Rashmi Airan-Pace, 42, Miami, Florida, an escrow agent, pleaded guilty to conspiracy to commit wire, mail, and bank fraud, for her role in facilitating the inclusion of material misrepresentations in closing documents, including the HUD-1 settlement statements.
Archives For Mortgage Fraud
Douglas Green, 50, Boca Raton, Florida, a former collateralized mortgage obligation bond trader was sentenced to 30 months in prison for engaging in a fraudulent trading scheme in which he manipulated the prices of CMOs by millions of dollars over a period of four years.
Marie Lucie Tondreau, a/k/a Lucie Tondreau, 54, former North Miami Mayor, was convicted by federal jury after a 12 day trial for her recruitment of straw buyers and other conduct in an $8,000,000 mortgage fraud scheme.
Andrew Constantinou, 58, Unionville, Connecticut, a former loan officer at GMAC Mortgage and Countrywide Home Loans, was sentenced to 60 months in prison for his role in a mortgage fraud scheme arising from the purchases of more than 40 properties in New Haven, Connecticut.
Jarrod Beddingfield, 38, Waxhaw, North Carolina, a former online mortgage broker employee, and Steve Rosene, 43, Newport Beach, California, Beddingfield‘s California-based mortgage broker conspirator, were sentenced by U.S. District Judge Robert J. Conrad, Jr. for their roles involving computer theft of mortgage leads from a nation-wide online mortgage broker. Continue Reading…
Alex Schleider, 49, Lakewood, New Jersey, man was sentenced to one year and one day in prison for his part in a real estate investment fraud scheme that defrauded real estate investors of more than $1 million by persuading them to fund the purported purchase of an apartment complex, Belle Glade Gardens.
Emma Adel, 45, and Mazen Fazah, 39, both of Rancho Cucamonga, California, were recently arrested for stealing title to a home and then selling it for profit.
Mark Avalos, 49, St. Peters, Missouri,pled guilty to bank fraud charges relating to his work as the Controller for The Mortgage Store, Inc. in 2008.
Gilbert G. Lundstrom, 72, Lincoln, Nebraska, the former Chief Executive Officer of TierOne Bank, a publicly traded commercial bank formerly headquartered in Lincoln, Nebraska, was charged for his role in a scheme to defraud TierOne’s shareholders and mislead regulators by concealing the declining value of its loan and real estate portfolio.
Barry J. Graham, 59, and Ricky Lynn Stokes, 54, both of Ft. Myers, Florida, pled guilty to conspiracy to commit bank fraud, in violation of Title 18, United States Code, Section 371, before U.S. Magistrate Judge Lurana S. Snow in Key West. The charges stem from the defendants’ participation in a $300 million Ponzi scheme involving the sale of vacation rental units to approximately 1,400 investors in the Florida Keys and elsewhere.