Loan Modification

Wisconsin Five Charged with Mortgage Fraud

Posted on September 30, 2010
MADISON, WI?Stephen P. Sinnott, United States Attorney for the Western District of Wisconsin, announced the filing of informations charging five individuals with submitting false loan applications to banks and mortgage lenders to obtain home mortgages...

Rainbow City Woman Pleads Guilty to Mortgage Application Fraud and Embezzlement

Posted on September 29, 2010
HUNTSVILLE?A 56-year-old Rainbow City woman pleaded guilty Wednesday in federal court to charges of bank and mortgage fraud that totaled more than $500,000, U.S. Attorney Joyce White Vance and FBI Special Agent in Charge Patrick Maley announced. ROXANNE SAUNDERS GILLILAND entered guilty pleas before U...

Title agent, mortgage broker and one other arrested in NJ fraud allegations

Posted on September 28, 2010
Three members of a mortgage fraud scheme, including a title agent and a mortgage broker, were arrested today on a criminal Complaint charging them with conspiring to commit wire fraud, United States Attorney Paul J. Fishman announced today in the attached Press Release...

Here in Massachusetts, mortgage fraud is not a crime

Posted on September 27, 2010
Pretty bizarre given all that has happened in the global economy over the past few years, but sadly it’s true. Media set out to find examples of scammers doing jail time here in Massachusetts for mortgage fraud given the explosion in foreclosures, especially in poor neighborhoods across the state...

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US Attorney ? Financial Fraud Enforcement Task Force to Mortgage Fraud Summit in Los Angeles

Posted on September 27, 2010
WASHINGTON ? Representatives of President Obama?s Financial Fraud Enforcement Task Force will host the latest of a Mortgage Fraud Summit on THURSDAY, SEPTEMBER 30, 2010 in LOS ANGELES. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes...

Ally Financial/GMAC Mortgage fraud exposes thousands of foreclosures to scrutiny

Posted on September 26, 2010
Normally, the phrase “mortgage fraud” evokes images of borrowers lying on their loan applications or, more recently, foreclosure rescue scams. You don’t often hear about the bank perpetrating the fraud. Until now. Ally Financial’s home loan unit, GMAC Mortgage, has a 13-person team dedicated to processing and signing all the foreclosure and eviction paperwork...

Former CEO of Cobalt Financial, Inc., Sentenced in Manhattan Federal Court to Three Years in Prison for Real Estate Fraud Scheme

Posted on September 24, 2010
PREET BHAHARA, the United States Attorney for the Southern District of New York, announced that WILLIAM B. FOSTER, the former owner, President, and CEO of Cobalt Financial, Inc., was sentenced today to three years in prison on charges stemming from a fraud that raised more than $23 million from over 250 investors in private placement [...

Four More Charged in Connecticut with Participating in Mortgage Fraud Conspiracy

Posted on September 23, 2010
David B. Fein, United States Attorney for the District of Connecticut, today announced that a federal grand jury sitting in New Haven has returned a second superseding indictment charging a total of 10 individuals with various offenses related to their alleged participation in a mortgage fraud conspiracy...

Norwich woman admits role in mortgage fraud

Posted on September 22, 2010
Hartford - Jane Soulliere, 44, of Norwich, pleaded guilty Wednesday before United States District Judge Alfred V. Covello in Hartford to conspiracy to commit mail fraud and wire fraud, stemming from a mortgage fraud scheme based in southeastern Connecticut...

Bellevue, WA man convicted in massive mortgage fraud scheme

Posted on September 21, 2010
A federal jury has convicted a 42-year-old Bellevue man accused in a mortgage fraud scheme, the U.S. Attorney’s Office announced Monday. Charged in November, Mark Steven Ashmore stood accused of using two companies he owned — Equity Solutions Northwest and Remarkable Properties LLC — and connections in the mortgage industry to conduct the wide-ranging fraud...

Two California men have sentenced for mortgage fraud in Okaloosa County

Posted on September 20, 2010
Yoba Falcon, 31, and Jose M. Esteves, 45, both of Anaheim, California were sentenced to federal prison for mail fraud and conspiracy to commit mail fraud. U.S. Attorney for the northern district of Florida, Pamela C. Marsh, says both pled guilty in the United States District Court in Pensacola...

Dorchester Developer and Two Virginia Recruiters Charged in Property Mortgage Scam

Posted on September 19, 2010
BOSTON, MA?A Dorchester developer and two out-of-state recruiters were charged today in a superseding indictment in federal court with multiple counts of wire fraud and bank fraud in connection with a multi-year, multi-property mortgage fraud scheme in Boston...

Virginia Real Estate Agent in Mortgage Fraud Conspiracy Sentenced

Posted on September 18, 2010
ALEXANDRIA, VA?Jorge Cidar Mendez Chavez, 42, of Ashburn, Va., was sentenced today to 27 months in prison, followed by three years of supervised release, for conspiracy to commit bank fraud. Chavez was also ordered to pay restitution in the amount of $1,688,400...

Florida architect sentenced to five years for mortgage fraud

Posted on September 17, 2010
U.S. Attorney A. Brian Albritton has announced that Robert Policastro has been sentenced to five years and three months in federal prison for conspiracy to commit mail and wire fraud (mortgage fraud). The court also entered a monetary judgment in the amount of $9,082,394...

New Jersey Woman Pleads Guilty to Operating $45 Million Real Estate Investment Ponzi Scheme

Posted on September 16, 2010
NEW YORK?Antoinette Hodgson pleaded guilty today to conspiracy to commit wire fraud in connection with her operation of a $45 million Ponzi scheme that fraudulently solicited investments in real estate from more than 20 New York and New Jersey investors, announced Preet Bharara, U...

