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Owner Of Mortgage Elimination Company Found Guilty Fraud Conspiracy

Stephanie Abbott —  June 14, 2019 — 4 Comments

Jacqueline Graham, 53, formerly of Levittown, Pennsylvania was convicted at trial on Wednesday, June 12, 2019, of participating in a conspiracy to commit bank fraud, wire fraud, and mail fraud in connection with a fraudulent debt-elimination scheme to defraud homeowners and banks.

According to the Indictment in the case and the evidence presented at trial:

From at least 2011 to at least 2012, Graham partnered with Bruce Lewis, 67, formerly of Alaska and Washington State and John Ruzza in operating the Valhalla, New York-based Terra Foundation (“Terra”) ,which was originally known as the Pillow Foundation, which held itself out as a business that would investigate and eliminate mortgage loans in exchange for fees, soliciting clients who were having difficulties making their mortgage payments.  In fact, however, Terra engaged in a wide-ranging scheme to defraud clients, county clerks’ offices, and banks.

The fraudulent scheme, which was created by Graham and Lewis, involved Terra performing “audits” of clients’ mortgages, sending pseudo-legal paperwork to the banks and/or lenders holding the mortgages, and ultimately filing purported mortgage discharges with the relevant county clerks’ offices, which discharges were signed by Lewis or other co-conspirators, claiming falsely to represent the banks and/or mortgage lenders.  As a result, anyone doing a title search for one of Terra’s clients would see that the client’s mortgage had been satisfied.  The mortgages had not, however, been discharged, and the mortgages were eventually reinstated, after the clients paid their fees.

In order to effectuate the scheme, Graham, Lewis, and Ruzza involved others, including Rocco Cermele, 56, Yonkers, New York , who was Terra’s director of operations and who recruited clients, among other duties; Paula Guadagno, who did real estate title work for, and filed discharges on behalf of, Terra; and Anthony Vigna, 61, Thornwood, New York,  a lawyer and CPA who worked in Terra’s offices.

To profit from their scheme, Graham and her co-conspirators charged various fees to Terra’s clients.

In total, Graham and her co-conspirators filed over 60 fraudulent discharges in Westchester and Putnam Counties in New York, and in Connecticut.  The fraudulent discharges claimed to discharge mortgages with a total loan principal of nearly $38 million.

Graham was convicted of one count of conspiracy to commit bank fraud, wire fraud, and mail fraud.  The count carries a maximum sentence of 30 years in prison.

Lewis pled guilty to one count of wire fraud relating to the Terra scheme, which carries a maximum sentence of 20 years in prison.

Vigna pled guilty to one count of participating in a conspiracy to commit bank fraud, wire fraud, and mail fraud relating to the Terra scheme, which carries a maximum sentence of five years in prison.

Cermele pled guilty to one count of participating in a conspiracy to commit mail, wire, and bank fraud, and one count of wire fraud, each relating to the Terra scheme, each of which carries a maximum potential sentence of 30 years in prison, and three additional counts of wire fraud relating to other crimes, each of which carries a maximum potential sentence of 20 years in prison.

Graham was found guilty of the one count she faced after a two-week trial before U.S. District Judge Nelson S. Román.

The statutory maximum penalties are prescribed by Congress and are provided here for informational purposes only, as any sentencings of the defendants would be determined by the court.

All defendants are awaiting sentencing.

Geoffrey S. Berman, the United States Attorney for the Southern District of New York, made the announcement.

Manhattan U.S. Attorney Geoffrey S. Berman said:  “Jacqueline Graham preyed on vulnerable homeowners who could not afford their mortgage payments during a time of crisis in the housing market.  Because of her greed, these homeowners ended up financially worse off than when they found her.  We will continue to work with our law enforcement partners to bring to justice those who victimize the vulnerable.”

Mr. Berman praised the outstanding investigative work of the Federal Bureau of Investigation.  Mr. Berman also thanked the Office of the Westchester County District Attorney’s Office and the Department of Housing and Urban Development for their assistance in the case.

This case is being handled by the Office’s White Plains Division.  Assistant United States Attorneys David Felton, Michael Maimin, and James McMahon are in charge of the prosecutions.

In Mortgage Fraud , ,
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Conviction for Mortgage Fraud And Money Laundering Scheme

Stephanie Abbott —  June 13, 2019 — Leave a comment

John F. Iacono (also known under the alias Vito Yodice), 46, and Shpresa Gjekovic (also known under the aliases Hope Gjekovic, Hope Iacono, Hope Yodice, and Shpresa Hadzovic), 32 , were sentenced today for defrauding banks throughout New York State and laundering those criminal proceeds to further their scheme.

The co defendants were convicted for mortgage fraud, money laundering and scheme to defraud after a joint investigation by the Office of the Attorney General and the New York State Police revealed that the couple utilized shell companies, forged cashier’s checks, and provided fake bank statements, W2s, paystubs, and tax returns in order to solicit over $1.3 million in loans from multiple upstate New York banks.

According to the indictment and statements made by the prosecutor in court, between April 2016 and March 2017, Iacono and Gjekovic applied for mortgages, a construction loan, personal lines of credit, personal loans, a commercial loan, a debt consolidation loan, and a Home Equity Line of Credit with fraudulent documentation that overstated their income, assets, and source of funds. The couple also created fake entities, including but not limited to JF Iacono, LLC and Iacono, LLC, and purported to have worked for them for years. In reality, these companies were created just days prior to their submissions of applications for hundreds of thousands of dollars in bank funds.

The investigation also revealed that Iacono and Gjekovic supplied over $125,000 in counterfeit cashier’s checks to financial institutions, law firms, title companies, and the sellers of a Schoharie County, New York property in order to secure financing and establish residency in the area. The couple allegedly intended to turn the Schoharie County property into a swingers club, but instead rented it out as a hunting cabin while pretending to raise money for children in need. Utilizing online postings, including on Facebook and Airbnb, they advertised the rental property.

