Vince Manglardi, 59, real estate developer, Long Grove, Illinois; Theodore “TJ” Wojtas, Jr., 43, real estate developer, Glenview, Illinois; David W. Belconis, 56, attorney who owned and operated Classic Title, Inc., Long Grove, Illinois; Nunzio L. Greico, 63, Palatine, Illinois, who was formerly an employee of the developers; Walter Vali, also known as “Wally Mohammad” and “Mohammad Valimohammad,” 62, former mortgage loan originator, who did business as Sunshine Funding, Inc., Mundelein, Illinois; and Karin L. Ganswer, 62, former licensed real estate salesperson, Palatine, Illinois were indicted by an federal grand jury and charged with mail and wire fraud in connection with the marketing and sale of condominiums at a 50-acre development in Palatine, Illinois known as “The Woods at Countryside.” They are alleged to have participated in a mortgage fraud scheme which caused more than $16 million in losses to banks, mortgage lenders, Fannie Mae, and Freddie Mac. Continue Reading…
Archives For Down Payment Fraud
Mark F. Friend, 60, Stockton, California, was indicted by a federal grand jury on six counts of bank fraud relating to a mortgage fraud scheme wherein he allegedly submitted false and fraudulent loan applications to lenders. Continue Reading…
Five defendants have been sentenced for their roles in a mortgage fraud conspiracy perpetrated in the Eastern District of Texas involving illegal property flipping, falsification of documents, including HUD-1 Settlement Statements, down payment fraud, and loan application misrepresentations.
Five defendants have been sentenced for their roles in a mortgage fraud conspiracy involving down payment fraud in the Eastern District of Texas.
Justin Joseph Christenson, 35, Forest Lake, Minnesota, admitted conspiring with Thomas Rosensteel, Robert Scott “Rod” Aslesen, and at least four others to defraud mortgage lenders by falsifying loan applications and related documents. Continue Reading…
Ronald Hutchison Jr., 52, Hopewell Junction, New York, a former corrections officer, was sentenced to 28 months in prison for his role in a down payment mortgage fraud scheme arising from the purchases of more than 50 properties in New Haven, Connecticut.
Joseph Brogan, 41, St. Louis, Missouri, pled guilty to multiple fraud charges related to a scheme involving applications for home loans.
Leonard E. Williams, 52, Sacramento, California, was sentenced to over seven years in prison for conspiracy to commit mail and wire fraud and two counts of money laundering, in connection with a mortgage fraud scheme. At sentencing, U.S. District Judge William B. Shubb stated that one factor he used in imposing the sentence was Williams’ outburst in front of the jury during trial.
Mae Rabuffo, 75, New York, Raymond E. “Ray” Olivier, 53, Land O’ Lakes, Florida, and Curtis Allen Davis, 52, Tampa, Florida, the final three individuals involved in the $49.6 million Hampton Springs, North Carolina, mortgage fraud scheme, have been sentenced. Continue Reading…
Patrice Hairston, 52, Lawrenceville, Georgia, Bonnie Rose, 54, Jonesboro, Georgia, Sarah Hyldahl, 32, Marietta, Georgia, and Ronnika Allen, 30, Powder Springs, Georgia, have been sentenced for their roles in a scheme to defraud mortgage lenders of over $2 million in mortgage loans.