mortgage fraud: Another Scam Artist Bites the Dust in Riverside County - 10/27/11 01:50 PM
Title Compliance Office – SCAM ALERT! Recently I’ve had several members phone me or send me a copy of a report allegedly from the Title Compliance Office in Riverside County. Printed in English on one side and Spanish on the other, they warn homeowners that they need to have a deed to their home so they can prove they own it. In official souding language they offer to get you an 'official' or 'certified' copyof your deed for the paltry sum of $167.
This is a blatant scam trying to separate you from $167. Everybody gets a copy of your Grant … (2 comments)

mortgage fraud: CA Attorney General Files charges in massive 17 state mortgage fraud scheme. - 08/19/11 06:50 AM
CA State Attorney General Kamala Harris sued Philip Kramer, the Law Offices of Kramer & Kaslow, two other law firms, three other lawyers, and 14 other defendants who are accused of working together to defraud homeowners across the country through the deceptive marketing of "mass joinder" lawsuits. Prominent foreclosure attorneys Phillip Kramer and Mitchell Stein and at least 17 others have been accused of luring desperate homeowners into the scheme using deceptive advertising and telemarketing schemes aimed at millions of people in California and 16 other states. 
The scheme claimed that courts have found that most mortgage lenders engaged in predatory lending … (22 comments)

mortgage fraud: CA Attorney General Launches Real Estate Fraud Strike Force - 05/24/11 03:49 PM
There is much that I disagee with our new Atorney General Kama Harris, but she's got a winner here. I sincerely hope that the strike force will be heavily utilized and that it isn't just window dressing.
Attorney General Kamala D. Harris today announced the creation of the California Attorney General's Mortgage Fraud Strike Force, staffed by Department of Justice attorneys and investigators charged with protecting innocent homeowners and bringing to justice those who defraud them.
Composed of both civil and criminal enforcement teams, the Mortgage Fraud Strike Force will monitor and prosecute violations at every step of the mortgage process, … (3 comments)

mortgage fraud: Another Day - Another Scam. Busted! - 02/15/11 06:52 AM
It's like freakin' whack-a-mole out there. Every time you smack one down, three more are trying to game the system. Prosecution works great but it's after the fact and the victims never recover. Education is the key - to stop people from becoming victims.
CON MAN SENTENCED TO 22 YEARS IN PRISON IN MULTI-MILLION DOLLAR PONZI SCHEME THAT BILKED HUNDREDS OF INVESTORS
 
Juan Rangel Targeted Spanish-Speaking Victims in $30 Million Ponzi and in Second Scheme to Steal Savings and Properties from Distressed Homeowners
 
        LOS ANGELES – A Downey man was sentenced today to 22 years in federal prison … (1 comments)

mortgage fraud: Murrieta Men Agree to Prison in Fraud Case - 01/26/11 03:11 AM
Murrieta men agree to prison in fraud case
The headline was exciting yesterday when news of our long-time resident scam artists started to trickle out. The authors of a $142 million dollar ponzi scheme & investment fraud have been in jail awaiting this moment for the past 1 1/2 years and now start to look forward to doing the rest of their time.
Long-time readers will be familiar with the Stonewood case, wherein these perpetrators enticed hundreds of people to invest in real estate. But not just invest - they were talked into buying homes for $100,000 or more … (3 comments)

mortgage fraud: Long awaited Riverside County Mortgage Fraud Trial gets Underway. - 11/10/10 07:22 AM
At long last the trial has begun for the perpetrators of the so-called Stonewood Scam in Southwest Riverside County. Long time readers are acquainted with the basics of this story from my years-long chronicle of events. Our local association tried to bring this to the attention of law enforcement beginning in late 2004 but were unsuccessful in catching anybodys ear until the scam had nearly run its course and started to collapse under its own weight. 
The real estate part of it consisted of representatives from Stonewood Financial buying homes at significant premiums over asking price. As this was at a time … (2 comments)

mortgage fraud: More Real Estate Fraudsters Cracked Thanks to Ventura County led Task Force. - 06/17/10 06:53 AM
I'm lovin' this. Our friends up at the Ventura County Association  of Realtors had a hand in this. They've been very pro-active for years in fighting real estate fraud in their community and have worked hand-in-glove with their local District Attorney. Maybe now that Riverside County has a new District Attorney we can get some of this same attention to fraud that Ventura has enjoyed. They've even helped their DA receive substantial federal grants to combat this scourge. Kay Runion and the REFAT team in Ventura are 'Da Bomb'.
REGIONAL LAW ENFORCEMENT JOINS TOGETHER IN CRACKDOWN ON
MORTGAGE FRAUD, … (0 comments)