The defendants also created a false personal financial statement showing net worth in excess of $1.1 million, with cash on hand of $400,000, while their actual account balances were in the negative. The balances on these statements were grossly inflated, as the couple never had more than a few thousand dollars in the accounts – the vast majority of which was from other loans. To support their claims, Iacono and Gjekovic also supplied fake bank statements showing counterfeit assets.

In addition, Iacono and Gjekovic concealed outstanding judgments against them totaling in excess of $1.4 million from the financial institutions from which they tried to secure loans. Moreover, the couple laundered the fraudulently-obtained loan proceeds to fund real estate transactions, utilizing at least five financial institutions during the course of the year-long scheme. In total, the couple stole over $460,000 from three financial institutions, and attempted to steal over $860,000 in additional proceeds from five financial institutions.

In December 2018, both defendants were arrested on a 19-count indictment charging Residential Mortgage Fraud in the Second Degree, Grand Larceny in the Second and Third Degrees, Money Laundering in the Third Degree, Criminal Possession of a Forged Instrument, Falsifying Business Records in the First Degree, and Scheme to Defraud in the First Degree, among other charges.

On March 29, 2019, Iacono and Gjekovic pleaded guilty before Schoharie County Court Judge George R. Bartlett, III to Residential Mortgage Fraud in the Second Degree (a class C felony), Money Laundering in the Third Degree (a class D felony), and Scheme to Defraud in the First Degree (a class E felony). Iacono and Gjekovic’s pleas resolve additional alleged crimes of money laundering, grand larceny, forgery, and identity theft for which the defendants could have been charged in Albany, Delaware, Greene, Kings, Otsego, Queens, and Rensselaer Counties.

Attorney General Letitia James and State Police Superintendent Keith M. Corlett made the announcement.

“Iacono and Gjekovic falsified document after document in order to pad their own pockets,” said Attorney General Letitia James. “Let this serve as a warning to all of those who try to carry out such deliberate schemes: There is no place in this state for individuals who try to cash in at the expense of hardworking New Yorkers. I thank the State Police for their bringing accountability and justice to this elaborate and deceitful plot.”

“This couple knowingly defrauded financial institutions and businesses, and preyed on the public’s philanthropy, all to fill their pockets and satisfy their greed,” said New York State Police Superintendent Keith M. Corlett. “This sentencing brings justice and should remind those thinking of carrying out these types of schemes, that you will be held accountable. Thank you to the Attorney General’s Office, our State Police Financial Crimes Unit and other law enforcement partners for their hard work in exposing this plot.”

The case is being prosecuted as part of Attorney General James’ Combatting Upstate Financial Frauds and Schemes (“CUFFS”) Initiative, led by Assistant Attorney General Philip V. Apruzzese of the Criminal Enforcement and Financial Crimes Bureau. The CUFFS Initiative was created to assist local law enforcement and District Attorney’s Offices in the investigation and prosecution of complex financial crimes and money laundering cases such as this one.

Attorney General James thanks the New York State Police Financial Crimes Unit and State Police Bureau of Criminal Investigations, as well as Schoharie County District Attorney Susan J. Mallery for their valuable assistance on this investigation.

This case is being prosecuted by Assistant Attorney General Philip V. Apruzzese, with the assistance of Legal Support Analysts Kira M. Russom, Caitlin Carmody and Samantha Wintner and Supervising Analyst Paul Strocko. The Criminal Enforcement and Financial Crimes Bureau is led by Bureau Chief Stephanie Swenton and Deputy Bureau Chief Joseph D’Arrigo. The Criminal Division is led by Chief Deputy Attorney General José Maldonado.

The OAG investigation was conducted by Investigator Mark J. Terra, under the supervision of Supervising Investigator Mark Spencer and Deputy Bureau Chief Antoine Karam. The Investigations Bureau is led by First Deputy Chief Investigator John Reidy.

 

In Mortgage Fraud , ,
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A.G. Announces Payments To Borrowers From Settlement With PHH Mortgage Corporation

Stephanie Abbott —  June 3, 2019 — 8 Comments

A settlement agreement was reached today with 800 New Yorkers for a $45 million settlement with New Jersey-based mortgage lender and servicer PHH Mortgage Corporation.

The settlement agreement reached by 49 states, the District of Columbia and 45 state mortgage regulators resolves allegations that PHH, the nation’s ninth largest non-bank residential mortgage servicer, improperly serviced mortgage loans from January 1, 2009 through December 31, 2012. The $45 million settlement includes $30.4 million in payments to borrowers, and additional payments to states and mortgage regulators for costs and fees related to the investigation.

Over 800 New York borrowers applied for payments. Rust Consulting, the settlement administrator, issued checks to claimants on Friday, May 31, 2019. Borrowers who lost their homes to foreclosure during the eligible period will receive approximately $1,500, and borrowers referred (but did not ultimately lose their home) to foreclosure will receive approximately $540. Total payments to New York State borrowers exceeds $666,000.

The settlement agreement also requires PHH to adhere to comprehensive mortgage servicing standards, conduct audits, and provide audit results to a committee of states. The settlement does not release PHH from liability for conduct that occurred beginning in 2013.

Attorney General Letitia James made the announcement.

“Today, homeowners who were unfairly and unwittingly victimized receive a piece of justice that they deserve,” said Attorney General Letitia James. “It is unfortunate that New York homeowners were victimized by improper mortgage servicing in the first place, but are at least now receiving the financial compensation owed to them. We will continue to use every resource at our disposal to reverse the damaging practices that helped to create the foreclosure crisis, and hold bad-acting mortgage companies accountable.”

