Archives For Down Payment Fraud

Selim Zherka, 47, businessman, Somers, New York, pled guilty to conspiring to make false statements to a bank in order to receive millions of dollars in loans and to file materially false tax returns with the IRS.  As part of his plea agreement, Zherka agreed to forfeit $5.23 million.

According to the Superseding Information filed in White Plains federal court and other court documents filed in the case:  From December 2005 through the present, Zherka conspired with others to obtain $63.5 million in loans from Sovereign Bank (now Santander), for the purchase and/or refinancing of apartment house complexes in Tennessee by lying about the purchase price of the real estate he was acquiring and the amount of the down payment he was making toward the purchase in question. Continue Reading…

Howard Goldsmith, real estate developer, 41, Raleigh, North Carolina, was sentenced to a 30 month term of imprisonment for his role in a down payment fraud scheme.  According to documents filed in Court, between August of 2006 and February of 2009, Goldsmith and his conspirators carried out a fraud upon various banks and lenders using entities Goldsmith owned or controlled, including Ganyard Farm Construction and Baldwin EstatesContinue Reading…

Alberic Okou Agodio, 30, Bethesda, Maryland, pleaded guilty to conspiracy, wire fraud, and aggravated identity theft, arising from a mortgage fraud scheme.  He used the names of immigrants and students, along with false financial information, to obtain approximately $3.8 million in home mortgage loans.  He bought approximately three dozen row houses in Baltimore, all of which are in default or foreclosure. Continue Reading…

Brenda Ann Blair, 37, loan officer, Bonita Springs, Florida, formerly of Goochland County, Virginia, was sentenced to 27 months in prison, followed by five years of supervised release for participating in a fraud scheme that obtained approximately $2.4 million worth of mortgage backed loans from federally backed financial institutions. Continue Reading…

Joseph Brogan, St. Louis, Missouri, was sentenced to 14 months in prison and ordered to pay more than $350,000 in restitution after pleading guilty to multiple fraud charges related to a scheme involving applications for home loans.

According to court documents, Brogan was employed as a loan officer for USA Mortgage, Inc. where he handled both conventional mortgages and FHA loans.  Michael Wallis owned and operated a company known as Missouri Builders and Home Remodeling (Missouri Builders), which performed interior construction and remodeling work on houses.  Continue Reading…

Cecil Sylvester Chester, 68, accountant, Mitchellville, Maryland; Michael Gerard Camphor, 59, real estate agent, Baltimore, Maryland; and Christopher Andy Kwegan, 58, real estate agent, Randallstown, Maryland were indicted by a federal grand jury on charges arising from the fraudulent purchase of seven properties in Baltimore, Maryland, using fraudulent loan documentation and straw purchasers, resulting in losses of over $1.7 million. Continue Reading…

Stavroula Mendez, 68, real estate developer, was sentenced to 135 months in prison; Lazaro Mendez, 42, real estate developer, was sentenced to 108 months in prison; and Marie Mendez, 49, real estate developer, was sentenced to 57 months in prison in connection with their roles in a mortgage fraud scheme that caused losses of $27.8 million.  U.S. District Judge Patricia A. Seitz of the Southern District of Florida also ordered each of the defendants to forfeit $35,252,331 in fraudulent proceeds and to pay $21,240,064 in restitution.  In November 2014, all three defendants were convicted of wire fraud, bank fraud and conspiracy.  Eleven other co-conspirators were previously convicted of fraud in connection with the scheme. Continue Reading…

Vince Manglardi, 59, real estate developer, Long Grove, Illinois; Theodore “TJ” Wojtas, Jr., 43, real estate developer, Glenview, Illinois; David W. Belconis, 56, attorney who owned and operated Classic Title, Inc., Long Grove, Illinois; Nunzio L. Greico, 63, Palatine, Illinois, who was formerly an employee of the developers; Walter Vali, also known as “Wally Mohammad” and “Mohammad Valimohammad,” 62, former mortgage loan originator, who did business as Sunshine Funding, Inc., Mundelein, Illinois; and Karin L. Ganswer, 62, former licensed real estate salesperson, Palatine, Illinois were indicted by an federal grand jury and charged with mail and wire fraud in connection with the marketing and sale of condominiums at a 50-acre development in Palatine, Illinois known as “The Woods at Countryside.”  They are alleged to have participated in a mortgage fraud scheme which caused more than $16 million in losses to banks, mortgage lenders, Fannie Mae, and Freddie Mac. Continue Reading…

Mark F. Friend, 60, Stockton, California, was indicted by a federal grand jury on six counts of bank fraud relating to a mortgage fraud scheme wherein he allegedly submitted false and fraudulent loan applications to lenders. Continue Reading…

Five defendants have been sentenced for their roles in a mortgage fraud conspiracy perpetrated in the Eastern District of Texas involving illegal property flipping, falsification of documents, including HUD-1 Settlement Statements, down payment fraud, and loan application misrepresentations.

Continue Reading…