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| Broker Charged For Luxury Home Scam|
A broker for 1st Metropolitan Mortgage Corp, Rachel
Donegan, faces 30 years in jail and a $1 million dollar fine for charges
of money laundering and helping Shawn Green and Yolanda Crawley obtain
super jumbo loans to by luxury homes under false pretenses.
read story from The Daily Record
Gang Ties Land Mortgage Company Owner Behind Bars
Originally facing 187 charges of theft and forgery,
Michael Alexander Hartsell only plead guilty to 24 counts and received
10 years behind bars for using the company he owns, First Choice
Mortgage, as a front to defraud more than 250 individuals and draining
retailers of more than $500,000, allegedly on behalf of a white
supremacist prison gang.
read story from The NC Times
Two Suspected in Corrupt Mortgage Activities
Larry Corna and Alan Csipke are facing multiple counts
of theft, money laundering, and corrupt activities, after an investigation
of inflated mortgages on three properties. Corna is already awaiting trail
in a different mortgage related fraud case that involves several counts
of theft, forgery, and passing bad checks.
read story from The Columbus Dispatch
Mother, Daughters Charged with Fraud
Doris Toledo and her daughters Sonia Toledo and Sylvia
Toledo are each looking at 11 felony counts of computer fraud, 11 felony
counts of document fraud, and one count of theft, for processing mortgage
loans out of Building & Loan Mortgage Co., and helping illegal immigrants
get social security numbers to obtain some of those loans.
read story from KC Community News
August 23, 2007
Lead Mortgage Fraud Scam Suspect Arrested
Officials arrested Ifthikhar Ahmad for allegedly
masterminding a multimillion-dollar mortgage fraud scheme involving
several other real estate professionals.
read story from News 10
Credit "Repairs" to Continue Deceiving Lenders
Even as software is being updated to prevent
spotty-credit mortgage applicants from making their credit look
better to lenders by latching onto credit card accounts of people
with good credit histories, loopholes will contribute to fraudsters
continuing to abuse the system.
read story from Realty Times
August 22, 2007
Gangs Gaining in on Mortgage Fraud
As some gangs shift focus from street crimes to
mortgage fraud, enforcement officials suspect gang members previously
incarcerated for gun crimes may have learned how to defraud lenders
from inmates incarcerated for financial crimes.
read story from National Public Radio
No End Seen in Mortgage Fraud
Property flipping, straw buyers, equity skimming
and foreclosure rescue are all part of mortgage fraud, which is
expected to become even more prevalent.
read story from KGET
9 Accused of $25M Mortgage Fraud
Nine individuals are accused of duping
inexperienced borrowers into $25 million in fraudulent mortgages
for more than 500 properties with inflated values.
read story from NBC 4
2 Prison Mates Charged with Fraud
Both Reginald Greene and Michael Umali, who met
in federal prison, were indicted on charges relating to defrauding
Cendant Mortgage Corp. of $2 million with the help of people who
had access to Cendant's software system.
read story from Courier-Post
Man Sentenced for Mortgage Scam
Delbert Baptiste faces three to nine years in
prison after admitting to charges involving the use of straw
buyers to obtain over $2 million in mortgages for the same property,
which was overvalued to pocket extra loan proceeds.
read story from Brooklyn Daily Eagle
August 21, 2007
Man Sentenced for ID, Mortgage Fraud
Using a child's Social Security number for a home
loan and other people's identities to gain access to other credit
earned Ronald Steven Williams II a sentence of more than six years
read story from The Baltimore Sun
Fraud's Role in the Mortgage Crisis
Among the possible factors contributing to the
mortgage crisis is fraud by institutions that failed to appropriately
disclose the value or risk of securities backed by subprime loans.
read story from Blogger News Network
Mortgage Fraud Under Further Scrutiny
While mortgage fraud complaints and foreclosures
continue to pile up, the FBI's number of cases under investigation
has soared to 1,200 from 818 last year and many states are toughening
up against foreclosure rescue scams.
read story from Wall Street Journal
NC Toughens Up on Mortgage Fraud
In an effort to rout out mortgage fraud, North
Carolina has more than doubled staff focused on investigating home
loan fraud and recently passed a law that makes mortgage fraud a felony.
read story from The News & Observer
August 20, 2007
ID Thieves Sought Wealthy Individuals' HELs
A Russian named Igor Klopov is accused of being the
ringleader of an identity theft gang that targeted wealthy individuals'
home equity lines and other sources to steal millions of dollars.
read story from Wall Street Journal
Hotline Aids Alleged Scammer's Victims
The state of New York has set up a hotline to help
potential victims of Aaron Dare, who is accused of taking advantage
of people trying to own homes through state-funded programs he led.
read story from Capital News 9
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