“Empire Justice Center applauds Attorney General Letitia James for representing New York homeowners in the recent multi-state settlement with PHH Mortgage Corporation,” said Kirsten Keefe, Senior Attorney and Program Director for HOPP Anchor Partner Program at the Empire Justice Center. “The settlement requires PHH to clean-up its mortgage servicing practices so that they help, rather than harm homeowners. In addition, over 800 New Yorkers will share in a total of cash payments of more than $660,000. Fortunately in New York State, many homeowners who might have otherwise lost their homes because of the misconduct of PHH, received assistance from housing counseling and legal service providers funded through the Attorney General’s Homeowner Protection Program (HOPP) and so remain in their homes. We are very fortunate to have an Attorney General who is continuing to press for the rights of New York’s homeowners and communities.”

“We commend the Attorney General’s office for holding mortgage servicer’s accountable for their actions to protect New Yorker’s homes, which is their largest and most important asset,” said Susan Boss, Executive Director of The Housing Council at PathStone. “Along with the A.G’s office, we will continue to advocate for all New York homeowners.”

“We are thankful to Attorney General James for her dedicated support of New York homeowners,” said Christie Peale, CEO and Executive Director of the Center for NYC Neighborhoods. “This settlement provides direct compensation to hundreds of families, some of whom lost their homes to foreclosure during the financial crisis. Just as importantly, it shows that New York State will hold other mortgage lenders and servicers accountable for fully complying with all servicing regulations, and treating homeowners equitably.”

The case was handled Deputy Bureau Chief Laura J. Levine under the supervision of Bureau Chief Jane M. Azia in the Consumer Frauds and Protection Bureau, and Executive Deputy Attorney General of Economic Justice Christopher D’Angelo.

In Mortgage Fraud ,
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Speaking Inquiries

Rachel Dollar —  February 15, 2017

If you are interested in having Ms. Dollar speak to your group, you may contact her at rdollar@smithdollar.com.

Presentations that Ms. Dollar has given include:

 

March 17, 2017 Fraud in Cycles

2017 GREFPAC Annual Conference

Atlanta, Georgia 
January 27, 2017 Fraud in Cycles

Collateral Risk Network

San Diego, California 
December 7, 2016 Freddie Mac Multi-Family Mortgage Fraud Detection Training

Webinar
October 19, 2016 Freddie Mac Multi-Family Mortgage Fraud Detection Training

Webinar
September 29, 2016 When Fraud Becomes a Compliance Issue

Mortgage Bankers Association

Risk Management, QA and Fraud Prevention Forum

Los Angeles, California
September 18, 2016 FDCPA Issues in Bankruptcy

Mortgage Bankers Association

Regulatory Compliance Conference

Washington, D.C.
September 16, 2016 False Claims and Fair Lending – The Sticky Wickets

National Association of Minority and Women Owned Law Firms

Annual Conference

Houston, Texas 
April 7, 2016 Mortgage and Title Fraud

Tennessee Land Title Association

Annual Meeting

Pigeon Forge, Tennessee 
March 15, 2016 Eliminating Your Mortgage

Marin County Escrow Association

Quarterly Meeting

Sausalito, California 
January 15, 2016 Robbins v. Spokeo

American Conference Institute

19th National Forum on Residential Mortgage Litigation & Regulatory Enforcement

San Francisco, California

 
September 17, 2015 American Conference Institute

18th National Forum on Residential Mortgage Litigation & Regulatory Enforcement

Dallas, Texas

 
August 6, 2015 Is Mortgage Fraud “SO Yesterday”?

American Association of Residential Mortgage Regulators

Annual Conference

New Orleans, Louisiana

 
August 3, 2015 Mortgage Banking Sessions on Real Estate Law, Regulatory Compliance, Ethics and Fraud

Private In-House Class

Denver, Colorado
May 3 2015 Emerging State Litigation and Enforcement Issues:   Negligence in California and Mass Joinder Update

Mortgage Bankers Association

Legal Issues and Regulatory Compliance Conference

Chicago, Illinois
December 16, 2014 Freddie Mac Multi-Family Mortgage Fraud Detection Training

Webinar
September 28, 2014 Litigation Forum: Other Agency Enforcement – FIRREA and False Claims

Mortgage Bankers Association

Regulatory Compliance Conference

Washington, DC
September 8, 2014 When Fraud Becomes a Regulatory Issue

Mortgage Bankers Association

QA/QC/Risk Conference

Miami, Florida 
May 7, 2014 Turn the Pain into Gain: What We’ve Learned from the Origination Claim and Litigation Barrage

Mortgage Bankers’ Association

Legal Issues and Regulatory Compliance Conference
April 12, 2014 Why Appraisal Fraud:

Association of Appraiser Regulatory Officials

Annual Meeting

San Francisco, California
March 24, 2014 Town Hall Session

REOMAC

Annual Education Summit and Expo

Palm Desert, California
March 21, 2014 When Fraud Becomes a Regulatory Issue

Mortgage Bankers Association

National Fraud Conference
March 5, 2014 Fraud Trends and Cases

2014 GREFPAC Annual Conference

Atlanta, Georgia
December 2, 2013 California Litigation Update: The Interplay Between CFPB, UDAAP and CA UCL

