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Mortgage and Fraud and the Law, Oh My!
Friday, May 11 2012 05:32
Settlement Entered in Civil Lawsuit Concerning HUD Violations
Deutsche Bank AG, DB Structured Products, Inc., Deutsche Bank Securities, Inc. (collectively "Deutsche Bank") and MortgageIt, Inc. have entered into an agreement settling a lawsuit filed by the United States, which alleged HUD misreprsentations.
Thursday, May 03 2012 00:48
2 Swindle Elderly Woman Out of Multi-Million Dollar Property
Ifeanyichukwu Eric Abakporo and Latanya Pierce have been arrested and charged for allegedly swindling an elderly woman out of her multi-million-dollar property in Harlem, New York, that she had owned for more than 40 years, and then deceiving a bank into giving them a $1.8 million mortgage loan secured by the property.
Friday, April 27 2012 07:32
Developers Admit Submitting Phony Invoices to Lender
J. Christopher Daly and Michael Abreu, two executives at the Sheldrake Organization, a real estate development and management company, pled guilty in Manhattan federal court for their roles in a scheme to fraudulently obtain $2.2 million from a foreign-owned bank.
Thursday, April 26 2012 05:43
Man Admits Submitting False Loan Docs to Lenders
James P. Vasiliou, Jr., 46, Getzville, New York, pleaded guilty to bank fraud for his role in a mortgage scam. The charge carries a maximum penalty of 30 years in prison, a fine of $1,000,000, or both.
Friday, April 20 2012 06:25
Lawyer, Loan Office and Loan Processor Admit $9M Fraud
Eric Finger, 47, Mineola, New York, Reginald Johnson, 38, St. Albans, New York, and Denise Parks, 46, Olive Branch, Mississippi, each pled guilty for their roles in a $9 million mortgage fraud scheme.
Thursday, April 12 2012 00:07
Loan Officers Admit Using Straw Buyers to Defraud Lenders
Frederick Warren, Dorian Brown, and Fritz Bonaventure, three mortgage loan officers, each pled guilty for their roles in a $9 million mortgage fraud scheme invovling the use of straw buyers.
Tuesday, April 10 2012 05:34
Brokerage Owner Admits $66M Mortgage Fraud Scam
Gerard Canino, 51, Merrick, New York, the president and owner of Long Island-based mortgage brokerage firm First Class Equities, pled guilty to conspiring to commit wire fraud and bank fraud in connection with a $66 million mortgage fraud scheme.
Wednesday, March 28 2012 10:53
Appraiser Settles Mortgage Fraud Claims
William Buckley and his firm, Premier Appraisal Services, Inc. have settled with the United States mortgage fraud claims.
Thursday, March 01 2012 00:34
Mortgage Fraudster Gets Hefty Sentence
Donald MacPherson, one of the prime architects of a massive mortgage fraud involving mostly Hamptons, New York, properties, was sentenced to four to 12 years in prison in Suffolk County court, New York.
Wednesday, February 29 2012 08:15
Lender Settles Suit Alleging FHA Insurance Violations
Flagstar Bank, F.S.B. ("Flagstar"),one of the nation's largest savings banks and originators of mortgage loans, was the subject of a civil lawsuit, which it simultaneously settled. The lawsuit included allegations that Flagstar improperly approved residential home mortgage loans for government insurance.
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Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.
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