Archives For Mortgage Fraud

Joint Reports Issued by the Office of Thrift Supervision and Comptroller of the Currency

Allison Tussey —  April 6, 2009 — Leave a comment

The Office of the Comptroller of the Currency and the Office of Thrift Supervision today released their quarterly report on first lien mortgage performance for the fourth quarter of 2008. The report covers mortgages serviced by nine large banks and four thrifts, constituting approximately two-thirds of all outstanding mortgages in the United States.

The report showed that credit quality continued to decline in the fourth quarter of 2008. At the end of the year, just under 90 percent

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Indictment in $18 Million Mortgage Fraud Scheme

admin —  April 2, 2009 — Leave a comment

Eliyahu Ezagui, 48, has been indicted on charges of bank fraud and conspiracy to commit bank and wire fraud for masterminding a scheme to defraud banks, mortgage lenders, and residents of the Crown Heights community in Brooklyn, New York of approximately $18 million in connection with the fraudulent mortgaging of condominium apartment units.

According to the Continue Reading...

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Judge Finds Real Estate Broker Guilty of Kickback

Allison Tussey —  March 31, 2009 — Leave a comment

Larry J. Lupton, 33, Brookfield, Wisconsin, a real estate broker, has been found guilty of soliciting a kickback in connection with the State of Wisconsin’s attempted sale of a thirty million dollar state office building in downtown Madison. After hearing testimony and receiving evidence during a court trial earlier this month, United States District Judge Lynn Adelman issued a written decision in which he found Continue Reading...

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Illinois Mortgage Fraud Sting Nets 24 Defendants

Allison Tussey —  March 26, 2009 — 10 Comments

24 defendants, most of whom are professionals in the mortgage loan industry, were named in 10 indictments charging them with federal offenses relating to mortgage fraud in the Chicago, Illinois area.  The cases include:

United States v. Mohammed Ali Moallem and Bahidad Javid (09 CR 228)

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East Texas Woman Sentenced to 99 Years In Prison For Mortgage Fraud

Allison Tussey —  March 24, 2009 — 1 Comment

Kandace Yancy Marriott, 52, Gun Barrel City, Texas, having been found guilty by a Navarro County jury of engaging in organized criminal activity, was sentenced to 99 years in prison for her role in a mortgage fraud scheme. According to prosecutors, evidence presented at the punishment stage showed Marriott received monthly mortgage payments from her clients, failed to remit

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Woman Convicted for Submitting Fake W2

Allison Tussey —  March 23, 2009 — Leave a comment

Martha Aleman was found guilty by a Miami, Florida jury on a three count indictment, first returned in 1993, charging her with conspiracy to commit bank fraud; bank fraud; and making false statements to a federally insured lending institution. Sentencing is scheduled before U.S. District Judge Adalberto Jordan for June 9, 2009.

According to the evidence presented during trial, from approximately February 6 to March 12, 1990,

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Mortgage Fraud at an All-Time High According To MARI

Allison Tussey —  March 16, 2009 — 2 Comments

Incidents of mortgage fraud increased 26% from 2007 to 2008.  Rhode Island, Florida and Illinois top the list of states with highest mortgage fraud rates.

Reported incidents of mortgage fraud in the U.S. are at an all-time high and increased by 26 percent from 2007 to 2008 according to a new report released today by the Mortgage Asset Research Institute (MARI®), a LexisNexis® service. The 11th Periodic Mortgage Fraud Case Report to the Mortgage Banker’s Association

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FBI Mortgage Fraud Hotline

Allison Tussey —  March 14, 2009 — 4 Comments

A telephone hotline has been established by the FBI to receive complaints from the public regarding mortgage fraud matters.

The FBI considers mortgage fraud to be a significant and growing crime problem which often affects unknowing consumers, and which has a direct impact upon the overall economic health of the United States. The collapse of the subprime mortgage market, as well as the recent economic downturn, has been met with a corresponding increase in fraud and schemes connected to

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Advance Loan Fee Scammers Advance on North Dakota

Allison Tussey —  March 13, 2009 — Leave a comment

Premier Financial Lenders, a fictitious company, is exploiting North Dakota’s reputation for honesty in an effort to con people across the country. This advance loan fee scheme has prompted consumer complaints as far away as California claiming that a North Dakota company is involved in a scam.

The phony company, currently using the business name “Premier Financial

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Las Vegas Radio Talk Show Host Arrested In Mortgage Rescue Fraud Scheme

admin —  March 12, 2009 — 3 Comments

Jack Ferm, a former talk show host in Las Vegas, Nevada, has been arrested on two counts of felony theft and related charges in connection with the operation of U.S. Justice Foundation, a mortgage rescue scam.  

Ferm is the President and owner of U.S. Justice Foundation, a document preparation business which misled

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