A six-count indictment was unsealed in federal court charging six people with bank and wire fraud concerning their alleged participation in a scheme to defraud lenders using fraudulent loan applications, falsified HUD-1 Settlement Statements and inflated appraisals.
Archives For Appraisal Fraud
James Lignelli, 59, Presto, Pennsylvania, was found guilty by a federal jury of three counts of bank fraud, United States Attorney David J. Hickton announced today.
Richard Dean Woolsey, 42, Grosse Ile Township, Michigan, was sentenced after being convicted at trial of conspiracy to commit wire fraud and wire fraud for his role in a mortgage fraud scheme. Woolsey and his conspirators disguised the source of down payments and provided false and inflated appraisals for properties, among other things.
Manjeet Bawa, 46, Dix Hills, New York, Joseph Ferrara, 70, Long Beach, New York, Eric Finger, 48, Miami, Florida, Joseph Mirando, 54, Centereach, New York, John Petition, 68, Garden City, New York, and Aaron Wider, 50, Copiague, New York, have been charged with carrying out a $30 million bank fraud conspiracy by fraudulently inflating the prices of homes for sale and then obtaining mortgages that far exceeded the true collateral value of properties.
Johnny Eugene Grivette Jr., 39, Magalia, California, was sentenced by United States District Court Judge John A. Mendez to four and a half years in prison for his participation in a mortgage fraud scheme involving straw buyers and the payment of commissions to appraisers who would artificially inflate values.
Trina Tahir, 58, Oklahoma City, Oklahoma, has been sentenced to twenty-four months in federal prison and ordered to pay $382,290.82 in restitution for her role in obtaining fraudulent mortgage loans.
Brandy Gomez, 35, East Hampton, Connecticut, pleaded guilty before U.S. District Judge Alvin W. Thompson to one count of conspiracy to commit mail and bank fraud related to a real estate appraisal scheme.
Carlyle “Carl” Lee Cole, 66, Bakersfield, California, was sentenced by United States District Judge Lawrence J. O’Neill to 17 years and seven months in prison and Caleb Lee Cole, 37, Bakersfield, was sentenced to six months in prison for charges stemming from their involvement in an extensive mortgage fraud scheme that ran from January 2004 to September 2007.
Matthew Sysum, 44, Fort Collins, Colorado, who was convicted of running a mortgage fraud scheme, was sentenced in Weld County District Court to five years in prison.
Jason Moreno, 30, Pittsburgh, Pennsylvania, has been sentenced in federal court to 96 months imprisonment, to be followed by three years of supervised release, on his conviction of wire fraud and wire fraud conspiracy.