real estate fraud: EIGHT REAL ESTATE INVESTORS AGREE TO PLEA GUILTY TO BID RIGGING - 10/27/11 03:05 PM
Eight Northern California Real Estate Investors Agree to Plead Guilty to Bid Rigging at Public Foreclosure Auctions Investigation Has Yielded 18 Plea Agreements to Date   WASHINGTON—Eight Northern California real estate investors have agreed to plead guilty today for their roles in two separate conspiracies to rig bids and 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 San Francisco against
Gary Anderson of Saratoga, Calif.;
Patrick Campion of San Francisco;
James Doherty of Hillsborough, Calif.; … (0 comments)

real estate fraud: LEADER OF $200 MILLION REAL ESTATE INVESTMENT SCAM CHARGED - DEFRAUDED JEWISH COMMUNITY & INVESTORS NATIONALLY & ABROAD - 10/27/11 02:46 PM
Leader of $200 Million Real Estate Investment Scam Charged in 45-Count Indictment with Fraud and Money Laundering Alleged Scheme Defrauded Investors in Multiple States and Abroad   NEWARK, NJ—Eliyahu Weinstein, a/k/a “Eli Weinstein,” a/k/a “Edward Weinstein,” a/k/a “Eddie Weinstein,” was indicted today by a federal grand jury in Newark on charges alleging he ran an investment fraud scheme causing losses of at least $200 million, New Jersey U.S. Attorney Paul J. Fishman announced. The 45-count Indictment charges Weinstein, 36, of Lakewood, N.J., with one count of conspiracy to commit wire fraud, 29 counts of wire fraud, two counts of wire fraud … (2 comments)

real estate fraud: DEVELOPER GUILTY OF FRAUD IN THE DEVELOPMENT OF THE EAST ST. LOUIS BOWMAN ESTATES PROJECT - 10/27/11 02:29 PM
Developer Guilty of Fraud in the Development of the East St. Louis Bowman Estates Project   A Clayton developer pled guilty in U.S. District Court on October 27, 2011, for his role in the failed Bowman Estates construction project, the United States Attorney for the Southern District of Illinois, Stephen R. Wigginton, announced today.   Harold Rosen, age 80, was indicted by a federal grand jury on January 21, 2011, for attempting to obtain more than $1.9 million of public financing under false pretenses. As part of his plea, Rosen admitted that he provided cash payments and a promise of future … (0 comments)

real estate fraud: MULTI-PURPOSE LAND DEVELOPER SENTENCED TO FIVE YEARS IN PRISON FOR FRAUD AND MISAPPROPRIATION OF INVESTOR FUNDS - 10/26/11 06:35 AM
Man Sentenced for Real Estate Investment Scam Collins “Collie” Max Christensen, 53, Sacramento, California, was sentenced to five years in prison, to be followed by three years of supervised release, for wire fraud related to his misappropriation of investor funds that were intended for real estate development.  According to court documents, Christensen managed several companies, such as Equus 11 Inc., that were used for multipurpose land development projects located in California, Mississippi, and Cabo San Lucas, Mexico.
From 2006 through 2008, Christensen raised more than $2.3 million from 14 investors for these projects.
Christensen misappropriated approximately $985,994 of the $2.3 million, spending the … (2 comments)

real estate fraud: ATTORNEY AND MORTGAGE BROKER PLEAD GUILTY TO MORTGAGE FRAUD - GOVERNMENT BELIEVES MORE THAN 200 FRAUDULENT MORTGAGES WERE FUNDED - 10/26/11 06:29 AM
Two Admit Participating in Mortgage Fraud Scheme Maurizio Lancia, 48, Trumbull, Connecticut, pleaded guilty to one count of wire fraud, and Stacey Petro, also known as Stacey Moises, 37, Branford, Connecticut, pleaded guilty to one count of conspiracy to commit mail fraud and wire fraud for their roles in a southeastern Connecticut mortgage fraud scheme. According to court documents and statements made in court, Lancia, a licensed attorney and licensed mortgage broker, controlled and operated Royal Financial Services, LLC, and Petro, a licensed mortgage broker, controlled and operated First Source Mortgage Solutions, Inc.
From approximately 2004 to 2007, Lancia, Petro, Jose Guzman, William Athan and … (0 comments)