7 indicted in state?s biggest mortgage-fraud scheme

Posted on September 15, 2010
Federal agents say they have dismantled the largest mortgage-fraud conspiracy in state history by indicting seven people on charges they bilked banks and other financial institutions out of $48 million, pocketing more than $9 million to fund lavish lifestyles that included matching Lamborghini sports cars...

Former Wisconsin bank officer pleads guilty to charge related to mortgage fraud scheme

Posted on September 14, 2010
A former Park Bank loan officer pleaded guilty Thursday to a federal obstruction charge connected to a mortgage fraud scheme. Amy B. Strait, 43, of McFarland, faces up to five years in prison when she is sentenced on Nov. 23 by U.S. District Judge William Conley...

See No Evil: Banksters Cheer While Charges are Dropped for Criminal Activity

Posted on September 13, 2010
So the banks that robbed themselves, robbed each other, financed what the FBI calls a ?mortgage fraud epidemic,? while gouging their customers with excess fees, phony charges and inadequate monitoring of fraud in individual accounts, are getting off Scott-free...

See No Evil: Banksters Cheer While Charges are Dropped for Criminal Activity

Posted on September 13, 2010

No Time: Feds Have Given Up Trying to Send Mortgage Lenders, Bankers to Jail

Posted on September 12, 2010
Remember ?Perp Walks?? After the string of corporate fraud cases that followed the tech blowup, we witnessed a rogue?s gallery of white-collar criminals getting arrested. Sure, it was tawdry (and often political) spectacle to watch guys like former Enron capo de tutti capi, Jeffrey Skilling and ex-HealthSouth boss Richard Scrushy try to dodge the cameras...

Alleged Fraudster Indicted in $1.8 Million Mortgage Fraud Scheme

Posted on September 11, 2010
GREENBELT, MD?A federal grand jury has indicted Darryl Stanley Paxton, Jr., a/k/a David Sosa, age 34, of Broward County, Florida, formerly of Maryland, on charges of wire fraud, money laundering, and fraudulent use of a Social Security number in connection with a scheme to defraud lenders of over $1...

Boston Attorney Charged in Property Mortgage Scam

Posted on September 10, 2010
BOSTON, MA?A Massachusetts attorney, Michael R. Anderson, 41, of Framingham, was charged today in federal court with wire fraud, bank fraud, and money laundering in connection [...]

Owner of St. Paul Legacy Lending Sentenced for Participating in $20 Million Mortgage Fraud Scam

Posted on September 09, 2010
The 31-year-old part owner of Legacy Lending was sentenced yesterday in federal court in St. Paul for participating in a mortgage fraud scheme that involved 37 separate real estate transactions and $20 million in loan proceeds. United States District Court Judge Richard H...

Romeo Home Builder Pleads Guilty in Mortgage Fraud Scheme

Posted on September 08, 2010
GIUSEPPE CRACCHIOLO, 60, of Romeo, Michigan, pleaded guilty before U.S. District Judge Paul D. Borman this morning to a federal information that charges him with conspiracy to commit wire fraud, United States Attorney Barbara L. McQuade announced today...

Macomb County homebuilder pleads guilty in mortgage fraud scheme

Posted on September 07, 2010
A Macomb County homebuilder pleaded guilty to conspiracy to commit wire fraud, the Departments of Justice, Treasury and Homeland Security reported Friday. Romeo resident Giuseppe Cracchiolo, 60, entered his plea before U.S. District Court Judge Paul D...

Former BCIA Chairman O?Malley indicted in mortgage fraud scheme

Posted on September 06, 2010
Ronald O?Malley, the former chairman of Bergen County?s public financing wing and the CEO of a New Jersey private mortgage brokerage firm, was indicted Tuesday by a federal grand jury on 68 counts of fraud and conspiracy to commit fraud. The 53-page indictment alleges that O?Malley used his position as chairman of the Bergen County Improvement [...

LA Mortgage Broker Sentenced to 6½ Years in Prison for Luxury Property Scams

Posted on September 05, 2010
A former mortgage broker who helped orchestrate a massive mortgage fraud scheme that caused well over $40 million in losses was sentenced today to 78 months in federal prison. Mark Alan Abrams, 49, of downtown Los Angeles, was sentenced by United States District Judge Dean D...

Indictment Unsealed Charging Utah Man with Mortgage Fraud Scheme

Posted on September 04, 2010
SALT LAKE CITY?A 10-count federal indictment unsealed Thursday charges Christopher D. Hales, age 29, of Midvale, with mail, wire, and bank fraud and with money laundering in connection with an alleged mortgage fraud scheme. The indictment involves two properties, one in Lindon and one in Salt Lake City...

Cal broker sentenced in mortgage fraud scheme

Posted on September 03, 2010
A former mortgage broker was sentenced to 78 months in federal prison for a fraud scheme that involved buying houses in some of Southern California’s most ritzy neighborhoods and selling them to fake buyers at inflated prices. Mark Alan Abrams of Los Angeles was also ordered Friday to pay more than $41 million in restitution to [...

Phoenix man convicted of mortgage fraud

Posted on September 02, 2010
A Phoenix mortgage broker has been convicted on 10 charges of fraud for scamming some homeowners into filing bogus foreclosure paperwork. Maricopa County prosecutors say 52-year-old Edward L. Carpenter was found guilty by a jury Wednesday after a six-day trial...

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