Archives For Regulatory Violations

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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Reunion Mortgage, Inc. and its former co-owners, David Thayer, and R. Kent Harvey, have agreed to pay $1.04 million to settle allegations that the company submitted false claims to the Federal Housing Administration in violation of the False Claims Act, 31 U.S.C. §§ 3729-33.

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Gary Alan Rickenbach, 56, Little Rock, Arkansas, has been indicted and charged with one count of conspiracy to commit bank fraud, misapplication of bank monies, making false entries to deceive the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, obstructing an OCC examination and money laundering.

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Randy Alan Carpenter, 56, Spruce Pine, North Carolina, an attorney, engineer and land surveyor, was sentenced by U.S. District Judge Graham Mullen to 27 months in prison for making false statements on his tax returns.

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Poppi Metaxas, 60, Hillsborough, California, the former chief executive officer and president of Gateway Bank FSB, with bank fraud, bank fraud conspiracy, and perjury.

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Lender Processing Services, Inc. (LPS), now known as Black Knight Financial Services has entered into a settlement with the State of Nevada to resolve the State’s civil action alleging LPS violated the Nevada Deceptive Trade Practices Act, and all other outstanding issues or claims related to the litigation.

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