California Mortgage Bankers Association

Legal Issues Conference

Costa Mesa, California
November 19, 2013 Mortgage Fraud Trends

BITS Mortgage Fraud Reduction Subgroup

Financial Services Roundtable

Teleconference
 
September 30, 2013 Litigation Session: Supervision and Enforcement

Mortgage Bankers Association

Regulatory Compliance Conference

Washington, D.C. 
September 18, 2013 Sovereign Citizens

International Association of Financial Crimes Investigators

Santa Rosa, California
August 7, 2013 Mortgage Fraud Trends

American Association of Residential Mortgage Regulators

Annual Conference

Denver, Colorado
July 11, 2013 Get Rid of Your Mortgage … Legally, Ethically …

Corelogic

Mortgage Fraud Roundtable

Webinar
 
May 16, 2013 Mortgage Fraud Trends

Kroll Factual Data

Executive Advisory Council Meeting

Washington, D.C.
April 16, 2013 Get Rid of Your Mortgage … Legally, Ethically …

Mortgage Bankers Association

Fraud Conference

Hollywood, Florida
March 26, 2013 Mortgage Fraud Today and Tomorrow

2013 ICI Detective Training Symposium

Los Angeles, California
January 23, 2013 Appraisal Fraud Post Dodd-Frank

Collateral Risk Network

Fort Lauderdale, Florida
November 9, 2012 Foreclosure and Title and Fraud, Oh My

Hot Topics in Real Estate

Nashville, TN
November 7, 2012 Trials and Trends

Private In-House Lender Presentation

Nashville, Tennessee
September 30, 2012 Litigation Involving Mortgage Origination and Servicing

MBA Regulatory Compliance Conference

Washington, D.C.
September 20, 2012 Fraud: You can run but you can’t hide!

TMBA Southern States Servicing Conference

Dallas, TX 
September 18, 2012 Keynote Speaker

2012 Mortgage Fraud Summit

Dallas, TX
August 22, 2012 Industry Mortgage Fraud Trends

2012 Mortgage Fraud Partnership Summit

Des Moines, IA
May 22, 2012 Litigation Panel 2: Defending your Company Against Individual Cases

MBA Legal Issues Conference 2012

Palm Springs, CA
April 24, 2012

March 22, 2012

 The Full Fraud Solution- From Prevention to Discovery

MBA Fraud Issues Conference 2012

Phoenix, AZ

2012 Update on Mortgage and Real Estate Fraud

IAFC North Bay Chapter Meeting

Santa Rosa, CA
February 21, 2012 Source Media Panel

MBA National Mortgage Servicing Conference 2012

Orlando, FL
January 23, 2012 Keynote Speaker

2012 Mortgage Fraud Consortium

Las Vegas, NV
January 17, 2012 A Conversation with Managing Partners of Professional Services Companies – What Does Marketing Mean to Them?

Professional Services Marketing Group- Northbay

Santa Rosa, CA
November 9, 2011 Fraud Fighters

Valuation Expo 2011

Las Vegas, NV
October 25, 2011 The Litigation Roundup: Assessing the Impact of the Usual (and Not So Usual) Mortgage Fraud Cases, Including the Upswing in Claims Involving Loan Modifications and Foreclosure Rescue Groups

ACI’s Mortgage Fraud Conference 2011

Washington, D.C.
September 1, 2011 The Mortgage Fraud Landscape in the Era of Government Funding

IAFCI Conference

Charlotte, NC
August 10, 2011 Outlook for the Structure of and Risk Exposure in Mortgage Markets

Real Estate Research Council of Southern California

Pomona, CA
July 25, 2011 New Regulatory Reform: Unintended Consequences and Pitfalls

Interthinx National Fraud Advisory Council

Newport, RI
June 23, 2011 Introduction of Key Note Speaker Aerial Gilbert

2011 Women in Business Awards Gala

Santa Rosa, CA 
May 20, 2011 Understanding Risk, Loan Quality, and Independent Verifications

Florida Quality Council Meeting

Orland, FL
May 16, 2011 Defending Your Company Against Individual Cases

MBA Legal Issues and Regulatory Compliance Conference

Boca Raton, FL
May 13, 2011 Fraud and Foreclosure- The New F Words

Sonoma County Bar Association

Santa Rosa, CA
April 7, 2011 How Safe Are You? Surveying the Current Risk Environment

5th Annual Mortgage Servicing Conference

Dallas, TX
March 9, 2011 The Increasing Ethical Risks with Short Sales- What’s the Risk to you and your License?

GREFPAC Conference

Atlanta, GA
February 23, 2011 Fraud in Default Related Transactions

MBA Servicing Conference

Dallas, TX
November 15, 2010 Agency Updates, Risk Management, and Fraud

TMBA 60th Annual Educational Seminar and Marketplace

Houston, TX
October 28, 2010 The State of the Market in the Aftermath of the Sweeping Overhaul of U.S. Financial Regulations

ACI 6th National Forum on Preventing, Detecting, and Resolving Mortgage Fraud

San Francisco, CA
September 23, 2010 Data Aggregation- A Proactive Approach to Stopping Fraud

MBA Quality Assurance and Residential Underwriting Conference

Dallas, TX
August 27, 2010 The FDIC’s Mortgage Fraud Investigation and Recovery Efforts

IAFCI Monumental Fight Against Fraud

Washington, D.C.
August 27, 2010 Mortgage Fraud Investigations and Third Party Recovery

IAFCI Monumental Fight Against Fraud

Washington, D.C.
August 16, 2010 Mortgage Fraud and the Implications in Today’s Environment

Sonoma County Women’s Consortium

Santa Rosa, CA
July 8, 2010 Risk Management, Licensing, Compliance and Fraud

Western Secondary Market Conference

San Francisco, CA
May 25, 2010 The FDIC’s Role in Mortgage Fraud

FBI-NMFT Basic Mortgage Fraud Conference

Denver, CO
May 5, 2010 Development in Addressing Mortgage Fraud and Data Security

MBA Legal Issues and Regulatory Compliance Conference

Coronado, CA
April 26, 2010 Fraud Prevention Efforts- Who’s Watching the New Money Tree?

