Archives For loan fraud

Pedro “Pete” Benevides, 45, Astatula, Florida, was sentenced by Senior United States District Judge Gregory J. Presnell to nine years in federal prison for his role in obtaining 20 fraudulent commercial and residential loans and lines of credit from several federally insured financial institutions totaling approximately $44,059,565.

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Gregg E. Steinnagel, 54, Chicago, Illinois, was sentenced to 48 months in prison by U.S. District Court Judge John Z. Lee for scamming people whom he had persuaded to invest in a bogus lending program involving short-term, high-interest loans to distressed homeowners.

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Ray M. Mubarak, 54, Knoxville, Tennessee, Dianna Mubarak, 52, Knoxville, and Blythe Bond Sanders, III, 35, Norris, Tennessee, were arrested by federal agents for allegedly participated in a bank fraud conspiracy involving fraudulent loans exceeding $6.7 million.

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Linda Sue Newcomb, 63, Madison Heights, Virginia, who was the former manager of the Lynrocten Federal Credit Union, pled guilty in United States District Court for the Western District of Virginia to embezzlement, bank fraud and identity theft charges for her role in originating loans in the names of credit union members without those members’ knowledge or consent, including forging the member’s name to fictitious loan documents. Continue Reading…

Delores Reeves, 59, Fortuna, California, has been indicted and charged with three counts of mail fraud and two counts of aggravated identity theft for allegedly retaining funds intended for hard money real estate loans. Continue Reading…

Jayesh Dahyabhai Patel, 49, Knoxville, Tennessee, was sentenced on Jan. 15, 2015, by the Honorable Leon Jordan, U.S. District Court Judge, to serve 42 months in federal prison. Patel was also ordered to pay restitution of $2,806,438.20 to First Community Bank and serve five years of supervised release upon his release from prison.

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Diane Glatfelter, 48, Billerica, Massachusetts, was sentenced for wire fraud charges in connection with a bogus bank guaranty program. Glatfelter defrauded a real estate businessman who was seeking funding for a development project. Glatfelter promised to secure a $20 million loan, but required him to pay $125,000 in up-front fees.

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Daniel Lee Rosales, 21, Killeen, TX, was sentenced to two years in federal prison for stealing money from U.S. Army soldiers though a fraudulent loan scam.

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John Struna, 52, Concord Township, Ohio, pleaded guilty to defrauding Taupa Lithuanian Credit Union. The defendant received $112,105 from a bank co-conspirator for the purchase of a condominium located in Ft. Myers, Florida, but at no time did Struna submit any credit applications or loan documents.

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Scott Edward Cavell, 31, Sacramento, was sentenced by United States District Judge John A. Mendez to five years in prison and ordered to pay $7.4 million in restitution for committing wire fraud in connection with laundering mortgage fraud proceeds.

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