real estate fraud: JURY CONVICTS THREE OF MORTGAGE FRAUD CONSPIRACY - Defendants Remanded Into the Custody of the United States Bureau of Prisons
- 10/05/11 12:32 PM
Jury Convicts 3 of Mortgage Fraud Conspiracy Neil Fagan, Pamela Johnson, and Veldora Arthur were found guilty of conspiracy to commit wire and mail fraud, and all substantive mail-fraud counts set forth in the February 3, 2011 superseding indictment. The indictment included charges of conspiracy to commit wire and mail fraud and substantive mail fraud. The conspiracy and mail fraud counts carry a statutory maximum sentence of 20 years' imprisonment. All defendants were remanded into the custody of the United States Bureau of Prisons following their convictions. Fagan and Johnson were charged in Counts 1 through 5 of the indictment and … (2 comments)
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real estate fraud: MAN SENTENCED TO NEARLY SIX YEARS IN PRISON FOR FORECLOSURE RESCUE AND REAL ESTATE PONZI SCHEME
- 10/05/11 08:51 AM
Man Sentenced for Foreclosure Rescue and Real Estate Ponzi Scheme Royce Lee Newcomb, 49, Roseville, California, was sentenced by United States District Judge Morrison C. England Jr., to five years and 10 months in prison, to be followed by three years of supervised release for a real estate fraud scheme. The amount of restitution will be determined at a future hearing. Newcomb pleaded guilty to the charges on May 12, 2011. According to court documents, from January 1, 2009 until February 19, 2010, Newcomb solicited 22 investors to purchase real estate, primarily foreclosed homes. He instructed them to send their money to … (0 comments)
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real estate fraud: MAN ADMITS USING FRAUDULENT COLLATERAL TO OBTAIN LOAN - HE PLEDGED GRAIN RECEIPTS HE DIDN'T OWN
- 10/05/11 08:07 AM
Man Admits Using Fraudulent Collateral to Obtain Loan Michael Dean Olk, 56, Clear Lake, Iowa, a man who made false statements to obtain loans from a bank, pled guilty in federal court in Cedar Rapids, Iowa. Olk was convicted of using fraudulent grain receipts as collateral for two bank loans.
At the plea hearing, Olk admitted he pledged grain he did not own in order to obtain two bank loans. Olk used fraudulent warehouse receipts from his grain elevator company to deceive the bank. The warehouse receipts falsely represented Olk delivered grain to his elevator on January 14, 2003 and February 10, 2003. In … (0 comments)
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real estate fraud: TWO ADMIT BID RIGGING AT FORECLOSURE AUCTIONS
- 10/05/11 08:03 AM
2 Admit Bid Rigging at Foreclosure Auctions Eric Larsen, San Leandro, California, and Timothy Powers, Alamo, California, two real estate investors, were charged in U.S. District Court for the Northern District of California in Oakland, California for their participation in bid-rigging and mail-fraud conspiracies at public real estate foreclosure auctions in Contra Costa and Alameda counties, California. The defendants have agreed to plead guilty to the charges. Powers is charged with participating in the conspiracy in Contra Costa County from as early as May 2009 until about December 2010, and Larsen is charged with participating in the conspiracy in Alameda County from … (2 comments)
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real estate fraud: FORMER CENTENNIAL BANK SENIOR VICE PRESIDENT CHARGED WITH MORTGAGE FRAUD
- 10/05/11 07:58 AM
Former Bank SVP Charged with Mortgage Fraud Joseph W. Traxler, 63, Bloomington, Minnesota, the former senior vice president and chief financial officer for Centennial Mortgage and Funding, Inc. (“Centennial”), was charged with defrauding a bank of approximately $8 million through material omissions and misrepresentations concerning Centennial’s operations and mortgage loans entered by Centennial. Traxler was charged via an Information with one count of aiding and abetting bank fraud.
Allegedly, from 2007 through 2008, Traxler, an accountant, fraudulently used funds intended for mortgage loans to cover Centennial’s operating losses and to fund the company’s payroll and other expenses. Specifically, when a home … (2 comments)
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real estate fraud: REAL ESTATE INVESTMENT SCAMMER GETS 9 YEARS IN THE SLAMMER
- 10/05/11 07:52 AM
Real Estate Investment Scam Nets 9 Years in Prison <!-- Date created --> Jesse Alvin Cripps Sr., 57, previously of Visalia, California, was sentenced by United States District Judge Lawrence J. O'Neill to nine years and six months in prison for an investment scheme involving the sale of fraudulent real estate investment trusts. As part of his sentence, Cripps must also pay $2 million in restitution to his victims and must forfeit the property and proceeds obtained from the scheme, including a $2 million personal money judgment.