mortgage fraud: Temecula Man accused of $20 Million Mortgage Fraud Scam. Right in our backyard again! - 05/22/10 07:06 AM
TEMECULA: Man accused of $20 million fraud A Temecula man is among six people facing charges for what federal prosecutors said Thursday involves more than $20 million worth of mortgage fraud.
Michael Wayne Wickware, 54, faces one count of conspiracy to commit wire fraud and nine counts of wire fraud, the San Diego U.S. attorney's office said.
According to online records, Wickware was in custody Thursday at the federal jail in downtown San Diego.
Also charged in the scheme are San Diego residents Brian Andrew La Porte, 34; Daniel John Schuetz, 37; Darryl Anthony Wallace, aka Darryl Anthony White, 47; and … (3 comments)

mortgage fraud: Another Day - Another Scam. Jury Duty Scam Sweeps Nation. - 05/07/10 09:33 AM
Our Riverside County Joint Fraud Task Force has adopted a new motto - 'Changing Times - Changing Frauds'. When we started five years ago we were primarily focused on mortgage fraud as that was the predominant scam at the time. However, with the changing market the opportunity for that type of mortgage fraud has dwindle but we've seen an explosion in loan mod fraud, short-sale fraud and all kinds of housing schemes aimed at senior citizens including some very insidious reverse-mortgage scams.
Last week I brought to your attention a new one making the rounds. Actually it's been around awhile … (4 comments)

mortgage fraud: If You're Gonna Commit Fraud At Least Pay Your Dang Taxes - 02/01/10 09:58 AM
Fraud in the news. Our US Attorneys Office has been busy lately getting some miscreants off the streets. They appear to be stepping up efforts and between their office and Attorney General Jerry Brown, they have been putting a lot of these people behind bars. That's good - that's real good. This is a big state and these cases are just a drop in the bucket but it is really gratifying to see people who have given our industry a real black eye being held accountable. 
The only thing better than cracking them now would have been to bust them … (2 comments)

mortgage fraud: Another One Bites The Dust - USAO Indicts 2 for fraud. - 12/15/09 03:41 AM
And the hits just keep on comin'. Not that they've made a substantial dent yet in the army of fraudsters who contributed to our housing meltdown, but nonetheless it's always gratifying to see another of these swine with their names up in lights. 
These two were really small potatoes glomming only $777,000 (that they're indicted for). In our area, where it took more than 5 years to indict perpetrators charged with over 200 fraudulent transactions and more than $140 million in ill-gotten gains, it is really really sweet to see these people getting cracked for just 2 deals and under $1 … (10 comments)

mortgage fraud: HALLELUJAH! Mortgage Fraud Scamsters Finally Arrested (just 5 years too late). - 11/19/09 01:37 PM
Here's today's update "Seven Accused of Defrauding Investors of Millions"
HALLELUJAH!!!! 
If I sound ecstatic it's because the biggest fraudsters in our area have finally been charged! These three, Montecastro, Duncan and McLeod started their mortgage fraud scheme in Murrieta in 2004. Our association and our chief counsel started documenting the problem late that year. We took it to the District Attorney, the FBI, the Dept. of Real Estate, the Attorney General, local law enforcement, lenders, etc. - and nobody NOBODY would give us the time of day. 
This scam was the incentive for our Association (SRCAR) to join our neighboring … (61 comments)

mortgage fraud: NAR Updates Field Guide To Mortgage Fraud - 09/08/09 07:29 AM

Real estate fraud is alive and well! I don't know how many of you saw last weeks article in The Wall Street Journal on the new twist in real estate fraud. Well, in California it's far from a new twist - we've been warning about 'reverse mortgage fraud' for some time - in fact nearly two years ago I included 'Elder Abuse Mortgage Fraud' in the title of one of my ActiveRain real estate fraud groups.
Because the fact is, regardless of the economy, real estate fraud is always with us - it just morphs to accommodate the trends. For … (1 comments)

