Archives For Michigan

Anthony Carta, 53, Detroit, Michigan, has pleaded guilty to seven felonies associated with his formation of a faith-based mortgage assistance scam.

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Joel Wilson, 32, Saginaw, Michigan, was convicted by a jury on nine felony charges for his role in an extensive Michigan Ponzi scheme wherein he defrauded hundreds of Michigan victims out of millions of dollars. In January 2014, extradition efforts were initiated to retrieve Wilson from Germany after he was on the lam in Europe for more than a year.

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GTL Investments, Inc., doing business as John Adams Mortgage Company, Southfield, Michigan, a mortgage lender, has agreed to pay $4.2 million to resolve allegations that it violated the False Claims Act in its origination of loans backed by the federal government.

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Sixteen people have been charged for operating a fraudulent telemarketing scheme that involved losses of over $20 million to more 290 victims in 46 states and Canada, including Michigan.

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Nationwide Consulting, LLC, and its operators, Kenneth Sandoval and Zacharia Ortiz, who were convicted for their roles in a loan modification scheme, will be repaying their victims out of restitution obtained in the criminal case.

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Joel Wilson, 31, Saginaw, Michigan, who was extradited from Germany after being on the lam in Europe for more than a year, will proceed to trial for his alleged role in an extensive real estate Ponzi scheme. Wilson allegedly defrauded investors by telling them he would use their funds to purchase distressed properties, then sell them at a profit.

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Charles Patrick Gahan, Grand Rapids, Michigan, a real estate developer, was indicted on August 26, 2014, on charges of conspiracy to commit wire fraud affecting financial institutions for his role in a mortgage stacking scheme wherein he failed to disclose the existence of prior recorded liens and mortgages.

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Richard Hollern, 39, Grand Ledge, Michigan pled guilty before U.S. District Judge Robert Holmes Bell to a conspiracy to commit bank fraud in connection with his ownership in CDC Investments.

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Wasseem Shamoun pleaded guilty to conspiracy to commit bank fraud in the U.S. District Court for the Eastern District of Michigan for his role in a scheme wherein he and his co-conspirators purchased property then recruited straw buyers to submit fraudulent loan applications to lenders in exchange for a fee.

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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.

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