Archives For Mortgage Fraud

Charles Patrick Gahan, Grand Rapids, Michigan, a real estate developer, was indicted on August 26, 2014, on charges of conspiracy to commit wire fraud affecting financial institutions for his role in a mortgage stacking scheme wherein he failed to disclose the existence of prior recorded liens and mortgages.

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The owner of a Florida mortgage company, seven employees of the company and two real estate developers were indicted in the Southern District of Florida in connection with an alleged $50 million mortgage fraud scheme.

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 Twin Falls Title and Escrow (TFTE) is the subject of a cease and desist order for fraudulently using the identity of a legitimate Idaho entity to promote unlawful escrow activity by altering a copy of the Certificate of Assumed Business Name filed by First American Title Company, Inc.

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Anshoo Sethi, 30, Chicago, Illinois, a property developer, was indicted on federal charges for allegedly exploiting a U.S. visa program to fraudulently raise approximately $160 million from some 290 Chinese nationals who invested in the project while seeking U.S. residency.

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Brian Matthew Rich, 40, Laguna Beach, California, and Marcus Alan Avritt, 42, of Seal Beach, California, were sentenced by U.S. District Judge Robert J. Conrad, Jr. to prison for their roles involving computer theft from a nation-wide online mortgage broker.  Rich and Avritt avoided paying the victim company an estimated $745,152 for the stolen mortgage leads.

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Hong Jae Kim, aka Randy Kim, 45, was sentenced by U.S. District Judge Jane J. Boyle to 10 years in federal prison and ordered to pay $1,795,125 in restitution for his nearly two-year role in a scheme to launder mortgage fraud proceeds.

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Robert Timothy Koger, 48, formerly of Oakton, Virginia, the president of an international brokerage firm, was sentenced to 11 years in prison for conducting a wide-ranging set of fraud schemes involving the sale of several properties. Koger located legitimate buyers at fair market price, then he recruited straw buyers with whom he arranged the sale for considerably less than the legitimate buyers in exchange for a kickback when the straw sold the property to the legitimate buyer.

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Robert Bacon, 35, West Newbury, Massachusetts, was sentenced by U.S. District Judge Kenneth Marra to 72 months in prison, to be followed by three years of supervised release and payment of restitution in an amount to be determined. Bacon is one of ten defendants in a scheme to bilk thousands of homeowners who were struggling to make their mortgage payments.

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Soo Kyung Hong, aka Maria Hong, 48, Los Angeles, California, was sentenced to three years in federal prison for orchestrating a scheme that led to the fraudulent purchase of four properties worth more than $2 million.

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Daniela Spiridon, 43, St. Charles, Missouri, was sentenced to 78 months in prison involving a real estate scheme related to the purchase and sale of REO properties. In addition to the prison sentence, she was also ordered to pay $2,499,988 restitution and a fine of $5,000.

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