Archives For Rhode Island

Louis Marandola, 41, attorney, Providence, Rhode Island; Brian R. McCaffrey, 38, licensed loan originator, East Greenwich, Rhode Island; Raffaele M. Marziale, 41, former loan officer, Bristol, Rhode Island; Lauren Sienko, 33, loan processor, Rehoboth, Massachusetts; Gina M. Ronci Mohamed, 45, licensed real estate agent, Lincoln, Rhode Island; and Edwin Rodriguez, 35,  real estate investor, Pawtucket, Rhode Island, were charged in a 22-count federal grand jury indictment unsealed in U.S. District Court in Providence, Rhode Island with allegedly participating in a conspiracy to obtain money they were not entitled to from financial institutions and individuals through mortgage loans, residential property sales and fees. Continue Reading…

Franchesco Franco, 34, a former mortgage loan originator, Providence, Rhode Island, pleaded guilty in federal court to conspiracy to commit bank fraud for his participation with a local real estate attorney and others in a scheme to defraud Flagstar Bank, by filing a fraudulent mortgage loan application and supporting documentation in the name of a person known to him who had recently died, in order to secure a loan in the amount of $157,102 for the purchase of a residence at 63 Wendell Street, Providence, Rhode Island.

According to court documents, after the mortgage was issued, Franco filed fraudulent documents in the deceased person’s name in order to have his own name added to the deed for the property. Loan payments were never made to Flagstar Bank, an FHA-insured lender, by Franco or anyone else. As a result, the U.S. Department of Housing and Urban Development (HUD) paid an insurance claim to Flagstar Bank for the unpaid balance of the loan in the amount of $165,062. According to court documents, a corporation formed by the real estate attorney, an alleged co-conspirator in this matter, later purchased the note for $35,000. Continue Reading…

David L. Spector, 52, Needham, Massachusetts, a former Rhode Island and Massachusetts mortgage attorney, pleaded guilty to defrauding mortgage holders and lending institutions of more than $600,000. 

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James D. Levitt, 66, Pawtucket, Rhode Island, a disbarred real estate attorney, was sentenced in U.S. District Court in Providence to 12 months and one day in prison and fined $25,000 for his role in a $1.1 million mortgage fraud scheme.

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James D. Levitt, 66, Rhode Island, a former attorney, pled guilty in federal court in Providence, Rhode Island, to three counts of bank fraud and two counts of filing false tax returns for his role in a million-dollar mortgage fraud scheme.

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Dr. Timothy E. O’Brien, 55, South Kingstown, Rhode Island, and Eugene L. O’Brien, 50, Westport, Massachusetts, two brothers allegedly involved in a $2,280,000 mortgage fraud schem, have been arrested.

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Evgueni Tetioukhine, 40, Warwick, R.I., a Russian national convicted by a federal jury in September 2011 of making false statements to obatin a mortgage, aggravated identity theft; wire, passport and social security fraud; and making false statements on a federal student loan application, was sentenced to 48 months in federal prison, followed by 3 years of supervised release.

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Miguel Valerio, 52, Providence, Rhode Island, a mortgage loan processor with National City Mortgage Company, pleaded guilty to his participation in a straw-borrowing scheme that netted more than $3.5 million in fraudulently obtained mortgages on 13 properties in five Rhode Island communities, all of which were eventually foreclosed upon.

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Juan Carlos Hernandez, 42, West Warwick, R.I., a former loan officer with National City Mortgage Company, pleaded guilty to his role in a “straw-borrowing” scheme that netted more than $3.5 million in fraudulently obtained mortgages on 13 properties in five Rhode Island communities.

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A federal grand jury returned a 13 count indictment against a loan officer and a loan processor, as well as a former Rhode Island attorney currently involved in the real estate industry.  The Defendants include: 

Juan Carlos Hernandez, 41, West Warwick, Rhode Island, a loan officer with Continue Reading...