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12 Indicted In Atlanta Mortgage Fraud Bust

Tuesday, September 16 2008 06:58
12 Indicted In Atlanta Mortgage Fraud Bust

Fulton County District Attorney Paul L. Howard, Jr. joined forces with Atlanta Police Chief Richard Pennington on September 15, 2008, to announce the indictment of a dozen defendants in an elaborate mortgage fraud scheme centered in Atlanta, Georgia's West End. Five defendants are already arrested and in custody while the others remain at-large. The defendants are allegedly accused of buying and selling nine homes using inflated appraisals to more than double actual value. According to media reports, seven of the homes were located in Atlanta's historic West End.

The following defendants are in custody:

Grady Bland, Michael Dunlap, Jephthah Jenkins, Franklin Polite, and Brian Stokelin.

The following defendants remain at large:

Paul Agbeblewu, Frederick Fisher, also known as Rahim Kariem, Nikoi Kotey, also known as Jonathan Nikoi Kotey, Charles Neequaye, W. Leo Payne, Anthony Riley, also known as Aloysius Anthony Peter, and Ekue Satchivi, also known as Francesco E. Satchivi or Francesco E. Satchni.

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5 comments

  • Comment Link Rob Wednesday, October 15 2008 02:56 posted by Rob

    It was in fact, ALL caused by criminals. The industry might be lacking in oversight and the crooks do thrive in a market with such high profits, but the FACT is, the criminals did the dirty deeds, not the industry. Would you say the bank is guilty because they kept so much cash on hand? No, you wouldn't. Stop labeling the industry. Just so you know, I AM the detective that arrested those folks.

  • Comment Link Stephen Friday, September 19 2008 12:33 posted by Stephen

    No, it was ALL cause by an industry that knows no ethical boundaries, has no oversight and thrives on fraud.

  • Comment Link Wholesale Rep Wednesday, September 17 2008 04:54 posted by Wholesale Rep

    As an account executive, I have looked at tons of deals-- SubPrime, Agency, Government, and Alt-A. I have talked with tons of people in the industry and we have all seen the usual types of fraud-- home made w-2's, junk voe's, etc.-- but we are seeing fraud as an industry. The layers of complicity include realtors, sellers, buyers, lawyers, and, I am sure, lo's and underwriters. However, I do not think that the number of bad deals out there has caused the housing meltdown we have now. There is more to it. We will never get to the bottom of it.

  • Comment Link Confessions Of A Realtor Tuesday, September 16 2008 22:01 posted by Confessions Of A Realtor

    First American Title makes alot of mistakes and bad decisions that affect real estate consumers. the Real Estate Industry is Broken. The Only insurance you, the Real Estate Consumer Has is Knowledge.

  • Comment Link Kathy Tuesday, September 16 2008 18:36 posted by Kathy

    cbs4.com/video/?id=62082@wfor.dayport.com

    The next wave in Fraud...loan modifications with fees..

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Rachel Dollar 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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