mortgage fraud: Federal Judge Gives $58.6 million Fraud Judgement - Against Our Local Nemesis. - 07/07/09 04:13 PM
Chris Bagley at the Californian forwarded this great article. Some of you have been following our saga with these gentlemen for the past few years. This was the original group in our area to pull off the old $150,000 overpay scheme. That and some investment 'vehicles' that the SEC cracked down on last year. Our Real Estate Fraud Task Force, which we formed nearly five years ago with the Inland Valley Association, was initially in response to this group. They operated under the umbrella of Stonewood Financial and a variety of aliases. Chris at the Californian, Leslie Berkman at the PE and others … (2 comments)

mortgage fraud: FRAUD - Slam the Door, The Horse is Gone. - 02/07/09 05:06 AM
Much like errant weeds after a spring rain, real estate fraud scams continue to pop up and victims continue to volunteer their reputations and their resources. Me, I can't find a qualified buyer for a bargain priced home. These guys find suckers ready to shell out tens and hundreds of thousands of dollars to invest in housing they'll never own for returns they'll never see.
This latest revelation involves a Roseville-based 'investment' company called Loomis Wealth Solutions, formerly known as the Advantage Financial Group about one of their employees known as Christopher J. Warren, formerly known as Mark A. Seagraves. Folks, if … (4 comments)

mortgage fraud: California Association of Realtors Links to ActiveRain Fraud Group - 01/29/09 09:31 AM
The Mortgage Fraud Task Force launched by the Southwest Riverside County AOR and the Inland Valley AOR almost 5 years ago, recently held a multi-regional meeting during the California Association of Realtors Mid-Winter Business Meetings in Monterey. What started as an effort to educate the public, law enforcement and Realtor members about the mortgage fraud abuses going on at the time has morphed much like the fraud we are trying to eradicate. In a general sense, our mission has expanded to include not only mortgage fraud but elder-abuse & reverse mortgage fraud, short-sale scams, foreclosure rescue scams and so on. In … (18 comments)

mortgage fraud: CA AG Busts Another Ponzi Scheme. Yeah! - 01/23/09 03:40 AM

And the beat goes on - or maybe I should say the beatings continue. Always good to see miscreants get their come-uppance. Unfortunately for more than a thousand people the come-uppance comes up too late to save their 'investment' and, in some cases, their retirement.
It's precisely this variability that makes this type of fraud so difficult to prevent. Although the two articles I posted earlier also involved Ponzi schemes and affinity fraud, the crimes are as different as night & day. In one, people with Hispanic surnames convinced other people with Hispanic surnames they could get them into … (26 comments)

mortgage fraud: Few Brokers Linked to Disproportionate Share of Foreclosures - 01/21/09 05:50 AM
One of our local writers for The Californian just did an excellent expose on some of the mortgage fraud that’s run rampant through our region for the past few years. Zach Fox and Chris Bagley at The Californian and Leslie Berkman at The Press Enterprise have done an exceptional job over the past couple years shining the light on these miscreants and helping educate the public about some of the scams that have invaded our communities.
In his latest piece, which is a very long read but very worthwhile, Zach talks about another affinity fraud linked to a handful of … (4 comments)

mortgage fraud: $18 Million Ponzi / Affinity Schemer Gets 12+ Years & $6.8 Million Fine. - 01/20/09 04:47 PM
Once in awhile they do get caught. Sometimes it seems like not often enough but then one comes out of the woodwork like this. Over 600 investors were taken advantage of! Promised returns of up to 50% in as little as a months time! My sweet Lord, people – does this not strike ANYBODY as being pretty far out there? Don’t these ‘investors’ bear some responsibility  just for being unusually, oh I don’t know…GULLIBLE? Or would greedy & stupid be more to the point. 
And to make matters worse, in addition to a classic Ponzi scheme, plus taking advantage of people … (5 comments)

mortgage fraud: MortgageFraudBlog Conference - Day 2 bonus tracks - 11/07/08 02:43 PM
11-7 fraud part 3 Last blog I started a list of fraud schemes covered in Rachel Dollar's MortgageFraudBlog Conference held in Miami. We started the list with The Classic, The Straw Buyer, Air Loans and Double Sales. Here's a few more: Affinity Fraud - where the perpetrator looks to specific groups for victims. They will recruit ringleaders who have contacts at a church group, within ethnic groups, senior groups and professional groups like nurses or teachers. By virtue of the fact that they are already part of that group, they are more readily accepted and after making sure the first couple … (5 comments)