Cripps was remanded into custody immediately after the sentencing hearing to begin serving his … (0 comments)
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real estate fraud: HARD MONEY BROKER CONVICTED OF STEALING
- 10/05/11 07:47 AM
Hard Money Broker Convicted of Stealing Mark Alan Helsing, 53, Tustin, California, a broker for hard money lenders, was convicted of stealing $6.9 million from investors in a Ponzi and real estate fraud scheme. Helsing pleaded guilty to 55 felony counts of grand theft, seven felony counts of filing false recorded documents, six felony counts of elder financial exploitation, and sentencing enhancements for white collar crime over $500,000 and excessive taking over $1 million and $1.3 million. Helsing faces a maximum sentence of 15 years in state prison at his sentencing Dec. 2, 2011, in Department C-30, Central Justice Center, Santa Ana, California. … (2 comments)
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real estate fraud: SIX INDICTED IN $25 MILLION MORTGAGE FRAUD SCHEME - DEFENDANTS INCLUDE TWO ATTORNEYS, LOAN OFFICER AND REAL ESTATE AGENT
- 10/05/11 07:30 AM
Six Indicted in $25 Million Mortgage Fraud Scheme Defendants Include Two Attorneys, Loan Officer, and Real Estate Agent A federal grand jury in Brooklyn returned a superseding indictment charging six defendants with a mortgage fraud scheme in which they fraudulently obtained over $25 million in loans.1 The indictment alleges the defendants conspired to defraud financial institutions, including Countrywide Financial, Fremont Investment and Loan, IndyMac Bank, National City Corporation, Sun Trust Mortgage, Inc. and Wells Fargo & Company, and wholesale mortgage lenders, including Lend-Mor Mortgage Bankers Corporation, Mortgage Lenders Network USA, and New Century Mortgage Corporation. Attorneys Matthew Burstein … (0 comments)
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real estate fraud: FORMER LEE'S SUMMIT REAL ESTATE AGENT SENTENCED FOR MORTGAGE FRAUD CONSPIRACY, MONEY LAUNDERING $12.6 MILLION SCHEME INVOLVED NEW, UPSCALE HOMES IN LEE'S SUMMIT, RAYMORE
- 10/04/11 07:26 PM
Former Lee’s Summit Real Estate Agent Sentenced for Mortgage Fraud Conspiracy, Money Laundering $12.6 Million Scheme Involved New, Upscale Homes in Lee’s Summit, Raymore KANSAS CITY, MO—Beth Phillips, United States Attorney for the Western District of Missouri, announced that a former Lee’s Summit, Mo., real estate agent was sentenced in federal court today for her role in a $12.6 million mortgage fraud conspiracy that involved 25 upscale residential properties in Lee’s Summit, Mo., and Raymore, Mo. Angela R. Clark, 42, of Lee’s Summit, was sentenced by U.S. Chief District Judge Fernando J. Gaitan to 20 months in federal prison without … (4 comments)
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real estate fraud: SENTENCING IN MORTGAGE FRAUD CASE DEFENDANT FINED FOR CAUSING FALSE DOCUMENTS TO BE SUB,ITTED TO THE LENDER
- 10/04/11 06:38 PM
Sentencing in Mortgage Fraud Case Defendant Fined for Causing False Documents to be Submitted to Lender ALBANY—United States Attorney Richard S. Hartunian and Clifford C. Holly, Special Agent in Charge, Federal Bureau of Investigation, Albany Division, announced that Michael J. Pallozzi was sentenced today by Senior United States District Judge Thomas J. McAvoy to three years’ probation, with conditions including a fine of $5,000 and 100 hours community service, based upon the defendant’s plea to one count of wire fraud in connection with the submission of false documents to help secure the refinancing of a residential property located in Latham, … (0 comments)
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real estate fraud: PROMOTER OF CHRISTIAN ROCK CONCERTS PLEADS GUILTY TO FEDERAL WIRE CHARGES IN $1 MILLION PONZI SCHEME TOLD INVESTORS THAT FUNDS WOULD BE USED TO PURCHASE REFURBISH AND RESELL HOMES
- 10/04/11 05:53 PM
Promoter of Christian Rock Concerts Pleads Guilty to Federal Wire Fraud Charge in $1 Million Ponzi Scheme SANTA ANA, CA—The owner and operator of a Downey firm has pleaded guilty to wire fraud in a scheme that collected nearly $1 million from victims who were falsely promised that their money would be used to host Christian rock concerts. Lauren Baumann, 43, of Downey, the owner of Stewardship Estates, LLC, pleaded guilty late yesterday before United States District Judge Josephine S. Tucker.
