all the details of the sale and send the victims the proceeds after closing.
Terrence Matthew Brown, also known as Terry Brown, 48, Round Rock, Texas, formerly of Wichita, Kansas, was convicted in federal court of his role in a $2.7 million mortgage fraud scheme wherein he lied to lenders about his income, his employment, his assets and liabilities, and his intent to occupy the properties.
Matthew Stoen, 35, Wayzata, Minnesota, and formerly of St. Charles and Chicago, Illinois, was indicted on federal charges alleging that he fraudulently obtained more than $10 million from more than 50 investors and lenders.
Sharon Anderson, 51, Oakland, Tennessee, an attorney, was sentenced to 20 months in federal prison after soliciting clients to make what they believed were four separate short-term hard money loans for investors purchasing properties and awaiting conventional financing from banks.