Steven F. Shaw, 49, a New York resident, was sentenced in United States District Court in Albany, New York, to 36 months in prison, to be followed by supervised release for 5 years, and to pay restitution in the total amount of $4,653,530, upon his conviction of making false statements in a loan application, tax evasion, and conversion of the funds of a health care benefit program. Senior United States District Judge Thomas J.

Joshua Gervolstad, Redding, California, has been sentenced to three years in prison, ordered to pay $1.4 million restitution and will be on supervised release for two years, according to media reports. As previously Continue Reading...

Attorney General Edmund G. Brown Jr. is scheduled to discuss a major action he is initiating against mortgage giants Fannie Mae and Freddie Mac, as well as the federal agency that oversees them, for blocking an innovative program that is creating tens of thousands of jobs in California while saving homeowners and small businesses money on their utility bills. The news conference is scheduled for July 14, 2010, at 1:30 p.m. in San Diego, California,

When: Wednesday, July 14 at

Jon Weldon James, 33, Long Beach, California, a man who collected $33 million from investors with false claims of large profits from real estate investments, was sentenced to 78 months in federal prison for running the Ponzi scheme. United States District Judge R. Gary Klausner also ordered the defendant to pay $11,172,412 in restitution.

James pleaded guilty in

Douglas Ballard, 40, Atlanta, Georiga, pleaded guilty in federal district court to one count of conspiracy to commit bank fraud and to receive bribes, and to one count of tax evasion, and Joseph Todd Foster, 42, pleaded guilty to securities fraud. Ballard and Foster, Atlanta,

Sharon Michelle Thomas, 39, Otsego, Minnesota, pleaded guilty in federal court in St. Paul before United States District Court Judge Richard H. Kyle to participating in a mortgage fraud scheme that resulted in a $400,000 loss to several mortgage loan lenders. Thomas pled guilty one count of aiding and abetting mail fraud. Thomas

The Federal/State Financial Fraud Enforcement Task Force announced results of “Operation Stolen Dreams,” the Task Force’s effort to combat mortgage fraud.

Iowa Assistant Attorney General Patrick Madigan represented Attorney General Tom Miller at the news conference at the U.S. Dept. of Justice. Miller is a leader of the State Attorneys General in the Mortgage Fraud Working Group, a key part of the broader Financial Fraud Enforcement Task Force.

Miller’s office is working on