Nine people involved in a long-running, large-scale mortgage fraud scheme that caused losses of approximately $10 million were charged in two complaints with conspiracy to commit bank fraud.
Continue Reading...Archives For November 30, 1999
Deborah L. Kistner, 50, and her husband, Mark A. Kistner, 52, both of Hilliard, Ohio, pleaded guilty three days after their trial started on a $7 million mortgage fraud scheme they carried out between June 2006 and July 2010.
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Randez Long, Milwaukee, Wisconsin, has been indicted for his participation in an alleged mortgage fraud scheme, which included short sale fraud.
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Guerard Wallace Howard, 63, Melbourne, Florida, pleaded guilty to one count of wire fraud, he faces a maximum penalty of 20 years in federal prison.
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Joel Martinez, 41, Phoenix, Arizona, has been charged in a 43 count indictment involving nine other individuals in connection with a mortgage fraud scam.
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Atiqullah Nabizada, 29, Coto de Caza, California, Kenneth Moore, 49, Tustin, California, and Ahmed Tariq Asghari, 32, Sherman Oaks, California, have been arrested and charged with allegedly defrauding homeowners, financial institutions, and real estate investors in schemes that targeted the distressed homeowner market and allegedly caused more than $10 million in losses.
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Sergio Natera, 37, Bridgeport, Connecticut, was sentenced to two months of imprisonment, followed by three years of supervised release, for his involvement in a “short sale” mortgage fraud scheme.
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Richard Pilewicz, 54, Scottsdale, Arizona, an unlicensed real estate agent, pleaded guilty to federal bribery charges for offering to pay thousands of dollars to an individual he believed was a Bank of America employee in exchange for shortened approval times and lower appraisal values in short-sale transactions.
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Victor Cedeno, 26, was sentenced by U.S. District Judge Mary S. Scriven to five years in federal prison for his participation in a mortgage fraud conspiracy and for engaging in money laundering. In civil forfeiture proceedings, the Court ordered Cedeno to forfeit in excess of $1.3 million, which are traceable to proceeds of the offense.
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A warning has been issued to homeowners about an alarming rise in short sale fraud across California in a field “rife with scam artists”.
A short sale is an arrangement in which a homeowner sells his or her home for less than the outstanding mortgage, with the consent of the lender.
Attorney General Edmund G. Brown Jr. joined the California Department of Real Estate and the State Bar of California in
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