Archives For Equity Skimming

Stephen Mayer, 51, Miami, Florida, was sentenced by U.S. District Judge Susan C. Bucklew to 11 years and 3 months in federal prison for his role in a real estate flipping and equity skimming conspiracy. The Court also ordered him to pay more than $3.1 million in restitution to the affected lenders, and more than $4 million in forfeiture, which were proceeds traceable to the scheme.

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Stephen Mayer, 51, Miami, Florida, was convicted by a federal jury for his role as the ringleader of an illegal flipping conspiracy with estimate losses to lenders in excess of $3 million.

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Charles Head, 40, Pittsburgh, Pennsylvania, (formerly of Los Angeles and Orange County, California), was sentenced by United States District Judge Kimberly J. Mueller to 35 years in prison for his role in a scheme whereby victims were fraudulently led to complete transactions that substituted straw buyers for the victim homeowners on the titles of properties without the homeowners’ knowledge. .

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David Singui, 49, Inglewood, California, and Aziz Meghji, 35, Los Angeles, California, the top two managers at a mortgage brokerage company have been arrested on federal charges relating to a foreclosure avoidance and equity-skimming scheme that targeted distressed homeowners.

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Consumers are warned to be cautious in dealing with several enterprises offering seminars on how to “get rich quick” in real estate, which may include illegal practices such as equity skimming, preparation of false documents and pass-through escrows.

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Chad Evans, 37, Brookville, Indiana, was sentenced by U.S. District Judge James Moody to 70 months in federal prison for conspiracy to commit wire fraud, bank and mail fraud, and money laundering for his role in a straw buyer scheme.

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Alonzo Jackson Brown III, 44, Fairfield, California has been indicted on nine counts in connection with an investment fraud scheme and a mortgage fraud scheme.

According to court documents, Brown is a licensed real estate broker who used that position to perpetrate a mortgage fraud scheme. Brown is accused of

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Sang Min Kim, a/k/a Sonny Kim, 37, Tampa, Florida, was sentenced by U.S. District Judge Susan C. Bucklew to 41 months in federal prison for conspiracy to commit wire, mail, and bank fraud and money laundering in connection with a mortgage fraud scheme. As part of his sentence, the court entered a money judgment in the amount of $5,826,778.65, the proceeds of the charged criminal

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Shafik Hirji was arrested on charges of theft in excess of $2,500 – a class B felony, and three counts of Uttering Forged Instruments – class D felonies. The arrest was made in connection with Hirji‘s alleged theft of home equity in connection with a mortgage loan.

The Office of the Nevada Attorney General announced the arrest.

“This incident is yet one more

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Walter Bressler, 42, Frisco, Texas, formerly of Nashua, New Hampshire, pleaded guilty in U.S. District Court to operating a mortgage fraud and equity stripping scheme involving numerous New Hampshire properties. At a hearing before Senior U.S. District Judge Joseph DiClerico, Bressler admitted to violating the federal mail fraud

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