Baumann admitted in court today that she solicited loans from investors with claims that the money would be used to … (0 comments)
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real estate fraud: BROWARD COUNTY MAN SENTENCED TO 9 YEARS IN PRISON IN SEPARATE WIRE AND MORTGAGE FRAUD CONSPIRACIES
- 09/30/11 01:53 PM
Broward County Man Sentenced in Separate Wire and Mortgage Fraud Conspiracies Wifredo A. Ferrer, United States Attorney for the Southern District of Florida; John V. Gillies, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office; Jose A. Gonzalez, Special Agent in Charge, Internal Revenue Service, Criminal Investigation Division (IRS-CID); Addy Villanueva, Special Agent in Charge, Florida Department of Law Enforcement (FDLE); and Henry Gutierrez, Postal Inspector in Charge, United States Postal Inspection Service, announced today’s sentencing of defendant Manetirony Clervrain, also known as “Kevin Rusell,” of Broward County. U.S. District Judge James I. Cohn sentenced Clervrain to … (0 comments)
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real estate fraud: TWO CALIFORNIA REAL ESTATE INVESTORS AGREE TO PLEAD GUILTY TO BID RIGGING AT PUBLIC FORECLOSURE AUCTIONS - INVESTIGATION HAS YIELDED CHARGES AGAINST 10 INDIVIDUALS TO DATE
- 09/30/11 01:47 PM
Two California Real Estate Investors Agree to Plead Guilty to Bid Rigging at Public Foreclosure Auctions Investigation Has Yielded Charges Against 10 Individuals to Date WASHINGTON—Two California real estate investors have agreed to plead guilty today for their roles in a conspiracy to rig bids and to commit mail fraud at public real estate foreclosure auctions in Northern California, the Department of Justice announced. Charges were filed today in U.S. District Court for the Northern District of California in Oakland, Calif., against Eric Larsen of San Leandro, Calif., and Timothy Powers of Alamo, Calif., for their participation in bid-rigging and … (0 comments)
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real estate fraud: COMMISSIONER PLEADS GUILTY TO MAKING FALSE STATEMENT TO FBI; REAL ESTATE DEVELOPER PLEADS GUILTY TO FALSE TAX STATEMENT; REAL ESTATE DEVELOPER ALSO PLEADS GUILTY TO MAKING FALSE STATEMENT IN SEPARATE CASE
- 09/30/11 01:09 PM
Harris County, Texas Commissioner Pleads Guilty to Making a False Statement to FBI; Real Estate Developer Pleads Guilty to False Tax Statement Real Estate Developer Also Pleads Guilty to Making False Statement in Separate Case WASHINGTON—Harris County Commissioner Gerald R. Eversole and Houston-based real estate developer Michael D. Surface both pleaded guilty today in federal court in Houston to making false statements, announced Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division, Special Agent in Charge (SAC) Stephen L. Morris of the FBI’s Houston Field Office, and SAC Rodney E. Clarke of the Internal Revenue Service-Criminal Investigation … (0 comments)
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real estate fraud: EIGHT DEFENDANTS CHARGED IN MORTGAGE FRAUD SCHEME IN CALIFORNIA
- 09/30/11 12:56 PM
Eight Defendants Charged in Mortgage Fraud Scheme in California SACRAMENTO, CA—A federal grand jury returned an indictment on Sept. 28, 2011, charging Valeri Mysin, 31, of Citrus Heights, Calif.; Angela Shavlovsky, 52, of Sacramento, Calif.; Nikolay Katinskiy, 28, of Lynwood, Wash.; Michael Kennedy, 44, of Miami Beach, Fla.; Alexander Kokhanets, 34, of Roseville, Calif.; Boris Murzak, 38, and Zinaida Murzak, 40, both of Sacramento; and Vitaliy Tuzman, 31, of West Sacramento, Calif., with conspiracy to commit mail fraud in connection with a mortgage fraud scheme involving the purchase of seven homes. Katinsky and Kennedy were also charged with money … (4 comments)
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real estate fraud: VIRGINIA REAL ESTATE BUSINESSMAN SENTENCED TO 10 YEARS IN PRISON FOR MORTGAGE AND INVESTMENT FRAUD
- 09/30/11 12:50 PM
Virginia Real Estate Businessman Sentenced to 10 Years in Prison for Mortgage and Investment Fraud Schemes WASHINGTON—Alexander Otis Matthews, a Virginia real estate businessman, was sentenced today to 10 years in prison in connection with mortgage and investment schemes to obtain more than $12 million in fraudulent loans. The sentencing was announced by Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division, U.S. Attorney Neil H. MacBride of the Eastern District of Virginia, U.S. Attorney Rod J. Rosenstein of the District of Maryland, Assistant Director James W. McJunkin of the FBI’s Washington Field Office, and Special Agent … (4 comments)