real estate fraud: LOAN OFFICER SENTENCED TO TWO YEARS IN THE SLAMMER FOR DEFRAUDING LENDERS - 10/26/11 06:09 AM
Loan Officer Sentenced for Defrauding Lenders Jaco Huguet, 29, Arizona, a former loan officer who worked in the metropolitan-Phoenix area, was sentenced by U.S. District Court Judge Frank Zapata to 24 months in federal prison. As part of his sentence, Huguet was also ordered to pay over $500,000 in restitution. On July 1, 2011, Huguet previously pleaded guilty to one count of Conspiracy to Commit Wire Fraud and one count of Conspiracy to Commit Transactional Money Laundering.Indicted on June 16, 2010, with nine other defendants, the case against Huguet demonstrated that while acting as a loan officer for an Arizona mortgage broker, Huguet … (0 comments)

real estate fraud: TWO FROM CALIFORNIA INDICTED FOR $8.5 MILLION MORTGAGE FRAUD IN MISSOURI - 10/26/11 05:43 AM
2 Californians Indicted for Missouri Mortgage Fraud Scheme <!-- Date created --> Robert Charles Ramirez, 37, Salinas, California, and William Troy Goings, 36, Sacramento, California, were charged in a 20-count indictment returned by a federal grand jury in Kansas City, Missouri, for their alleged roles in a mortgage fraud scheme that defrauded a Missouri bank of more than $8.5 million.
  The indictment alleges that Ramirez and Goings defrauded American Sterling Bank, Sugar Creek, Missouri, in a mortgage fraud scheme that lasted from Oct. 11, 2006, to Jan. 18, 2007. American Sterling Bank was closed on April 17, 2009.
According to the indictment, Ramirez … (0 comments)

real estate fraud: MORTGAGE RESTRUCTURE SCAM HALTED - 10/26/11 05:27 AM
Mortgage Restructure Scam Halted James G. “Jay” Temme and Stewardship Fund LP allegedly raised at least $35 million since 2008 from various investor groups falsely telling investors he was using their money to buy and restructure pools of non-performing home mortgages in the wake of the housing market’s decline. The SEC has obtained an emergency court order to freeze the assets of a Texas resident and his company charged with falsely telling investors he was using their money to buy and restructure pools of non-performing home mortgages in the wake of the housing market’s decline.
To lure investors, Temme developed relationships with … (0 comments)

real estate fraud: OWNER OF TITLE COMPANIES PLEADS GUILTY TO STRAW BUYER SCAM - 10/26/11 05:20 AM
Owner of Title Companies Admits Mortgage Fraud Scheme Stephen J. Troese, Sr., 72, Davidsonville, Maryland, pleaded guilty to wire fraud arising from a scheme to defraud lenders and a title insurance company of at least $937,183. The government contends the loss is between $2.5 million and $7 million. The exact amount of the loss will be determined at sentencing.   According to his plea, Troese practiced as a title attorney and was variously an owner, part owner, or the controlling figure of a number of title companies that did business in the Baltimore, Annapolis, and Washington, D.C. metropolitan areas, including Troese Title Services, … (0 comments)

real estate fraud: FORMER LOAN OFFICER PLEADS GUILTY TO STRAW BUYER SCAM - 10/26/11 05:17 AM
Former Loan Officer Pleads Guilty to Straw Buyer Scam Juan Carlos Hernandez, 42, West Warwick, Rhode Island, a former loan officer with National City Mortgage Company, pleaded guilty in U.S. District Court in Providence, R.I., 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. All of the properties were eventually foreclosed upon by the banks holding the mortgages.   Hernandez was named along with two others in a 13-count federal grand jury indictment returned on May 24, 2011. Miguel Valerio, 52, Providence, R.I., a former loan … (4 comments)

real estate fraud: FORECLOSURE RESCUER PLEADS GUILTY TO SWINDLING 1800 VICTIMS OUT OF UP-FRONT FEES FOR BOGUS PROMISES - 10/26/11 04:40 AM
Foreclosure Rescuer Admits Defrauding 1,800 Victims Luis Belevan, 34, Phoenix, Arizona, pleaded guilty in federal court to conspiring to commit wire fraud and mail fraud. Belevan and his co-conspirator, were charged with defrauding at least 1,800 local distressed homeowners out of a $1,595 up-front fee for bogus promises of assistance in avoiding home foreclosure in 2009 and 2010.       Belevan admitted in his guilty plea proceedings to telling homeowners who were unable to make their mortgage payments that his company, The Guardian Group, would purchase and refinance their mortgages based on the lower property values that followed the housing market crash of … (6 comments)

