Mortgage Fraudster Gets Slap on Hand

Real Estate Broker/Owner with Fred Pickard Innovations Realty Inc

For several years, I have almost daily read a couple of law firm blogs that deal with mortgage fraud and follow cases and update the reports.

Both of them today reported that a 74 year old real estate broker in Denver that was found guilty of four counts of mortgage fraud in July was sentenced to 36 months probation with 15 months of house arrrest, restitution and forced to forfeit a $44,292 judgment.

Just because I was curious, I checked this person on Colorado's website and found that she was disciplined in 1993 for falsifying information (specifically asserting she had deposits in an escrow account when she did not collect these deposits) and sentenced to a 90 day license suspension, 4 hours of additional continuing ed and a $400 fine (the italics are mine). According to the state licensing site, she still has an active license.

There are articles on Fraud Blogger and on Mortgage Fraud Blog

We constantly talk about weeding out people in our respective businesses that operate outside the bounds of good business practices and sound ethics. Unfortunately, the state licensing authority in most states is slow to revoke licenses of people like the broker in the story. You would think that someone who was found guilty by a jury six months ago would not still be licensed.


Comments (5)

Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

I read the mortgage fraud's pretty good and check it out from time to time...those people....if were convicted should be locked up and just throw the dam key away.

Jan 12, 2009 08:48 AM
Martin Kalisker
Natick, MA
Real Estate Ethics & Dispute Resolutikn

who said that white collar crime is a victimless crime?

Jan 12, 2009 08:50 AM
Lenn Harley
Lenn Harley,, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Why should anyone be surprised?  If the law was fair, Bernie Maydof would have been locked up today.


Jan 12, 2009 09:06 AM
Jim & Maria Hart
Brand Name Real Estate - Charleston, SC
Charleston, SC Real Estate

It's such a huge blemish on our entire industry when criminals like these get off so easily.  I second Neal!

Jan 12, 2009 09:28 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Nothing to be happy about, but weeding is not a one-time deal, it is an endless process. There is a borderline group that has a tendency for that, and they will do it when either couldn't resist, or thinking it will not cost them.

Jan 12, 2009 09:33 AM