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real estate fraud: PENNSYLVANIA PASTOR CHARGED IN MORTGAGE FRAUD SCHEME
- 09/29/11 04:25 PM
Pennsylvania Pastor Charged in Mortgage Fraud Scheme PHILADELPHIA—Michael Wilkerson, Joyce Wilkerson, Lee Garell, and Denise Haines were charged today with engaging in a scheme to defraud JP Morgan Chase’s predecessor, Chase Manhattan Bank, by fraudulently obtaining home loans valued at more than $6 million for properties located in Schwenksville and Glenmoore, Montgomery County, Penn., announced U.S. Attorney for the Eastern District of Pennsylvania Zane David Memeger. According to the indictment, Michael Wilkerson, pastor of New Life Millennium Life Restoration Fellowship in Montgomery County, recruited several of his congregants and the congregants’ families and friends to participate in a number of real … (0 comments)
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real estate fraud: TWENTY SOUTH FLORIDA RESIDENTS CHARGED IN $40 MILLION BANK AND MORTGAGE FRAUD SCHEME - REAL ESTATE INDUSTRY PROFESSIONALS AND BANKERS AMONG THOSE CHARGED
- 09/29/11 04:20 PM
Twenty South Florida Residents Charged in $40 Million Bank and Mortgage Fraud Scheme Real Estate Industry Professionals and Bankers Among Those Charged MIAMI—Twenty individuals, including numerous licensed real estate industry professionals, have been charged with conspiracy to commit bank fraud and bank fraud in connection with their alleged participation in a $40 million mortgage fraud scheme. According to the indictment, from March 2006 through June 2008, the defendants conspired to submit false loan applications and related documents to multiple banks for the purpose of obtaining approximately $40 million in mortgage loans and home equity lines of credit (HELOC). This resulted … (4 comments)
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real estate fraud: FORMER CHIEF OPERATING OFFICER OF OHIO CREDIT UNION PLEADS GUILTY TO BANK FRAUD
- 09/28/11 09:39 AM
Former Chief Operating Officer of Ohio Credit Union Pleads Guilty to Bank Fraud CLEVELAND—Anthony Raguz, the former chief operating officer of the St. Paul Croatian Federal Credit Union, pleaded guilty to six counts, including bank fraud, money laundering and bank bribery, for his role in one of the largest credit union failures in American history, the Justice Department announced today. Raguz, 52, of Mentor, Ohio, issued more than 1,000 fraudulent loans totaling more than $70 million to more than 300 account holders at St. Paul from 2000 to April 2010, according to court documents. He accepted more than $1 million … (0 comments)
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real estate fraud: TITLE COMPANY OWNER SENTENCED FOR STEALING ESCROW FUNDS
- 09/28/11 02:41 AM
Title Company Owner Sentenced for Stealing Escrow Funds Brian H. Madden, 57, Greenlawn, New York, the former president and co-founder of a title insurance agency, Liberty Title Agency, LLC, was sentenced by U.S. District Judge Robert W. Sweet to 20 months in prison for misappropriating and embezzling escrow and other client funds from Liberty Title and two other insurance agencies he controlled and operated in New York and Suffolk counties. Madden pled guilty before U.S. Magistrate Judge Henry Pitman to wire fraud and embezzlement of money held by an insurance agent on December 14, 2010. According to the indictment, a complaint previously … (1 comments)
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Jury Convicts 3 of Mortgage Fraud Conspiracy Neil Fagan, Pamela Johnson, and Veldora Arthur were found guilty of conspiracy to commit wire and mail fraud, and all substantive mail-fraud counts set forth in the February 3, 2011 superseding indictment. The indictment included charges of conspiracy to commit wire and mail fraud and substantive mail fraud. The conspiracy and mail fraud counts carry a statutory maximum sentence of 20 years' imprisonment. All defendants were remanded into the custody of the United States Bureau of Prisons following their convictions. Fagan and Johnson were charged in Counts 1 through 5 of the indictment and … (2 comments)
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