Archives For Regulatory Violations

Bell Holdings, Inc., and Bimija Limited Partnership, are the subjects of Administrative Complaints issued by the Florida Office of Financial Regulation charging each company with unlicensed mortgage lending activity.

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Thomas Yu, 51, San Ramon, California, was convicted of Conspiracy to Commit False Bank Entries, Reports, and Transactions by pleading guilty to Count Six of the pending Superseding Indictment in this case. By failing to properly report poor performing loans, Yu admitted that he helped the bank avoid required loan loss reserves that enabled the bank to artificially inflate its reported earnings to the public.

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Charles Lightbody, 54, Revere, Massachusetts, Dustin DeNunzio, 37, Cambridge, Massachusetts, and Anthony Gattineri, 56, Winchester, Massachusetts, have been indicted on state and federal charges in connection with their efforts to hide the financial interest of a convicted felon in a parcel of land in Everett, Massachusetts.

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Hometown Lenders, LLC, NMLS No. 65084, Huntsville, Alabama, and its owners, William E. Taylor, Jr., William E. Taylor, Sr. and Byron Heath Quick entered into a consent order with the Georgia Department of Banking & Finance to resolve allegations that they employed two felons and transacted business with an unlicensed mortgage processing company.

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Don A. Langford, 63, Gibsonia, Pennsylvania, a former senior vice president and chief credit officer of TierOne Bank, a publicly traded commercial bank formerly headquartered in Lincoln, Nebraska, pleaded guilty to defrauding TierOne’s shareholders and regulators by falsely inflating the value of TierOne’s loan and real estate portfolio. Continue Reading…

The Castle Law Group, its principals and affiliated foreclosure-related businesses, as well as Aronowitz & Mecklenburg, its principals and affiliated foreclosure-related businesses, are the subjects of civil law enforcement actions for allegedly charging fraudulent and inflated costs for the posting of two statutorily-mandated notices on the homes of borrowers facing foreclosure.

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David Higgs, a former Managing Director in the Investment Banking Division of Credit Suisse Group, was sentenced to time served in connection with a scheme to hide more than $100 million in losses in a mortgage-backed securities trading book at Credit Suisse.

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Heritage Homes Group, Inc., a Pennsylvania-based home builder that offers home financing, has settled Federal Trade Commission charges that it deceived consumers by advertising low-cost mortgages while hiding fees and not disclosing vital information about the true cost of the mortgages.

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The Federal Housing Administration published a Mortgagee Letter reminding lenders participating in the agency’s Home Equity Conversion Mortgage Program to make certain senior borrowers are fully informed of all their options when applying for reverse mortgages.

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Steven Pitchersky, 65, Rancho Mirage, California, was sentenced to 51 months in prison for a scheme to defraud Ally Bank that resulted in losses to the bank of approximately $5.3 million. Pitchersky, who pleaded guilty to wire fraud on September 23, 2013, operated Nationwide Mortgage Concepts, a California mortgage lender.

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