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money laundering

Colorado Man Sentenced to Six Years in Prison for Mortgage Fraud Scheme

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Chaval Williams of Centennial, Colo. Has been sentenced by U.S. District Court Judge William J. Martinez to serve 74 months in federal prison for wire fraud, identity theft and money laundering federal authorities have announced. Following his prison sentence, Williams was ordered to serve three years on supervised release. Williams was also ordered by Judge Martinez to pay $766,800.81 in restitution. He was ordered to report to a Bureau of Prisons facility once one is designated.Click to continue

Ex-NFLer Sentenced to 46 Months for Downpayment Scam

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Former NFL football player Jimmy Hitchcock has been sentenced to 46 months in federal prison, followed by two years of supervised release, for his role in a multi-million mortgage fraud conspiracy, announced U.S. Attorney Anne M. Tompkins. Tompkins was joined by John A. Strong, Special Agent in Charge of the Federal Bureau of Investigation (FBI), Charlotte Division, Thomas J. Holloman III, Special Agent in Charge of the Internal Revenue Service, Criminal Investigation Division (IRS-CI) in making the announcment.Click to continue

Two Missouri Agents Sentenced in $11 Million Mortgage Fraud Scheme

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Tammy Dickinson, U.S. Attorney for the Western District of Missouri, has announced that two Blue Springs, Mo. real estate agents and several co-defendants have been sentenced in federal court for their roles in an $11 million mortgage fraud scheme.

Leann Raejeana Turner of Blue Springs, was sentenced to three years in federal prison without parole. The court also ordered Turner to pay $4,912,040 in restitution.Click to continue

Get Anti-Money Laundering Under Control at Your Organization

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When it comes to the media, anti-money laundering schemes make for a great story. Television dramas display gangsters and mob bosses with an intricate web of lackeys at their disposal for complex wire transfers. Many consumers are aware of these types of schemes through thrilling, award-winning shows like Breaking Bad or Weeds. It is the final step in order to use money stolen from a bank robbery or a high-stakes drug deal.Click to continue

Anti-Money Laundering Program: Preparation is Protection

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The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, recently finalized regulations (Final Rule) requiring non-bank Residential Mortgage Lenders and Originators (RMLOs) to establish an Anti-Money Laundering Program (AML Program) and file Suspicious Activity Reports (SARs), as FinCEN requires of other types of financial institutions.1Click to continue

Eleven Charged in New Jersey in $15 Million Mortgage Fraud Scheme

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Eleven individuals from five states have been charged in New Jersey for their alleged roles in a $15 million mortgage fraud scam that used phony documents and “straw buyers” to make illegal profits on overbuilt condos, including a defendant who attempted to murder a witness to the scheme, New Jersey U.S. Attorney Paul J. Fishman announced. Willie W. Richardson of Bloomfield, N.J.; Sean A. Souels of Philadelphia; Nancy E. Wolf-Fels of Toms River, N.J.; Deborah L. Hanson of Voorhees, N.J.; Seth A. Fuscellaro of Wildwood Crest, N.J.; Larry L.Click to continue

FinCEN Examines Title and Escrow Fraud

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Pressing forward in its efforts to address a wide range of criminal risks, the Financial Crimes Enforcement Network (FinCEN) has released its first targeted study analyzing reports indicating suspicious activities involving the real estate title and escrow industry. The study identified thousands of instances where financial institutions, particularly banks and Money Services Businesses (MSBs), filed suspicious activity reports (SARs) involving title and escrow companies, often in connection with mortgage fraud.Click to continue

California Man Sentenced to 93 Months in Jail for Involvement With 80 Fraudulent Loan Apps

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James Delbert McConville has been sentenced to 93 months in prison, and ordered to pay more than $7 million in restitution for conspiring to commit mail and wire fraud related to approximately 80 fraudulent loan applications secured by real property in Escondido and San Marcos, Calif. McConville pleaded guilty on Jan. 25, 2012, to conspiracy to commit mail and wire fraud and to money laundering.Click to continue

Five Plead Guilty in New Jersey to $431,200 Mortgage Fraud Scheme

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New Jersey Attorney General Jeffrey S. Chiesa has announced that five people have pleaded guilty for their roles in a scheme, led by Genilza R. Nunes of Kearny, N.J. (aka Leticia Wilchez, Geny Silva, Gena Nunez and Genilza Borges) to defraud Provident Funding Associates of $431,200 by filing a false loan application and purchasing a home in Newark in the name of a man who was deceased. Nunes pleaded guilty on May 8 to second-degree money laundering before Superior Court Judge Salem Vincent Ahto in Morris County, N.J.Click to continue

New Jersey Man Admits Guilt in $40.8 Million Mortgage Fraud Conspiracy

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William Brown of Newark, N.J. has admitted his role in a $40.8 million mortgage fraud conspiracy, recruiting “straw buyers” to purchase real estate properties in New Jersey, South Carolina and Georgia and causing lenders to release more than $18 million based on fraudulent mortgage loan applications, U.S. Attorney Paul J. Fishman announced. Brown pleaded guilty to an information charging him with conspiracy to commit wire fraud and conspiracy to commit money laundering. He entered his guilty plea before Senior U.S. District Judge Joseph E. Irenas in Camden, N.J.Click to continue