Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

money laundering

Two Missouri Agents Sentenced in $11 Million Mortgage Fraud Scheme

Courthouse/Credit: Photodisc

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

Money being cut up

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

MoneyLaundering_Copyright_GettyImages_CreditJupiterimages

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

Cherry Red Gavel/Credit: Comstock

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

Magnifyingf_Glass_File_Home_Pic

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

Black Gavel Pic/Credit: Brand X Pictures

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

Black Gavel Pic/Credit: Brand X Pictures

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

Cherry Red Gavel/Credit: Comstock

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

New Jersey Woman Convicted in Phony Mortgage Loan Scheme

Black Gavel Pic/Credit: Brand X Pictures

A Sussex County, N.J. woman has been convicted for her role in a wire fraud and money laundering scheme involving phony mortgages issued for properties in New Jersey and Florida, U.S. Attorney Paul J. Fishman announced. The jury found Crystal Paling of Hamburg, N.J. guilty of both counts charged in the indictment against her: Conspiracy to commit wire fraud and conspiracy to commit money laundering. The jury reached a decision following two hours of deliberation at the conclusion of a three-week trial before U.S. District Judge Peter G. Sheridan in Trenton federal court.Click to continue

Connecticut Man Busted in Multi-Million-Dollar Mortgage Fraud Scam

Black Gavel Pic/Credit: Brand X Pictures

David B. Fein, United States Attorney for the District of Connecticut, has announced that Robert Ilunga of Naugatuck, Conn. waived his right to indictment and has pled guilty before United States Magistrate Judge Donna F. Martinez in Hartford to one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering. The charges stem from ILUNGA’s participation in a multi-million-dollar mortgage fraud scheme that involved more than 40 properties located in Bridgeport, Conn.Click to continue