David Saks is a musician, retired real estate broker, and long-time ActiveRain member.
David's blog features important information relevant to the safety, integrity and security of the industry. In addition to his widely read real estate fraud blog, a comprehensive overview of real estate continuing education is a weekly addition for his subscribers and the ActiveRain community at-large. Thank you for subscribing to and for visiting David's ActiveRain home on the internet.
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ARCHIVED BLOG POSTS
2012
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Jury Finds New Yorker Guilty of Ponzi Scheme Joseph Mazella, the founder and president of the Great Atlantic Group Inc., Staten Island, New York, a real estate and financial consulting company, was found guilty by a jury in Brooklyn, NewYork, following two weeks of trial. The defendant was convic...
02/22/2012
Real Estate Investor Sentenced to 3 Years for Fraud Richard Pettibone, 44, formerly of Alexandria, Virginia, pleaded guilty to operating a $1.5 million real estate investment Ponzi scheme and was sentenced to 36 months in prison, followed by three years of supervised release. According to court d...
02/22/2012
Real Estate Agent Forges Buyer's Name in Bankruptcy Case Gary Kevin Coats pled guilty before United States Magistrate Judge David W. Daniel to bankruptcy fraud, in violation of Title 18, United States Code, Section 157(3), for forging a buyer's name and initials on a offer to purchase a condomini...
02/22/2012
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Loan Modification Scams Still Going Strong Ziad Nabil Mohammed, Daniel Al Saffar and Sara Beth Bushore Rosengrant, each charged with conspiracy to commit wire fraud and mail fraud for their roles in operating a fraudulent mortgage loan modification business, pled guilty in federal court in San Di...
02/21/2012
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Loan Officers Charged for Straw Buyer Scam Simon Saed Alizadeh and Kian Ashkanizadeh were indicted on charges of conspiracy, wire fraud, mail fraud, and money laundering in connection with a mortgage fraud scheme involving four expensive homes located on Triton Street, Carlsbad, California. The c...
02/21/2012
Settlement Reached in Lawsuit Alleging FHA Violations CitiMortgage, Inc., a subsidiary of CitiBank, N.A., was the subject of a civil lawsuit, which was immediately settled. The Complaint sought damages and civil penalties under the False Claims Act and the Financial Institutions Reform, Recovery,...
02/21/2012
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Real Estate Developer Charged with Fraud Reginald R. Harper, 58, Hammond, Louisiana, and Troy A. Fouquet, 43, Covington, Louisiana, were charged in a one count bill of information for conspiracy to commit bank fraud. According to court documents, in approximately 2004, Harper, the former presiden...
02/21/2012
4 Convicted of Mortgage Fraud After 5 Week Trial William Randolph Tisdale, 46, Dallas, Texas, and three other codefendants were convicted following a nearly five-week jury trial for their roles in a mortgage fraud scheme that was run by Eugene J. Lockhart, 49, Carrollton, Texas, a former Dallas C...
02/21/2012
Former Mayoral Candidate Sentenced for Kickbacks H. Gregory Cordell, 46, Cartersville, Georgia, was sentenced by United States District Judge Charles A. Pannell, Jr. to federal prison for bank fraud related to a mortgage he obtained on property located in Cartersville, Georgia. Cordell was senten...
02/21/2012