The Michigan Office of Financial and Insurance Services (OFIS) announced its most recent list of persons prohibited from participating in Michigan’s residential mortgage loan and financial services industries.

The following Orders of Prohibition, issued in the last several months, prevent the following individuals from working in the mortgage industry and other regulated consumer finance industries:

Ronnie Duke, Fenton, Michigan: Consent Order of Prohibition.

Joseph Saad, Dearborn Heights, Michigan: Order of Prohibition entered upon a finding that Saad had engaged in fraud in connection with at least 28 residential mortgage loans.

Ronald Lester Ribant, Southfield, Michigan: Order of Prohibition pursuant to MCL 445.1668a(8) based upon several felony convictions involving fraud, dishonesty, and breach of trust.

Robert Clyde Troub, Portland, Michigan: Order of Prohibition pursuant to MCL 445.1668a(8) based upon felony conviction involving fraud, dishonesty, and breach of trust.

Chad Eugene Willis, Detroit, Michigan: Order of Prohibition pursuant to MCL 445.1668a(8) based upon several felony convictions involving fraud, dishonesty, and breach of trust. The Commissioner also issued a Cease and Desist Order against Chad Eugene Willis’ unlicensed mortgage company known as The Mortgage Highway, LLC.

Marvin R. Fried, West Bloomfield, Michigan: Consent Order of Prohibition.

The above Orders of Prohibition are in addition to the Commissioner’s previously issued Orders of Prohibition against the following:

James Thomas Keyton, Traverse City, Michigan: Order of Prohibition pursuant to MCL 445.1668a(8) based upon felony conviction involving fraud, dishonesty, and breach of trust.

Richard Major, Grand Rapids, Michigan: Consent Order of Prohibition

Brian Winborn, Ypsilanti, Michigan: Order of Prohibition entered upon a finding that Winborn engaged in fraud in connection with residential mortgage loans.

Kalil Khalil, Brownstone Township, Michigan: Order of Prohibition entered upon a finding that Khalil engaged in fraud in connection with a residential mortgage loan.

Tariq Hamad, Taylor, Michigan: Order of Prohibition entered upon a finding that Hamad engaged in fraud in connection with residential mortgage loans.

Examples of fraudulent and unscrupulous activity that resulted in an Order of Prohibition include: equity stripping “foreclosure rescue” schemes; flipping of property involving inflated property values and undisclosed non-arms length transactions; providing borrower down payment funds, without disclosing such assistance to the lender or investor; creation of fictitious loan application supporting documentation, such as W-2’s, Verifications of Deposits, and Verifications of Employment; occupancy fraud; converting loan proceeds or other funds to one’s own use; and being convicted of a felony involving fraud, dishonesty, or breach or trust.

In addition, the Commissioner recently revoked the mortgage licenses of William C. Phillips d/b/a Integrity Financial d/b/a Urban Mortgage Services, Redford, Michigan and Minute Man Financial Holding Co. d/b/a Metropolitan Financial & Funding Services, Detroit, Michigan.

“Protecting Michigan’s consumers from unscrupulous practices is a top priority of the Governor Granholm administration, and OFIS continues to use all regulatory tools at its disposal to target and take down bad actors in the mortgage industry,” OFIS Commissioner Linda A. Watters said. “Simply put: consumers need to know who to avoid doing business with.”

Michigan’s residential mortgage loan acts grant the Commissioner the authority to ban, after notice and an opportunity for a hearing, an individual from participating in Michigan’s consumer finance industry if the Commissioner is of the opinion that the individual has engaged in fraud.

A person who violates an Order of Prohibition, either by acting as an employee, agent, or control person of a licensee or registrant, or employing a banned person is subject to significant fines and penalties.