real estate fraud: MAN PLEADS GUILTY TO NEW MEXICO MORTGAGE FRAUD SCAM - 10/25/11 06:38 PM
Man Pleads Guilty to New Mexico Mortgage Fraud Scam Manuel Garcia, 69, who now resides in Los Angeles, California, entered a guilty plea to an indictment charging him with six counts of bank fraud. At sentencing, which has yet to be scheduled, Garcia faces a maximum sentence of 30 years' imprisonment, five years of supervised release, and a $1,000,000 fine.  Under the terms of his plea agreement, Garcia will pay restitution in the amount of $585,243.59 to US Bank of Albuquerque, formerly known as First Community Bank (FCB). Garcia remains on conditions of release under pretrial supervision pending his sentencing hearing.  … (4 comments)

real estate fraud: BUSINESSMAN PLEADS GUILTY TO REAL ESTATE INVESTMENT FRAUD - 10/25/11 06:09 PM
Businessman Admits Real Estate Investment Fraud David A. Nilsen, 61, Seaside, California, pleaded guilty in federal court in San Jose, California, to conspiracy to commit mail and wire fraud. In pleading guilty, Nilsen admitted to deceiving investors in his Monterey, California-based private money lending company, Cedar Funding, and agreed to pay $69,828,833 in restitution.  Cedar Funding, founded by Nilsen in 1980, connected residential real estate developers seeking to borrow money using real property as collateral with individual investors who were willing to make such loans. 
In the plea agreement, Nilsen admitted that, from 2004 through 2008, an increasing number of borrowers defaulted … (8 comments)

real estate fraud: WOMAN SENTENCED TO NINE YEARS IN FEDERAL PRISON FOR RUNNING REAL ESTATE INVESTMENT SCHEME THAT RAISED NEARLY $7 MILLION - 10/25/11 12:53 PM
West Covina Woman Sentenced to Nine Years in Federal Prison for Running Investment Scheme That Raised Nearly $7 Million   LOS ANGELES—A West Covina woman who admitted running a Ponzi scheme that took in approximately $6.9 million from more than 150 victims has been sentenced to 108 months in federal prison. Guadalupe Valencia, 47, was sentenced late yesterday by United States District Judge S. James Otero after a nearly five-hour hearing.
In addition to the nine-year prison term, Judge Otero ordered Valencia to pay restitution of $5.2 million, which is the total loss figure.
Valencia has been in custody since … (4 comments)

real estate fraud: TWO CALIFORNIA MEN INDICTED FOR $8.5 MILLION MORTGAGE FRAUD SCHEME - 10/21/11 02:55 PM
  Two California Men Indicted for $8.5 Million Mortgage Fraud Scheme   KANSAS CITY, MO—Beth Phillips, United States Attorney for the Western District of Missouri, announced that two California men were indicted by a federal grand jury today for a mortgage fraud scheme that defrauded a failed Sugar Creek, Mo., bank of more than $8.5 million. Robert Charles Ramirez, 37, of Salinas, Calif., and William Troy Goings, 36, of Sacramento, Calif., were charged in a 20-count indictment returned by a federal grand jury in Kansas City, Mo.
Today’s indictment alleges that Ramirez and Goings defrauded American Sterling Bank in Sugar Creek … (2 comments)

real estate fraud: FORMER BANK PRESIDENT AGREES TO PLEAD GUILTY IN MULTI-MILLION -DOLLAR BANK FRAUD CONSPIRACY AND PERJURY IN HIS PERSONAL BANKRUPTCY CASE / CONNER FLEECED FAILED STOCKBRIDGE BANK AND AT LEAST TEN OTHER FEDERALLY INSURED BANKS - 10/21/11 01:53 PM
Former Bank President Agrees to Plead Guilty in Multi-Million-Dollar Bank Fraud Conspiracy and Perjury in His Personal Bankruptcy Case Conner Fleeced Failed Stockbridge Bank and at Least Ten Other Federally Insured Banks   ATLANTA—MARK A. CONNER, 45, formerly of Canton, Georgia, and Tallahassee, Florida, and the former president of FirstCity Bank of Stockbridge, Georgia, pleaded guilty today to charges of conspiracy to commit bank fraud in connection with misconduct at FirstCity Bank in the years before the bank’s seizure by state and federal authorities on March 20, 2009. CONNER also pleaded guilty to perjury in connection with his personal bankruptcy filing … (6 comments)