MBA National Fraud Issues Conference

Chicago, IL
April 21, 2010 Appraisal Institute Mortgage Fraud Online Webinar
March 23, 2010 Mortgage Fraud: Scheme, Indictments, and Prevention

ABA Real Estate Lending Conference

Weston, FL 
March 11, 2010 Fraud in 2010

IAFCI Arizona Chapter, One Day Spring Training Seminar

Phoenix, AZ
November 11, 2009 Reengineering The Appraisal Process

Valuation 2009 Conference

New Orleans, LA
September 23, 2009 Combating Mortgage Fraud, One Loan at a Time

Arizona Bankers Association, Financial Fraud & Security Seminar

Phoenix, AZ
September 17, 2009 Latest Statistics and Trends in Mortgage Fraud

Texas Bar CLE, Advanced Consumer Bankruptcy Course 2009

Houston, TX
September 3, 2009 Lender Liability Defense and Mortgage Fraud

IAFCI Annual Conference 2009

Phoenix, AZ
June 5, 2009 Mortgage and Appraisal Fraud

IRR Residential Conference

Las Vegas, NV
May 14, 2009 Trickle Down Economics: Why Multifamily and Commercial Property are now Targets of Mortgage Fraud

MBA, Commercial/Multifamily Servicing and Technology Conference

New Orleans, LA
May 6, 2009 Developments in Combating Mortgage Fraud and Protecting Company Data

Mortgage Bankers Association, Legal Issues and Regulatory Compliance Conference

Chicago, Illinois
March 9, 2009 Critical Issues Facing the Appraisal/Valuation Process of Mortgage Industry

Appraisal Institute, Collateral Matters Congress

Washington, DC
December 8, 2008 QC & Fraud Issues in FHA & Reverse Mortgage

California Mortgage Bankers Association

Anaheim, CA 
November 5-6, 2008 What Goes Down Must Come Up – Lessons for the Coming Boom

Mortgage Fraud Blog Conference 2008

Miami, FL
September 24, 2008 Tracking Hidden Assets

ACI Preventing, Detecting and Resolving Mortgage Fraud

Scottsdale, AZ
May 29, 2008 Lending in an Environment of Increasing Frauds

Center for Financial Training

Springfield, MO
May 20, 2008 When Doing Deals Means Doing Time – Going to Jail for your Best Costumer

Santa Clara County Association of REALTORS

San Jose, CA
May 1, 2008 Developments in Combating Mortgage Fraud and Protecting Company Data

Mortgage Bankers Association, Legal Issues and Regulatory Compliance Conference

Carlsbad, CA
April 25, 2008 Ethical Creep

GREFPAC 4th Educational Conference

Atlanta, GA
March 13, 2008 Appraisal Fraud – The current crisis

Mortgage Bankers Association, Fraud Conference

Chicago, Illinois
February 21, 2008 Investigating Mortgage Fraud

Corporate Security Training Conference, M&I Bank

Milwaukee, Wisconsin
February 13, 2008 Fraud Alert – How to Cope

IRWA Public Real Estate Education Symposium
February 12, 2008 Mortgage Fraud Against Elders

Presentation before Congress for Mortgage Bankers’ Association
February 7, 2008 When Doing Deals Means Doing Time

Investors Trust Mortgage

Santa Rosa, California
January 17, 2008 When Doing Deals Means Doing Time

California Association of Mortgage Brokers, North Bay Chapter

Petaluma, California
January 15, 2008 When Doing Deals Means Doing Time

Santa Clara County Escrow Association

San Jose, California
January 8, 2008 Regulating in a Viper Pit

North Carolina Office of the Commissioner of Banks

Raleigh, North Carolina
January 2, 2008 Mortgage Fraud and Appraisal

Hawaii Appraiser Association

Kona, Hawaii
November 19, 2007 Investigating and Developing a Mortgage Fraud Case

Minnesota Law Enforcement Training Seminar

Minneapolis, MN
November 14-15, 2007 Fraud in a Changing Economy

Mortgage Fraud Blog Conference 2007

Las Vegas, NV
November 13, 2007 Appraisal Fraud Panel

Valuation 2007

Las Vegas, NV
November 13, 2007 Combating Mortgage And Valuation Fraud: Industry Updates

National Association of Realtors Annual Conference

Las Vegas, NV
September 14, 2007 The House that Fraud Built – Keynote Speaker –

Colorado Association of Mortgage Brokers Annual Conference

Denver, CO
September 13, 2007 When Doing Deals Means Doing Time

Appraisal Fraud Panel

Colorado Association of Mortgage Brokers Annual Conference

Denver, CO
August 21, 2007 Investigating and Developing a Mortgage Fraud Case

Conference of State Bank Supervisors

Portland, OR
August 13, 2007 When Doing Deals Means Doing Time

Alameda County Escrow Association

Alameda, CA
July 10, 2007 Predatory Lending and Real Estate Fraud

National Association of Hispanic Real Estate Professionals

Santa Rosa, CA
June 19, 2007 Fraud and the Escrow Agent

Redwood Empire Escrow Association

Santa Rosa, CA
May 22, 2007 Repurchase Demands – Could Fraud be at the Core?

Mortgage Bankers Association National Secondary Market Conference

New York, NY 
May 11, 2007 Mortgage Fraud and Appraisers, Just Say “No”

New York Society of Real Estate Appraisers Spring Annual Conference

Fishkill, NY 
May 9, 2007 Technological and Other Approaches to Protecting Your Company From Mortgage Fraud

Mortgage Bankers Association, Legal Issues and Regulatory Compliance Conference

New Orleans, LA 
April 26, 2007 Fraud and Risk in a Changing Market

Association of Real Estate License Law Professionals Mid-Year Meeting

Banff, Canada
April 18, 2007 Real Estate Law /Regulatory Compliance / Quality Control

Mortgage Bankers Association, School of Mortgage Banking

Herndon, VA 
March 20, 2007 Mortgage Fraud in a Changing Market

2007 OCC Mortgage Banking Conference

Chicago, IL 
March 8-9, 2007 Packaging Fraud Files for Litigation

Mortgage Bankers Association, National Fraud Issues Conference

San Diego, CA 
February 14, 2007 Mortgage Fraud – Across The Nation and in our Backyards

Sonoma County Women Realtors

Santa Rosa, CA 
February 8, 2007 Mortgage Fraud – The Who, What, When, Where and HOW

Mortgage Bankers Association, School of Mortgage Banking

San Francisco, CA 
January 26, 2007 Mortgage Fraud Panel

FNC Client Conference

San Francisco, CA 
December 12, 2006 Litigation Strategies of Recovery

Source Media Mortgage Fraud Conference

Las Vegas, Nevada 
December 11, 2006 Mortgage Fraud

Office of Thrift Supervision, National Housing Forum

Washington, D.C.

