real estate fraud: Quit Claim Fraudster recorded deed “DONE AT CUSTOMER’S REQUEST”-Sentenced - 01/29/11 11:00 AM
 
He told prospective buyers that he and his business entities held title as a “federal receiver” or had other lawful authority to sell the properties.
A Chicago man was sentenced this week to 7½ years in federal prison for posing as a federal government official in a scheme to sell properties he did not own out from underneath the real owners.
The defendant, John Hemphill, 41, was convicted last August of mail fraud and false impersonation of a federal official following a week-long trial. U.S. District Judge William Hibbler imposed the 90-month prison term and ordered Hemphill to pay … (1 comments)

real estate fraud: Florida Quality Council - South Florida location for this meeting - Register Now - 08/15/10 08:10 AM
Florida Quality Council - South Florida location for this meeting - Register Now REGISTER NOW!!!! -Includes Lunch
Friday, August 20th, 2010
Quarterly meeting of the Florida Quality Council- Please note our South Florida location for this meeting!!!
Registration is available
http://www.floridaqualitycouncil.org/
Meeting Topics
Mortgage Fraud Trends Ann Fulmer, Interthinx - with the latest on Industry trends (If you've never heard Ann speak on this, she is the GURU - don't miss it!)
Loan Quality Initiatives & Upcoming Changes Production Changes, Pre & Post Closing QC, Appraisal revisions, etc. Invited speaker from Fannie Mae
Loan Modification Discussion Washington Update, Financial Bill, … (0 comments)

real estate fraud: "Anonymous Property Flipping Tip” Uncovers 22 - Selfish and Greedy Fraudsters Enriching Themselves - 07/17/10 08:39 AM
 
 
It is often said that home ownership is the American dream. Far too often these dreams are stolen and hopes are dashed through predatory schemes perpetrated by selfish and greedy fraudsters who victimize the innocent simply to enrich themselves. We will continue to investigate such fraudulent activities and aggressively prosecute those who unlawfully manipulate financial institutions, “stated United States Attorney John E. Murphy. The U.S. Justice Department handed down indictments against more than 1,000 individuals, including 29 people in the Western District of Texas, as part of a nationwide effort to crack down on mortgage fraud across the country. … (1 comments)

real estate fraud: Insiders Scammed the System - $ 2,452,129.00- Real Estate Agents & Loan Officers “Indicted” - 07/11/10 03:58 AM
The downward trend in the housing market has provided an ideal climate for mortgage fraud perpetrators to employ a myriad of schemes suitable to a down market. Unfortunately, mortgage fraud has been a relatively low-risk, high-yield criminal activity which is accessible to many.
Five individuals, all residents of Arizona, have been indicted on charges ranging from Conspiracy to Commit Wire Fraud, Wire Fraud, Money Laundering and Aiding and Abetting.
The indictment also states, the real estate agents facilitated a “kick back” payment to the straw buyer.
 
Read the whole story @ http://tinyurl.com/2vdoz64
 
Each conviction for Wire Fraud or Conspiracy … (0 comments)

real estate fraud: -Straw Buyer’s Wanted- To Purchase Homes - Beware! - 06/10/10 09:45 AM
2 Indicted for Mortgage Fraud Schemes
 
A straw buyer is a person who uses or allows their credit to be used for the purchase of a property they never intend to use or control. Straw buyers can also be used to purchase non-owner occupied properties by being paid simply for the use of their credit. Sometimes a straw buyer will be offered several thousand for the favor, or they may never know that their name and information will be used on the loan application and in some cases are also asked to sign forged documents.
 
The object of the … (0 comments)

real estate fraud: Renting Out Homes- He Didn’t Own - Filed Quitclaim Deeds Fraudulently Renting Out Homes- He Didn’t Own - Filed Quitclaim Deeds Fraudulently! - 06/08/10 05:36 AM
 
A quitclaim deed has the forged signatures of a thief.
What actually happens is, a fraudster forges a property owner’s name on a quit claim deed. The forgery is made to look as the owner has sold off or transferred the property to the fraudster. The forged deed is signed by a notary public either legitimately or fraudulently and then recorded at the County Recorder’s office. In this way, the imposter becomes the owner of the property.
A California man was charged with stealing over $3.5 million in a fraudulent scheme of real property theft and renting out houses he … (1 comments)

real estate fraud: R. E. Agent- Ring Leader- Pleads Guilty- $12.6 Million Scheme Involved New, Upscale Homes - 06/02/10 01:34 AM
This is one of the largest mortgage fraud cases ever prosecuted in our district, and illustrates that this is a problem that affects not only low-income neighborhoods, but also more affluent suburbs," U.S. Attorney for the Western District of Missouri John F. Wood said. "Mortgage fraud poses a significant economic threat and directly impacts the well-being of our neighborhoods.
A former real estate agent pleaded guilty in federal court to her role in a $12.6 million mortgage fraud conspiracy that involved 25 upscale residential properties in Missouri.
Angela R. Clark was a real estate agent and co-owner of Centsable Business Services who sold … (0 comments)