real estate fraud: SIXTH GUILTY PLEA IN CONNECTION WITH SCHEME TO FRAUDULENTLY CONTROL CONDOMINIUM HOMEOWNERS' ASSOCIATIONS - 10/21/11 08:29 AM
Sixth Guilty Plea in Connection with Scheme to Fraudulently Control Condominium Homeowners’ Associations   WASHINGTON—A California man pleaded guilty today for his role in a scheme to fraudulently gain control of condominium homeowners’ associations (HOA) in the Las Vegas area so that the HOAs would direct business to a certain law firm and construction company, announced Assistant Attorney General Lanny A. Breuer of the Criminal Division, Special Agent in Charge Kevin Favreau of the FBI Las Vegas Field Office, Sheriff Doug Gillespie of the Las Vegas Metropolitan Police Department and Special Agent in Charge Paul Camacho of the Internal Revenue Service-Criminal … (2 comments)

real estate fraud: OWNER OF TITLE COMPANIES PLEADS GUILTY TO MORTGAGE FRAUD - 10/20/11 05:00 PM
Owner of Title Companies Pleads Guilty in Mortgage Fraud Scheme   BALTIMORE—Stephen J. Troese, Sr., age 72, of Davidsonville, Maryland, pleaded guilty today to wire fraud arising from a scheme to defraud lenders and a title insurance company of at least $937,183.   The government contends the loss is between $2.5 million and $7 million. The exact amount of the loss will be determined at sentencing. The plea agreement was announced by United States Attorney for the District of Maryland Rod J. Rosenstein and Special Agent in Charge Richard A. McFeely of the Federal Bureau of Investigation.
According to his plea, … (0 comments)

real estate fraud: FORMER LOAN OFFICER PLEADS GUILTY IN $3.5 MILLION MORTGAGE FRAUD SCHEME - 10/20/11 06:34 AM
Former Loan Officer Pleads Guilty in $3.5 Million Mortgage Fraud Scheme   PROVIDENCE, RI—Juan Carlos Hernandez, 42, of West Warwick, R.I., a former loan officer with National City Mortgage Company, pleaded guilty today in U.S. District Court in Providence 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. All of the properties were eventually foreclosed upon by the banks holding the mortgages. United States Attorney Peter F. Neronha announced Hernandez’s guilty plea to seven counts of bank fraud, four counts of wire fraud, and two … (0 comments)

real estate fraud: MINNESOTA COUPLE INDICTED FOR ORCHESTRATING $5 MILLION DOLLAR MORTGAGE FRAUD SCHEME - 10/19/11 10:03 AM
Minnesota Couple Indicted for Orchestrating $5 Million Mortgage Fraud Scam   MINNEAPOLIS—Earlier today in federal court, a Minnesota couple was indicted in connection with a $5 million mortgage fraud scheme. James Warren Hoffman, age 51, and his wife, Teresa Gay Hoffman, age 52, both of Stillwater, were indicted on one count of conspiracy to commit mortgage fraud through the use of interstate wire and nine counts of mortgage fraud through interstate wire. The indictment alleges that from August of 2001 through 2009, James Hoffman conspired to defraud mortgage lenders and obtain money from those lenders. Teresa Hoffman began participating in the … (4 comments)

 
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David Saks

Memphis, TN

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Most real estate fraud-related articles and Department of Justice Press Releases published here are taken from the public record, which normally include press releases and court documents related to each entry and case. Any other type of record, i.e. newspaper reports, are only published after consent has been obtained from the original publisher. Nothing will be published that has not been verified via the public record or consent provided.The use of the names or initials of the Federal Bureau of Investigation, the Drug Enforcement Administration, and the United States Marshals Service is governed by 18 U.S.C. sec. 709, which prohibits their unauthorized use in a manner calculated to convey the impression that such use is approved, endorsed, or authorized by that component, unless written permission has been received from the head of the respective component. Where initials are found within this blog site they are not used in a manner calculated to convey the impression that such use is approved, endorsed or authorized by that component. Please see the Department of Justice Legal Policies at:http://www.justice.gov/legalpoliciesPlease contact David with any questions.
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