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Week Ending March 14, 2014

Mortgage Fraud News

Case Activity

OIG Says Mortgage Fraud Low Priority for DOJ
March 13 -- A new report indicates that the Department of Justice has been doing less to combat mortgage fraud while overstating it prosecution activity.

Fraud Used to Steal Equity from Distressed Homeowners
March 12 -- MANCHESTER, N.H. -- A Manchester man who duped banks out of millions in a scheme that targeted people facing foreclosure was sentenced to six years in federal prison on Monday.

8 Years for Pa Developer in Mortgage Fraud Case
March 10 -- Michael Pouls, a Main Line, Pa., developer whose name had for many become synonymous with the borrow-and-spend excesses of the early 2000s, saw his wave of prosperity come crashing down Friday as a federal judge sentenced him to eight years in prison for bank fraud.

Date Defendants State Amount of Loans Overview Source
Mar 14 Lawrence Dressler, Genevieve Salvatore, Bradford Rieger, Jeffrey Weisman CT $1,700,000 Dressler sentenced to 20 months.
Mar 14 Robert Serao, Stephen Corba, Charles Harvath, Joseph Witkowski, John Siuszko, Michael Williams, William Brown, Mark Kreischer, Crystal Brame, Aku I. Muhammad, George Lachenmayr, Jr. NJ $40,800,000 Serao pleaded guilty. Department of Justice
Mar 13 Jim Sotolongo, Ramara Garret FL $2,000,000 Judge in case might need to be recused.
Mar 12 Mohammed N. Islam (aka Tanveer) CT $7,000,000 in losses Pleaded guilty. Department of Justice
Mar 12 James Olivos FL $2,866,121 Olivos claimed he can't go to jail because he is morbidly obese. Judg ordered him to produce paperwork within 48 hours confirming his excuse.
Mar 11 Genevieve Salvatore NJ $2,500,000 Sentenced to 24 months.
Mar 10 Michael Wayne Harding VA $2,019,403 in restitution Sentenced to 30 months. Department of Justice
Mar 10 Michael Prieto NH $2,370,000 in losses Sentenced to 6 years.

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