Estate Planning

FBI finds another case of Foreclosure Fraud

By David M. Goldman

An Indianapolis foreclosure attorney was recently sentenced in federal court to three years probation and almost of 300 hours of community servce for defrauding Citifinancial of thousands of dollars through a foreclosure fraud scheme. While working for Citibank, the attorney was required to submit a bid at sheriff's sale on foreclosed homes, sell the home through legitimate means and submit the proceeds of the sale to Citifinancial. Instead of following these proscribed procedures the attorney submitted inflated bids and had arrangements for family and friends to purchase the homes. The purchase price for the home made by his family and friends were for a few thousand dollars more than the Citifinancial minimum bid and the attorney would not send the profits to Citifinancial.

Full post as published by Florida Estate Planning Lawyer Blog on July 18, 2010 (boomark / email).