Christopher Shawn Linton, 35, Alabaster, Alabama, was sentenced to five years and 11 months in prison for his role in an investment fraud scheme through which he submitted a fraudulent loan application to Iberia Bank for a $908,650 loan, and took more than $2.8 million from 12 investors spending the funds on a lavish home, private jets, championship football trips and island vacations.
Archives For November 30, 1999
Thomas W. Dickson, 53, Boulder, Colorado, has been sentenced for stealing over $300,000 from his law firm’s clients. The defendant was retained by Tenants in Common and after encouraging them to deposit rental proceeds into his trust account, he transferred the funds to his persona checking account
A six-count indictment was unsealed in federal court charging six people with bank and wire fraud concerning their alleged participation in a scheme to defraud lenders using fraudulent loan applications, falsified HUD-1 Settlement Statements and inflated appraisals.
Erlanda Naranjo, 39, Nashville, Tennessee, was charged by Information with bank fraud for allegedly submitting a false application for a line of credit in the name of a relative.
David Higgs, a former Managing Director in the Investment Banking Division of Credit Suisse Group, was sentenced to time served in connection with a scheme to hide more than $100 million in losses in a mortgage-backed securities trading book at Credit Suisse.
Heritage Homes Group, Inc., a Pennsylvania-based home builder that offers home financing, has settled Federal Trade Commission charges that it deceived consumers by advertising low-cost mortgages while hiding fees and not disclosing vital information about the true cost of the mortgages.
The Federal Housing Administration published a Mortgagee Letter reminding lenders participating in the agency’s Home Equity Conversion Mortgage Program to make certain senior borrowers are fully informed of all their options when applying for reverse mortgages.
Aldo Joseph Baccala, Petaluma, California, who ran a Ponzi scheme that defrauded victims more than $17 million, was sentenced to 20 years in state prison and ordered to pay a fine of $6.4 million at a hearing in Sonoma County, California.
Susanne Helbig, 49, formerly of Roanoke, Virginia, currently residing in Georgia, has been indicted by a federal grand jury on a variety of fraud charges associated with an alleged mortgage fraud scheme involving straw buyers centered around properties on Smith Mountain Lake, Virginia.
Darryl Glasco, 55, Pendleton, New York, who was convicted of bank fraud, was sentenced to six months home detention and four years supervised release for his role in a mortgage fraud scheme wherein fraudulent appraisals were submitted to lenders inflating property values.