Mortgage Fraud Blog - Displaying items by tag: Virginia

5 Admit Million Dollar Mortgage Fraud Scheme

Peter Kim, 39, Fairfax, Virginia, Bok Hee Lee, 37, South Riding, Virginia, Jai Sek Lee, 50, Ashburn, Virginia, Jai Song, 41, McLean, Virginia, and Erin Cullen, 32, Fairfax, Virginia have each pled guilty to conspiracy to commit wire fraud in conspiring to secure more than $1.5 million in a mortgage fraud scheme involving a home in Gainesville, Virginia.

Monday, May 21 2012 00:36

R.E. Project Manager Pleads Guilty to Construction Fraud

Recardo S. Lewis, 61, Norfolk, Virginia, pled guilty federal court to conspiring with others to defraud the Bank of the Commonwealth by submitting fraudulent draws on a multi-million construction project in Virginia Beach, Virginia.

Tuesday, May 01 2012 07:54

Real Estate Agent and Developer Convicted of Fraud

Nadin Samnang, 29, Ashburn, Virginia, has been convicted by a federal jury for his role in fraudulent mortgage loan transactions involving at least 25 homes in Northern Virginia and more than $7 million in losses to lenders.

Wednesday, April 25 2012 00:09

April 2012 Report Continues to Show Increases in Mortgage Loan Fraud

The Financial Crimes Enforcement Network released its full year 2011 update on April 23, 2012, concerning mortgage loan fraud reported suspicious activity reports (MLF SARs) that shows financial institutions submitted 92,028 MLF SARs last year, a 31 percent increase over the 70,472 submitted in 2010. The increase can primarily be attributable to mortgage repurchase demands.

Tuesday, April 24 2012 00:36

Developer Admits Scam that Contributed to Bank Failure

Eric H. Menden, 53, Chesapeake, Virginia, pled guilty to engaging in a $41 million bank fraud scheme that contributed to the failure of the Bank of the Commonwealth.

Thursday, April 12 2012 00:53

Mortgage Rescuer Admits Loan Modification Scam

Howard R. Shmuckler, 68, Virginia Beach, Virginia, pled guilty to running a fraudulent mortgage rescue business that received substantial fees but actually modified clients' mortgages in only a few cases.

Wednesday, March 28 2012 05:33

Loan Originator Sentenced for Mortgage Fraud

Victoria L. Allen, 57, Chesapeake, Virginia, was sentenced to 48 months in prison for conspiring to commit mail and wire fraud and was ordered to pay $1,940,000 in restitution. Allen, along with several conspirators, orchestrated a wide-ranging mortgage fraud scheme that resulted in losses of nearly $2,000,000 and involved over 30 property transactions.

Friday, March 23 2012 00:12

Solicitor Admits Lying About Real Estate Development

David Silver, 59, Richmond, Virginia, former President of Old Dominion Financial Services, pleaded guilty to giving false assurances to investors whose money he had given to another for real estate development.

Tuesday, March 20 2012 18:25

Taylor Bean & Whitaker CFO Admits $2.9B Fraud

Delton de Armas, 41, Carrollton, Texas, a former chief financial officer (CFO) of Taylor, Bean, & Whitaker Mortgage Corp. (TBW), pleaded guilty to making false statements and conspiring to commit bank and wire fraud for his role in a more than $2.9 billion fraud scheme that contributed to the failures of TBW and Colonial Bank.

Friday, March 16 2012 06:29

Executive Sentenced for Sophisticated Mortgage Scam

Nicole G. Hathaway, 34, New Kent, Virginia, former President of Mortgage Solutions II, was sentenced to 33 months in prison for her involvement in a two-year mortgage loan fraud scheme.

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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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