Nashville real estate company faces allegations of fraud and forgery

According to the Nashville Post, a Nashville company specializing in the acquisition of distressed properties is facing allegations it used forgery and fraud in a massive scheme to purchase tax-sale properties for pennies on the dollar.

A 133-page complaint  filed last week in Davidson County Chancery Court details the alleged scheme perpetuated by REO Holdings LLC and its principals Charles E. Walker, Jon Paul Johnson, Julie Coone and Merdan Ibrahim.

Kelly Gearhart, 54, a former real estate developer in California’s Central Coast, who previously lived in Atascadero, California and currently resides in Wadsworth, Ohio, was sentenced to 168 months in federal prison for his conviction on fraud and money laundering charges after bilking investors who put millions of dollars into Central Coast real estate projects.  Gearhart was remanded into custody at the close of the sentencing hearing.

Gearhart, who was named Atascadero’s “Citizen of the Year” in 2006, pleaded guilty last year to two counts of wire fraud and one count of money laundering. When he pleaded guilty, Gearhart admitted that he knowingly and intentionally made misrepresentations and omissions relating to his Vista Del Hombre real estate development project to induce victims to part with their money. Gearhart admitted that he sold lots that were part of the Vista Del Hombre project in Paso Robles, even though those lots were being used to secure others’ loans. Gearhart admitted that he then used those same lots to obtain bank loans. Continue Reading…

Cherry Hill Man Defrauded Burlington County Residents Out of $146,000

A Cherry Hill man who held himself out as a mortgage loan specialist has been charged with theft and other charges that he allegedly used $146,000 for personal expenses that had been paid to him by four Burlington County residents seeking loan assistance, authorities said on Wednesday.

Mark L. Begley, 50, was charged with second degree theft by deception, two counts of third degree theft by deception, second degree misapplication of entrusted property, two counts of third degree misapplication of entrusted property, third degree filing a fraudulent or false income tax return, two counts of third degree failure to pay/remit taxes and third degree failure to file a return.

New scam targeting people looking for affordable housing

Scammers are targeting low-income families who are seeking affordable housing.

The scammers are targeting some people who are using Section 8 housing, and they are using fake websites to do it.

Prison for O.C. woman who offered bogus foreclosure relief

A 30-year-old Costa Mesa woman pleaded guilty Wednesday to federal charges stemming from a foreclosure rescue fraud scheme that targeted homeowners with bogus promises of mortgage relief.

Najia Jalan entered her plea in Los Angeles federal court to charges of mail fraud and aggravated identity theft.

Brooklyn swindler weeps as he pleads guilty to $11M mortgage fraud scheme

A sniveling swindler pleaded guilty Wednesday to participating in an $11 million mortgage fraud scheme in Brooklyn and going on the lam for four years before he was captured in Canada.

John Star, a Nigerian-born and Yiddish-speaking real estate broker, blubbered throughout the proceeding and at one point his lawyer requested a recess so he could compose himself.

Vince Manglardi, 59, real estate developer, Long Grove, Illinois; Theodore “TJ” Wojtas, Jr., 43, real estate developer, Glenview, Illinois; David W. Belconis, 56, attorney who owned and operated Classic Title, Inc., Long Grove, Illinois; Nunzio L. Greico, 63, Palatine, Illinois, who was formerly an employee of the developers; Walter Vali, also known as “Wally Mohammad” and “Mohammad Valimohammad,” 62, former mortgage loan originator, who did business as Sunshine Funding, Inc., Mundelein, Illinois; and Karin L. Ganswer, 62, former licensed real estate salesperson, Palatine, Illinois were indicted by an federal grand jury and charged with mail and wire fraud in connection with the marketing and sale of condominiums at a 50-acre development in Palatine, Illinois known as “The Woods at Countryside.”  They are alleged to have participated in a mortgage fraud scheme which caused more than $16 million in losses to banks, mortgage lenders, Fannie Mae, and Freddie Mac. Continue Reading…

“Access to better data means lenders can now make informed decisions. This integration is a perfect marriage of blending  appraisal quality scores with appraiser credentials. After all, honest and competent appraisers produce credible appraisal reports. No doubt, this is a winning formula.”

Clearbox Founder and CEO Joan Trice on their partnership with Valligent

Freddie Mac, has not seen a recent spike in occupancy fraud, “but it’s always been a consistent misrepresentation in loan files and we’re concerned about it”

Jenny Brawley, Freddie Mac fraud investigator, comment to the Washington Post “A Little Lie on a Mortgage Application Can Cost You Big”

Diana Yates, former Chief Financial Officer of the Bank of Oswego (Oregon), Sherwood, Oregon and Dan Heine, former Chief Executive Officer of the Bank of Oswego, Naples, Florida, were indicted by a grand jury and charged with one count of conspiring to defraud The Bank of Oswego and 26 counts of false entries in bank records. Both were arrested on Friday, June 26, 2015 and Yates made her appearance in Portland, Oregon before the Honorable John Acosta. Heine was arraigned in the Middle District of Florida and will make an appearance in the District of Oregon on a later date. Continue Reading…