Archives For Miscellaneous

Timothy McCabe, 50, and Theresa Morales, 50, formerly of Buffalo, New York, pleaded guilty before U.S. District Court Judge Richard J. Arcara, to bank fraud.

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Steven J. Moorhouse, 62, Sandwich, Illinois, pleaded guilty before U.S. District Judge Frederick J. Kapala to a charge of making a false statement to a financial institution.  Moorhouse admitted providing a lender with false documents concerning his business assets.

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Lynn Eichenberger and Loan Thituong Nguyen have been charged for their alleged role in a real estate fraud conspiracy.

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Charles A. Bennett, 56, Manhattan, New York, was arrested on securities and wire fraud charges stemming from his scheme to defraud over 30 investors of more than $5 million through a Ponzi scheme that he perpetrated for more than five years.

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Based on incident reports, Florida’s Mortgage Fraud Index ranked first in the nation for loans investigated in 2013. Florida’s reported fraud rate, 529, is over five times the expected rate of fraud for the state, based on its origination volume. It is over five times that of California for investigated loans.

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Steven Alan Standridge, 58, Mount Ida, Arkansas was sentenced to 60 months in prison followed by three years of supervised release and victim restitution totaling $7,096,417.35 for his role in obtaining loans using false and fraudulent information.

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Octavio Lombardo, a/k/a Otto Lombardo, 67, was arrested on wire fraud charges stemming from his advance fee loan scheme, which allegedly defrauded victims of more than $1 million.

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Daniel Lee Rosales, 21, Killeen, TX, was sentenced to two years in federal prison for stealing money from U.S. Army soldiers though a fraudulent loan scam.

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Top Agent Network, Inc. filed a lawsuit against leading online real estate company Zillow alleging theft of its proprietary trade secrets to create the highly touted “Coming Soon” feature.

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Robert J. Lunn, 64, Chicago, Illinois, an investment advisor, was convicted of federal bank fraud charges for engaging in a scheme to defraud Leaders Bank and two of his clients of more than $3.2 million and ultimately causing the bank to lose more than $2.7 million.

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