Archives For Escrow Fraud

Jacqueline Polverari, 47, Branford, Connecticut, was sentenced by U.S. District Judge Janet Bond Arterton in New Haven to 12 months and one day of imprisonment, followed by three years of supervised release, for arranging a series of fraudulent mortgage loan refinancing transactions.

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Karen Strasser Steinke, 65, Millstadt, Illinois, was sentenced to twenty-one months imprisonment followed by three years supervised release as a result of her convictions for Wire Fraud in a scheme to defraud clients of Metro East Title, and Structuring of Financial Transactions to Avoid Currency Transaction Reporting Requirements. Evidence showed that Steinke took the funds to support a gambling habit.

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Mervyn A. Phelan, Sr., 74, Newport Beach, California, and Gregory E. Grantham, 56, Oceanside, California, pleaded guilty to conspiracy, wire fraud and obstruction of justice for their roles in a real estate fraud scheme whereby private money lenders and investors were persuaded to deposit funds into escrow accounts, which were later pillaged by the conspirators.

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Donna Shirley Cobb, 53, Aledo, Texas, woman has been sentenced to federal prison for her role in a mortgage fraud scheme involving 28 properties located in the Eastern District of Texas.

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Jay Fischer was found guilty by Marathon County, Wisconsin, Judge Gregory Huber of a million dollar mortgage fraud scheme wherein he failed to pay off prior mortgages, resulting in dual active mortgages on homes.

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Harold L. Gruber, 60, an attorney, and his law firm, Harold L. Gruber, P.C., Brooklyn, New York, have entered into a settlement to resolve allegations of submitting at least nine fraudulent filings to the Attorney General’s Real Estate Finance Bureau and breaching his fiduciary duties as an escrow agent.

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Steve Kessedjian, 51, Los Angeles, California, was sentenced by U.S. District Judge Lawrence J. O’Neill to 21 months in prison for stealing refinance funds intended to pay off debts, which forced the borrowers into bankruptcy…

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Stephen Richard Colson, 48, Biloxi, Mississippi, pled guilty in federal court on March 19, 2014, to falsifying, concealing, and covering up material facts in connection with a scheme to defraud two banks and the Bankruptcy Court in violation of Title 18 Section 1001.

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Anthony E. Aguilar, and Brenda K. Wyatt, both of Norman, Oklahoma, were indicted on charges of conspiracy to commit bank fraud and making a false statement to a financial institution.

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Louis Macaluso, 47, Westfield, New Jersey, a title company owner, has pleaded guilty to criminal charges for stealing a total of $5.3 million entrusted to him as a settlement agent to pay off multiple mortgage loans in connection with real estate closings he handled.

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