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WASHINGTON – A real estate agent and a mortgage broker, both of Las Vegas, were found guilty today for their participation in a mortgage fraud scheme that netted nearly $2.5 million in fraudulent mortgage loans, announced Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division, U.S. Attorney Daniel G. Bogden of the Continue reading… Las Vegas Real Estate Agent and Mortgage Broker Convicted for Their Roles in Mortgage Fraud Scheme The Mortgage Fraud Index from MortgageDaily.com has California at the top of the list for mortgage fraud activity during the third quarter of 2011. The mortgage fraud index for third quarter was at 1173, down almost seven percent from the prior quarter when the index was at 1261, but up over 16 Continue reading… California Number 1 in Mortgage Fraud Ranking KANSAS CITY, MO—Beth Phillips, United States Attorney for the Western District of Missouri, announced that two California men were indicted by a federal grand jury today for a mortgage fraud scheme that defrauded a failed Sugar Creek, Mo., bank of more than $8.5 million. BALTIMORE—Brenda Lukenich, age 60, of Hughesville, Maryland pleaded guilty this week to mail fraud arising from a scheme to defraud lenders and a title insurance company of $1.7 million. Two co-defendants are scheduled for trial on November 7, 2011. The plea agreement was announced by United States Attorney for the District of Continue reading… Title Company Escrow Accountant Pleads Guilty in $1.7 Million Mortgage Fraud Scheme WASHINGTON – Alexander Otis Matthews, a Virginia real estate businessman, was sentenced today to 10 years in prison in connection with mortgage and investment schemes to obtain more than $12 million in fraudulent loans. The sentencing was announced by Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division, U.S. Attorney Neil H. MacBride Continue reading… Virginia Real Estate Businessman Sentenced to 10 Years in Prison for Mortgage and Investment Fraud Schemes Minnesota has emerged as the state with the highest amount of mortgage fraud (in total dollar amount) according to the second-quarter 2011 Mortgage Fraud Index from MortgageDaily.com. With $184,715,000 of mortgage fraud activity in the 2nd quarter Minnesota inched out the first place spot from Florida which had $184,009,434 in loans with mortgage fraud Continue reading… Minnesota Emerges as Mortgage Fraud Hot Spot TUCSON, AZ—A federal grand jury returned an indictment charging four defendants in a mortgage fraud conspiracy. The indictment charged 20-counts including conspiracy to commit bank fraud, false statement to influence a financial institution, and conspiracy to commit transactional money laundering. MINNEAPOLIS—Earlier this week in federal court, a 52-year-old man was charged for his role in a $20 million mortgage fraud scheme that involved 57 properties. Douglas Rex Butler was charged via an information with one count of conspiracy to commit wire fraud. HOUSTON—Two Houston businessmen, a mortgage company loan officer, and a title company attorney and escrow officer have been indicted for their alleged involvement in a scheme to defraud residential mortgage lenders of more than $22 million in loans. CINCINNATI—A federal grand jury has indicted four people who ran a Cincinnati real estate business known as American Equity Group (AEG) with fraudulently obtaining more than $13 million in loans through a loan fraud scheme that targeted homeowners or builders in or near foreclosure. The scheme allegedly caused a loss of $6 million. Carter M. Stewart, Continue reading… Four Charged with Running $13 Million Loan Fraud Scheme CHICAGO—A former South Holland man was sentenced to 17½ years in federal prison for directing a $35 million mortgage fraud scheme involving more than 120 residences on the city’s south side. The scheme caused various lenders and financial institutions to lose approximately $16 million on mortgage loans that were not repaid by the borrowers or Continue reading… Former South Holland Man Sentenced to 17½ Years in Prison for Directing $35 Million Mortgage Fraud Scheme Involving More Than 120 Residences in the Chicago Area The FBI released it’s Mortgage Fraud Report for 2010 showing that mortgage fraud continued at elevated levels in 2010 and was consistent with levels seen in 2009. The top states for mortgage fraud activity in 2010 were Florida, California, Arizona, Nevada, Illinois, Michigan, New York, Georgia, New Jersey, and Maryland. MIAMI – Louis Gendason of Delray Beach, Fla.; Kimberly Mackey of Pittsburgh; and John Incandela, of Palm Beach, Fla., pleaded guilty today to one count of conspiracy to commit wire fraud for their participation in a $2.5 million Home Equity Conversion Mortgage, or reverse mortgage, fraud scheme . MINNEAPOLIS—This past Friday in federal court, an Edina mortgage broker was charged for his role in a $20 million mortgage fraud scheme that involved 57 properties. Derrick Ivan Lance, age 40, of Edina, was charged via an information with one count of conspiracy to commit wire fraud. KANSAS CITY, MO—Beth Phillips, United States Attorney for the Western District of Missouri, announced that a former real estate agent and a former loan officer are among five co-defendants who have pleaded guilty in federal court to their roles in an $11 million mortgage fraud scheme that involved upscale homes in Lee’s Summit, Blue Springs, Continue reading… Real Estate Agent, Loan Officer Among Five Defendants to Plead Guilty to $11 Million Mortgage Fraud WASHINGTON – Alexander Otis Matthews, a Virginia real estate businessman pleaded guilty today to fraud charges in connection with mortgage and investment schemes to obtain more than $12 million in fraudulent loans. The guilty plea was announced by Assistant Attorney General Lanny A. Breuer of the Criminal Division, U.S. Attorney Neil H. Continue reading… Virginia Real Estate Businessman Pleads Guilty to Mortgage and Investment Fraud Schemes U.S. Attorney’s Office HOUSTON—Claymon “Butch” Trammell, along with his wife, Jeannettea Williams, and daughter, Michelle Trammell, have all pleaded guilty to conspiracy to commit wire fraud for their roles in a multi-million-dollar mortgage fraud scheme, United States Attorney José Angel Moreno announced today. The three residents of Houston entered their pleas yesterday in Continue reading… Mother, Daughter, Father Plead Guilty to Mortgage Fraud Scam PHOENIX—Brett Matheson, 46, pleaded guilty on Monday in federal court to conspiracy to commit wire fraud in a $50 million mortgage fraud scheme based in Phoenix. Two others have also entered guilty pleas and are awaiting sentencing. Ronald Johannes Sneijder, 48, a former owner of a title and escrow company based in the District of Columbia, pled guilty last week to the lead count in a recently filed indictment, bank fraud, announced U.S. Attorney Ronald C. Machen Jr. and James W. McJunkin, Assistant Director in Charge of the Continue reading… Former Title and Escrow Agent Pleads Guilty to Mortgage Fraud Last week, a loan originator, the 12th and final defendant in a large-scale mortgage fraud ring, was sentenced in federal court for his role in fraudulent property transactions that were part of a larger mortgage fraud conspiracy involving 21 property deals and more than $10.6 Continue reading… Final Defendant Sentenced to 70 Months for Involvement in Large-Scale Mortgage Fraud Ring This week, in federal court in St. Paul, a jury convicted a 44-year-old Burnsville man of conspiring with others to bilk mortgage lenders out of more than $43 million. Following a six-day trial, the jury found Troy David Chaika guilty on seven counts of wire fraud, three counts of mail fraud, Continue reading… Federal Jury Convicts Burnsville Man of Bilking Mortgage Lenders Out of More Than $43 Million Ronald Johannes Sneijder, 48, a former owner of a title and escrow company based in the District of Columbia, has been indicted on federal charges relating to mortgage fraud. The total amount of loans was approximately $1,829,000. The indictment, which was unsealed today, was returned May 13, 2011 in the U.S. District Continue reading… Former Title and Escrow Agent Indicted for Mortgage Fraud The United States has filed a civil mortgage fraud lawsuit against Deutsche Bank AG and its wholly owned subsidiary, MortgageIT Inc. The government’s complaint seeks damages and civil penalties under the False Claims Act for repeated false certifications made to the U.S. Department of Housing and Urban Development (HUD) in Continue reading… United States Sues Deutsche Bank and Subsidiary MortgageIT for Years of Reckless Lending Practices This week, Mary Lee Reinking of Clinton, IA, a former mortgage broker with Crow Valley Mortgage in Bettendorf, Iowa, was sentenced by United States District Judge John A. Jarvey to five years’ probation, including one-year home confinement, in connection with Reinking’s previous guilty plea to one count of wire fraud. Reinking Continue reading… Former Mortgage Broker Sentenced for Mortgage Fraud The Mortgage Fraud Index from MortgageDaily.com has fallen 69 percent over the past year to the lowest level since early 2008. For the fourth quarter of 2010 the Mortgage Fraud Index was 814, which is down from 2634 the year before and is the lowest level the index has been at since the first Continue reading… Mortgage Fraud Index Falls to Lowest Level in almost 3 Years U.S. Attorney Dennis Burke announced this week two indictments charging 12 Arizonans for their involvement in multi-million-dollar mortgage fraud conspiracies. Between the two cases, the defendants fraudulently obtained more than $19 million in loans and more than $5 million in “cash back” loan proceeds. The defendants are charged with various Continue reading… Twelve Arizonans Indicted in Multi-Million-Dollar Mortgage Fraud Schemes $19 Million in Fraudulently Obtained Loans Department of Justice Press Release For Immediate Release Romeo Home Builder Gets Jail Time in Mortgage Fraud Scheme Giuseppe Cracchiolo, 60, of Romeo, Michigan, was sentenced for his role in a mortgage fraud scheme to six months’ imprisonment, followed by three years’ supervised release, United States Attorney Barbara Continue reading… Home Builder Gets Jail Time in Mortgage Fraud Scheme A federal grand jury indicted a Brookwood man yesterday on wire fraud and false statement charges related to a more than $1 million mortgage fraud scheme in the Birmingham area, announced U.S. Attorney Joyce White Vance. A 34-count indictment filed in U.S. District Court charges SCOTT ERIC PERRY, 34, with 17 counts Continue reading… Brookwood Man Faces 34-Count Federal Indictment in Mortgage Fraud Scheme Charles H. Evans, Jr., 57, of Jackson, and his brother Jon Christopher Evans, 53, also of Jackson, pled guilty in U.S. District Court this week to conspiracy to commit money laundering and bank fraud, U.S. Attorney John M. Dowdy, Jr. and FBI Special Agent in Charge Daniel McMullen announced. Continue reading… Two Mississippi Lawyers Plead Guilty to Money Laundering Conspiracy and Federal Bank Fraud United States Attorney Laura E. Duffy announced that brothers Matthew “Beau” La Madrid and Lance La Madrid pled guilty earlier this week in federal court to conspiracy Continue reading… Brothers Plead Guilty to Their Roles in Masterminding $30 Million Ponzi Scheme and Mortgage Fraud |
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