Televised Live on C-SPAN 
December 7, 2006 Mortgage Fraud – The Who, What, When, Where and HOW

Mortgage Bankers Association, School of Mortgage Banking

Las Vegas, Nevada 
November 9, 2006 Taking the Tedious Out of Training

Mortgage Bankers Association, Residential Underwriting Conference

San Antonio, Texas 
November 7, 2006 Mortgage Fraud – What Appraisers Need to Know

Valuation 2006

Las Vegas, Nevada
November 6, 2006 CRA and AMC Presentation – Closed Session

Valuation 2006

Las Vegas, Nevada
October 27, 2006 Mortgage Fraud and Appraisers, Just Say “No”

New York Appraisal Society Annual Meeting

Syracuse, New York 
October 12, 2006 Valuation Fraud and the Appraiser

Appraisal Conference Valuation Symposium

Washington, D.C. 
October 6, 2006 Practical Solutions to Curb Appraisal Fraud

American Conference Institute, Mortgage Fraud Conference

Las Vegas, Nevada 
September, 8, 2006 Foreclosure Rescue or Equity Stripping, Emerging Scams in a Declining Market

Don’t Borrow Trouble, Freddie Mac

San Francisco, California 
June 16, 2006 Mortgage Fraud – The Who, What, When, Where and HOW

Mortgage Bankers Association, School of Mortgage Banking

Las Vegas, Nevada 
May 29-31, 2006 Protecting the American Dream – The True Cost of Mortgage Fraud

National Notary Association Annual Conference

Washington, D.C. 
May 15-16, 2006 Servicing Fraud, Rescuing Borrowers before the Rescuers Arrive

Mortgage Bankers Association, National Fraud Issues Conference

Chicago, Illinois 
April 7, 2006 Destroying the American Dream – The True Cost of Mortgage Fraud

Association of Real Estate License Law Professionals Mid-Year Meeting

Jacksonville, Florida 
March 23, 2006 Practical Solutions to Curb Appraisal Fraud

American Conference Institute, Mortgage Fraud Conference

Las Vegas, Nevada

Palo Alto, California 
November 7-8, 2006 Appraisal Roundtable

California Mortgage Banker’s Association QA/QC Workshop

California 
August 25, 2005 Mortgage Fraud – The Who, What, When, Where and HOW

School of Mortgage Banking

San Francisco, California 
August 12, 2005 Mortgage Fraud – What Appraisers Need to Know

Appraisal Today Conference

San Francisco, California 
August 5, 2005 Mortgage Fraud Update

California Mortgage Broker’s Association Annual Meeting 
June 28, 2005 Mortgage Fraud – Lenders Perspective

Predictive Methods Conference

Newport Beach, California 
June 10, 2005 Mortgage Fraud

Mortgage Bankers Association, Non-Prime Lending Conference

Washington, D.C.
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Media Inquiries

Rachel Dollar —  February 15, 2017

Rachel Dollar is a California lawyer and a certified mortgage banker.  She is available for media inquiries at rdollar@smithdollar.com.

Prior media contributions include:

March 1, 2012 Investor’s Business Daily, Property Fraud Booms, FBI Probes 2,500 Mortgage Cases
August 16, 2011 Inman News, FBI: Mortgage fraud attracting organized crime
July 4, 2011 The North Bay Business Journal, Federal Agency Asking Public for Comment on Real Estate Disclosures
June 26, 2011 KSRO, The Real Estate Hour with Michael Kelly and Allison Norman
May 13, 2011 Wall Street Journal, Records Reveal Unusual Refinancing Practices of Accused FDA Insider
April 3, 2011 The Press Democrat, Appeals court sides with Santa Rosa couple in land battle
March 7, 2011 The North Bay Business Journal, Spotlight: Law Firm Managing Partners
March 1, 2011 San Francisco Chronicle, Why Those from Inside Job aren’t Inside a Prison
January 14, 2011 TNG, Real Estate Radio Show with Bruce Norris
June 28, 2010 The North Bay Business Journal, Women in Business 2010
June 23, 2010 Inman News, Cutting to the Core of the Financial Crisis
February 8, 2010 The North Bay Business Journal, Most Influential Leaders
January 2010 The Front Line Magazine, The Cost of Doing Business the Wrong Way
August 6, 2009 Inman News, The Lowdown on Downpayment Programs
July, 2009 Mortgage Banking Magazine, Flashpoint – FHA Fraud
June 5, 2009 Miami Herald, Feds Get Tough on Mortgage Fraud
March 26, 2009 American Banker, Using Racketeering Law to Recoup Fraud Losses
March 14, 2009 Milwaukee Wisconsin Journal Sentinal, Criminal Past No Barrier to Mortgage Field
January 18, 2009 New York Times, Loan Fraud Seen on the Rise
November 18, 1008 Willamette Week, House of Gain
November 14, 2008 JAMS, ADR Update: The Subprime Fallout
July 13, 2008 Tampa Tribune, Close Door on Real Estate Fraud
May 31, 2008 The Seattle Times, A Roundup of Real Estate Books
May 30, 2008 Chicago Tribune, 4 good reads
May 13, 2008 Palm Beach Post, Boca Firm Audited After Scam
April 14, 2008 Business Wire, Second Annual Mortgage Fraud Blog Conference Open for Registration
March 8, 2008 Tampa Tribune, Appraiser Evaluates Whether 303 Homes are Overpriced
March 7, 2008 Baltimore Sun, Profiting from Problems of Others 
February 27, 2008 National Mortgage News Rachel Dollar Testifies on Mortgage Fraud 
February 18, 2008 Business Spectator, The “rescue” fraud epidemic 
February 14, 2008 Senior Journal, Senior Citizens Most Likely to be Targeted by Foreclosure Rescue Scams
February 14, 2008 Ocala Star Banner, Victims of foreclosure rescue scams testify
February 10, 2008 Santa Rosa Press Democrat, How could so many people afford homes at peak of boom?
November 27, 2007 Voice of San Diego, Mortgage Fraud Hits the Courts
November 18, 2007 Newsday, Homeowners entangled in loan scheme
October 29, 2007 WBIG, Talk Radio with Steve Rayburn
October 28, 2007 Palm Beach Post, Florida, Slow housing market speeds up scam
October 25, 2007 KGEO, Real Estate Today Radio Talk Show with Jonathan Vaughn
October 24, 2007 Mortgage Radio, Detecting Fraud, Part III, Fraud Elimination
October 2, 2007 KGET, More Muscle Wanted Behind Anti-Mortgage-Fraud Action
October 1, 2007 KGET, Panel of Experts Discuss Housing Market
September 30, 2007 KGET, Boom to Bust: Kern’s Housing Market Forum
September 19, 2007 Inman News, 100 Most Influential Real Estate Leaders: 2007
September 24, 2007 Voice of San Diego, How Mortgage Fraud Functions
September 6, 2007 Indy Star, Landlord Faces Fraud and Theft Charges 
August 14, 2007 RIS Media, Real Estate Fraud Hits Hollywood: Fraud for the Rich & Famous
August 9, 2007 Union Sentinel, Georgia, Dollars and Sense
2007 Communicator, FBI Links Mortgage Fraudulent Appraisals with Terrorism and Organized Crime
July 23, 2007 Blown Mortgage, Blown Mortgage’s Podcast Interview with Rachel Dollar
July 19, 2007 The Wall Street Journal, I Feel Like an Idiot – Land Projects Gone Wrong Shows How Even Well Off Lured by Go Go Climate
June 30, 2007 San Diego Magazine, A New Kind of Housing Squeeze 
June 29 2007 Inman News, Bloggers Chase Top Blog Innovator Title
May 23, 2007 Kling Publications, Fraud at Core of Repurchases 
April 1, 2007 Bradenton Herald, Florida, Manatee’s ‘flip’ fiasco, six years later
March 20, 2007 The Virginian-Pilot, Hampton Roads, VA, Loose lending allows developers to feed off mortgage money
March 1, 2007 Realtor Magazine, The List Issue 2007 – 5 Real Estate Blogs to Visit
February 2007 Mortgage Banking, Mortgage Fraud Expert Rachel Dollar – The Mortgage Fraud Blog
January 20-21, 2007 CNN, Open House with Gerri Willis
January 14, 2007 The Kansas City Star, Mortgage fraud’s new super sleuths
December, 2006 Credit Union Business, Mortgage Fraud: Fighting Back with Prevention and detection
October 29, 2006 San Francisco Chronicle, Mortgage fraud — the worst crime no one’s heard of 
October 22, 2006 Chattanooga Times, Mortgage Fraud Hurts Owners and Banks
October 18, 2006 News from Capitol Hill, Solutions to Fraud Sought at Appraisal Foundation Symposium
October 17, 2006 Realty Times, Most Fraud Charges Not Investigated
September 29, 2006 Los Angeles Times, CA, More Buyers Stretch Truth, Budgets to Get Loans
September 28, 2006 Wall Street Journal, Towns Residents Say they were Target of Big Mortgage Fraud
September 28, 2006 The Oregonian, Frauds Pump Air into Real Estate Bubble
September, 2006 Mortgage Banking Magazine, Mortgage Shakedown
September, 2006 Mortgage Banking Magazine, A High Tech Battle with Mortgage Fraud
September 10, 2006 South Florida Sun Sentinel, FL, Real Estate a Fraud Hot Spot
August 31, 2006 Inman News, 100 Most Influential Real Estate Leaders: 2006
July 1, 2006 Mortgage Banking Magazine, USAP, ACC and AGs
June 12, 2006 MSN, Don’t hand your house to a thief
July 8, 2006 Foreclosure Talk Radio, Chicago, Illinois
May 24, 2006 Inman News, Cleaning the Augean stables: obstacles to fighting loan fraud
May 23, 2006 Inman News, Schemes to Hijack the American Dream
May 22, 2006 Inman News, Loan Fraud ‘Epidemic’ Sweeping the Country
May 6, 2006 Realty Times, Cash Back at Closing: Appealing Arrangement or Sinister Scam
April 9, 2006 Wall Street Journal, Home is where the fraud is
April 5, 2006 East Bay Express, Dirty Deeds
March Edition Mortgage Originator, The Many Faces of Mortgage Fraud
March 30, 2006 Realty Times, “Bonnie and Clyde” Mortgage Broker Caught In Texas
March 29, 2006 East Bay Express, Dirty Deeds – Real-estate fraud has become epidemic as home prices have surged skyward
March 10, 2006 Inman News, Industry watchdogs warn of credit-booster sites
February 23, 2006 Online Independent, How do you keep from becoming a victim?
February 15, 2006 Chicago Tribune, Obama Durban Propose Federal Mortgage Reforms
December 18, 2005 Sun News, Convicted Real Estate Investor Could Go To Jail For Life
December 18, 2005 Investor’s Business Daily, Mortgage Scams Rising Along with Home Prices
December 17, 2005 Dallas News, Neighborhood Crime that Alarms Can’t Prevent
December 10, 2005 Baltimore Independent Media Center, ECON 101: Mortgage Fraud Website
December 4, 2005 About.com, Mortgage Fraud a Growing Problem
November 28, 2005 American Banker, Loan Performance Pitches Fraud Score
November 16, 2005 Inman News, Industry Watchdogs Warn of Site Selling Fake Paycheck Stubs
November 1, 2005 Mortgage Banking Magazine, Fighting Mortgage Fraud
October 7, 2005 American Banker, Lenders Pressed on Fraud Prevention Efforts
October 4, 2005 USA Today, Fraud Booms with Mortgage Market
August, 30 2005 Fulton County Daily Report, How the Lure of Easy Money Landed a DeKalb Attorney in Federal Prison
August 10, 2005 Inman News, 100 Most Influential Real Estate People
July 5, 2005 Inman News, Watchdogs Warn of Real Estate Investment Offer
July 11, 2005 Inman News, Feds Target Mortgage-Elimination Scheme
June 17, 2005 Inman News, Crackdown on Loan Servicing Fraud
June 12, 2005 Sun Sentinel, The Scary World of Identity Theft
May 6, 2005 Inman News, Georgia Cracks Down on Real Estate Fraud
May 5, 2005 CBS News, CBS Special Report – Sold Out, Unit 5 Investigates Real Estate Business
March 8, 2005 Inman News, Five Indicted in 10 Million Fraud Scheme
December 15, 2005 Sacramento Bee, Firm Says it Can Make Mortgages Go Away – Judge Calls it a Scam
December 14, 2005 The Journal News, Mortgage Fraud Thrives in Ohio
December 8, 2004 Inman News, Crackdown on Mortgage Elimination Schemes
December 12, 2004 Inman News, Attorney Blogs to Prevent Real Estate Fraud
November 8, 2004 The Legal Description, Industry Skullduggery; The Who, What, Where, When and How of Mortgage Fraud – Part I
December 17, 2001 Real Estate Finance Today, Busier Times, More Time for Mistakes