real estate fraud: Las Vegas Casino-Themed Sales Floor- Foreclosure Relief Fraud- 4 Arrested, 5 Wanted- - 05/24/10 04:49 PM
In these tough economic times, mortgage foreclosure rescue scams are sweeping the nation. Foreclosure rescue fraud is both underhanded and malicious. Homeowners that are finding it difficult to make ends meet and facing potential foreclosure are promised help in order to save their homes.
When agents executed a search warrant at the office, they found a Las Vegas casino-themed sales floor complete with craps, poker and black jack tables fashioned as workstations, and a roulette wheel that top-selling telemarketers spun for cash bonuses.
Read the whole story @ http://tinyurl.com/33ra64j
The scams typically are one of the following categories
Phantom Assistance - … (0 comments)

real estate fraud: Real Estate Broker Convicted- faces a "Prison Sentence" up to 111 years - 05/23/10 04:55 AM
Used 92 Year Olds Personal and Credit Information
 A California, a real estate broker, was convicted of conspiring with her boyfriend and his brother to commit $17.5 million in real estate fraud by purchasing 35 properties using stolen identities and intentionally defaulting on loans in order to steal the loan money.
Kathy Chen's boyfriend, Richard Salgado Gonzalez, and his brother, Daniel Gonzalez, face the same charges and sentence. The brothers are fugitives have outstanding arrest warrants, it is believed that both may currently be living in Puerto Vallarta, Mexico.
Read the whole story @ http://tinyurl.com/32zuzgh
The faster we all help prevent real estate … (66 comments)

real estate fraud: Financial Fraud "one of the most glaring threats" facing the US economy- increased 400% in 2009 - 05/21/10 07:07 AM
Mortgage fraud investigations by the FBI increased 400% in 2009, according to an Office of Thrift Supervision (OTS) report on fraud and insider abuse.
The report states that, "Difficult economic times often lead to an increase in fraud and insider abuse. During the market downturns of the late 1980s and early 1990s, fraud and insider abuse significantly contributed to thrift failures and caused substantial losses at many others.
Since the recession began in 2007, there have been increases in white collar crime as well as changes in the way fraud scams are carried out. Although certain crimes such as, investment fraud … (0 comments)

real estate fraud: Judge she is “still a very dangerous person” who poses a substantial risk to society. - 05/20/10 06:01 PM
Fraud Schemes involved more than 400 victims and 20 fraudulently acquired properties
The founder and head of Chicago Development and Planning was sentenced yesterday to 15 years and eight months in prison, and ordered to pay more than $9 million in restitution
She fled to Mexico when she learned that federal authorities were investigating Chicago Development and Planning.  After spending several months in Mexico, she returned to the United States, but made continued efforts to avoid law enforcement: she did not have a valid driver's license in her name, did not have a phone in her name, and she cut off … (1 comments)

real estate fraud: Mortgage Scammers- Creating a Human Tragedy of Immense Proportions - 05/20/10 04:57 AM
17 New York Charged in Massive Mortgage Scam have been charged with defrauding legitimate homeowners and various lending institutions out of more than $3 million in equity that had been stripped from 26 refinanced residential properties valued at $13 million. Many of the loans subsequently went into default, leaving lending institutions with insufficient collateral and substantial losses, or into foreclosure, leaving homeowners, in some cases, homeless.
The defendants are variously charged with first and second-degree grand larceny, first degree criminal possession of stolen property, first-degree money laundering, first-degree identity theft, second-degree forgery, second-degree criminal possession of a forged instrument, first-degree falsifying … (0 comments)

real estate fraud: The Enablers for this "Real Estate Crisis"- Willful Blindness, Greed or more? - 05/01/10 09:48 AM
Our Real Estate & Mortgage Industry is saturated with "Fraudsters", "Willful Blindness", "It Is Not My Problem" mind-set and a lack of integrity from many individuals.Congress, Fannie, Freddie and companies like Goldman "might" have been the enablers for this "Real Estate Crisis" to exist, although as I have said for years, institutions don't commit fraud, companies don't commit fraud - people commit fraud.
We as an industry and country need to talk and learn from the past in order to move into a prosperous future.
Read the whole article @ http://tinyurl.com/2bhjecl
I know many people have been sitting back, waiting, watching, and … (0 comments)