 

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short sale scheme

Guilty Plea in Short Sale Conspiracy

Rachel Dollar —  November 19, 2015 — Leave a comment

Dahianara Moran, 40, Methuen, Massachusetts, pleaded guilty to one count of conspiracy to commit bank fraud for to participating in a conspiracy to defraud banks and mortgage companies by engaging in sham “short” sales of residential properties in the Merrimack Valley of Massachusetts.

Moran conspired with others – including a Methuen loan officer and a Haverhill real estate agent who were not identified in the charging document – to defraud various banks via bogus short sales of homes in Haverhill, Massachusetts, Lawrence, Massachusetts, and Methuen, Massachusetts. Continue Reading…

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Indictment for Multiple Mortgages on Single Property

Rachel Dollar —  October 1, 2015 — Leave a comment

Denise Bruce, 56, Hingham, Massachusetts was indicted on five counts of bank fraud for defrauding mortgage companies in connection with multiple mortgages she obtained on a single residence

According to the indictment, between 2004 and 2008, Bruce fraudulently obtained five mortgage loans from different banks in amounts ranging from $325,000 to $487,500 on her Hingham, Massachusetts, property by submitting false information regarding her employment history, income, assets, and debt.  The indictment also alleges that Bruce filed fraudulent discharges of mortgages with the Plymouth County Registry of Deeds to create the appearance that earlier loans had been paid in full, when in fact, none of the loans had been paid.

The charging statute provides a sentence of no greater than 30 years in prison, five years of supervised release, and a fine of $1 million on each count.

United States Attorney Carmen M. Ortiz; Steven Perez, Special Agent in Charge of the Federal Housing Finance Agency, Office of Inspector General, Northeast Region; and Michael Rourke, Special Agent in Charge of the Troubled Assets Relief Program, Special Inspector General, New York Field Office, made the announcement today.  The case is being prosecuted by Assistant U.S. Attorney Victor A. Wild of Ortiz’s Economic Crimes Unit.

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HUD Repurchase Avoidance Scam Alleged by US

Rachel Dollar —  September 29, 2015 — 1 Comment

The United States filed a civil suit against the Rainy Day Foundation, Inc., a purported charitable “counseling fund,” together with its associated business entities and principals.  The case was filed federal court in Central Islip, New York and has been assigned to United States District Judge Joseph F. Bianco.

The complaint alleges that in at least 865 instances, the Rainy Day Foundation, together with five Eastern District of New York-based mortgage lenders and their principals, defrauded the United States and various banks insured by the Federal Deposit Insurance Corporation (“FDIC”), resulting in millions of dollars of mortgage losses, and requiring the United States to pay over $5,605,237 in false claims. Continue Reading…

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Man extradited from Spain over $20 million Detroit real estate scheme

A New York man charged in a $20 million telemarketing scheme that involved Detroit homes has been extradited from Spain, federal officials announced Friday.

Erez Arsoni is among 16 people accused in federal court of luring 290 victims in 46 states and Canada into a fraudulent investment operation focused on low-cost Detroit real estate.

Arsoni left the country before charges were issued in September 2014.

 Posted by Rachel Dollar  onSeptember 21, 2015 In Mortgage Fraud
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Two Plead Guilty in Mortgage Modification Scheme

Rachel Dollar —  September 16, 2015 — 3 Comments

Ped Abghari, a/k/a “Ted Allen,” 38, Irvine, California, and Justin Romano, 41, of Blue Point, New York, pled guilty for their roles in orchestrating a massive mortgage modification scheme that collectively defrauded over 8,000 homeowners out of over $18.5 million.  Abghari and Romano each pled guilty to wire fraud and conspiracy to commit wire fraud, and Abghari also pled guilty to misprision of a felony.  Romano pled on September 14, 2015, and Abghari pled on September 15, 2015, before U.S. District Judge. John F. Keenan.   Continue Reading…

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