real estate fraud: Fugitive Real Estate Agent Arrested in New York - 04/20/10 04:49 PM
Jodi Lee Nazir, former Rancho Cucamonga, California real estate agent was located in Manhattan, New York and arrested on April 6, 2010, by US Marshals as a fugitive from justice, on an outstanding felony warrant for embezzlement of funds from her Rancho Cucamonga company's Escrow Trust Account. Nazir will be held without bail in New York until extradition proceedings are completed. Nazir will then be transported back to San Bernardino County where she will be held on $1,500,000 bail until trial.
Read the whole story @ http://tinyurl.com/y79qj4t
When we believe in the existence of fraud could affect us individually, more will then start taking active … (5 comments)

real estate fraud: "Operation Pay Back” - Mortgage Fraud Players Contributing - - 04/13/10 01:06 PM
Criminals also to blame for housing crisis!
A lot of blame for the housing crisis that helped drive our nation into a financial crisis has been heaped on "greedy" bankers and home buyers trying to live beyond their means.But there was another element that should not be forgotten - and that was outright criminal activity.
As you know real estate is a people profession. From the real estate agents in the field to the loan officers or loan processors working with borrowers to the title agents sitting down with families closing on their first home, we are people serving people.
Those … (1 comments)

real estate fraud: Mortgage Fraudsters- “Flipped” Houses Three, Four and Even Five Times-Sentenced - 04/05/10 05:08 AM
The Now-Failed Omni National Bank Helped Fund Millions in Loans for Convicted Mortgage Fraudster Mark McBride. Omni also has been linked to other mortgage fraud operations uncovered by regulators, stolen multiple identities and another where they falsified the income and employment records of borrowers he steered to Atlanta-based Omni.
Omni was the go to funding source for fraudulent property flippers, some of whom did superficial repairs in order to resell homes at inflated prices with the use of straw buyers to obtain fraudulent loans, often making as much as $30,000 in fees on individual transactions.
Read the whole article @ http://tinyurl.com/y94zqwt
(0 comments)

real estate fraud: Buyer was Girlfriend- Surprised with Mortgage Fraud & Identity Theft – - 03/31/10 06:14 AM
Detecting mortgage fraud is a mind-set, like exercising or eating right. Habits are born of routine and the surest way to start spotting fraud is to become aware of its existence.
A former loan officer in Vancouver, Washington, was sentenced on March 29, 2010, by U.S. District Judge Garr M. King to serve 24 months in prison after pleading guilty to a charge of aggravated identity theft. Herndon must also serve one year of supervised release following his prison term. The defendant was ordered to report to the custody of the Bureau of Prisons on June 1, 2010.
Please share these … (0 comments)

real estate fraud: Mortgage Fraud Summit-You Will be Found, You Will Be Prosecuted, and You Will Be Punished - 03/28/10 09:40 AM
"We have one message to those who would engage in mortgage fraud schemes: you will be found, you will be prosecuted, and you will be punished." said Attorney General Holder.
Read the whole article @ http://tinyurl.com/yjpdzon
The sad part is that some of us don't even realize when we're being included in a fraudulent scheme. I believe some of this is partly due to ignorance, other times it is out of laziness, more times than not in the hustle and bustle of our daily lives it's out of sheer Busy-ness, but sometimes it is simply due to a "don't ask, don't … (0 comments)

real estate fraud: “Identify Theft” Mortgage Fraud Scammers Arrested – - 03/24/10 02:59 AM
"Identify Theft" Mortgage Fraud Scammers Arrested -
While preparing the loan applications, the name and social security number of another individual were used without that person's knowledge, input or authority, identity theft
Read the whole story http://tinyurl.com/ycs3osr
We should all recognize individuals commit the act of fraud not companies. Every part of the mortgage lending process presents another window of opportunity for people in our industry who, by the very nature of their job description, are exposed to unscrupulous loan originators, builders, real estate agents, borrowers, processors, underwriters, appraisers, lender account reps, and title closers. Each one of these positions or … (1 comments)

real estate fraud: Say it’s Not So Joe- Police Officer Arrested for Mortgage Fraud - 03/12/10 07:55 AM
A New Jersey, a police officer, was arrested based on a obtaining a mortgage loan that he obtained through false representations.
According to the Complaint, he and his wife own property in Secaucus, New Jersey which they purchased in June 2000 with a thirty-year mortgage for $513,700. Around March 2008, in order to purchase a multi-family dwelling in Jersey City, he applied for another loan with the same lender. During the loan application interview he failed to declare his outstanding mortgage liability on his existing home property; then falsely reported that he rented, rather than owned, the property; and falsely stated … (1 comments)

 
Michael Richardson, First Colorado Lending (First Colorado Lending)

Michael Richardson

First Colorado Lending

Golden, CO

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