A Bergen County, N.J. woman has been indicted for her role in a long-running, large-scale mortgage fraud scheme that caused millions of dollars in losses, U.S. Attorney Paul J. Fishman announced. Klary Arcentales of Lyndhurst, N.J., was charged in a five-count indictment with one count of conspiracy to commit bank fraud and four counts of bank fraud, all of which caused losses of at least $2 million.

According to the indictment and other documents filed in this case:Click to continue

A Las Vegas mortgage agent was sentenced to serve 15 months in prison for her participation in a mortgage fraud scheme that netted more than $1.2 million in fraudulent mortgage loans, Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division, U.S. Attorney Daniel G. Bogden of the District of Nevada and Acting Special Agent in Charge William C. Woerner of the FBI’s Las Vegas Field Office announced. Heidi Haischer was sentenced by U.S. District Judge Miranda M. Du in the District of Nevada.Click to continue

Following a six-day jury trial, Nicholas Lindsey of Billings, Mt. was convicted of nine counts of wire fraud and one count of aggravated identity theft for his role in a mortgage fraud scheme, announced Daniel G. Bogden, United States Attorney for the District of Nevada. “Many innocent homeowners in Nevada have suffered because of this type of crime involving fraudulent residential mortgage transactions,” said U.S. Attorney Bogden.Click to continue

Lane Anderson has been sentenced to four years’ imprisonment for conspiracy to commit bank fraud and wire fraud, announced United States Attorney Nicholas A. Klinefeldt. Chief United States District Judge James E. Gritzner also sentenced Anderson to five years’ supervised release following imprisonment. From 2006 to 2008, Anderson, along with co-defendants Shannon Flickinger, Dave Mable, and Paul Kramer, executed a scheme to defraud lenders by using straw buyers and fraudulent loan applications to obtain inflated mortgage loans.Click to continue

Norcom Mortgage has announced the addition of Lynn LaPierre as a mortgage consultant. LaPierre brings over 12 years of industry experience to Norcom. LaPierre plans on partnering with local real estate brokers and attorneys to host a first-time homebuyer seminar.Click to continue

Nature abhors a vacuum. Can the same be said about the mortgage industry? Probably not with the same zest. Think back to high school physics and the classic demonstration in which the air from a thick bell-shaped jar was removed to create a vacuum. Light smoke surrounded the outside of the jar and when the inside vacuum was pierced, the smoke rushed in, instantly filling the jar with a light wispy cloud. Nature’s laws held steadfast as the void was instantly and efficiently filled.Click to continue

David B. Fein, U.S. Attorney for the District of Connecticut, has announced that John J. Doran of Niantic, Conn., formerly of Deep River, Conn., pleaded guilty before United States Magistrate Judge Donna F. Martinez in Hartford to one count of making false statements to influence a bank in connection with a mortgage application. According to court documents and statements made in court, in May 2007, Doran applied to Bank of America for a mortgage to purchase a condominium in New Haven.Click to continue

The holidays took a toll on mortgage fraud prosecutions as the Q4-2012 Mortgage Fraud Index sank to its lowest level in nearly five years. However, the drop appears to have only been temporary. California saw a big improvement, while the dollar volume in Florida spiked. Mortgage Daily tracked activity on 105 mortgage fraud cases for $1.3 billion during the fourth quarter. The actions are chronicled at the mortgage fraud blog FraudBlogger.com and represent activity on mostly criminal cases filed in local, state and federal courts.Click to continue

Secure Settlements Inc. has announced that it has launched two new lender-subscription fraud tool programs assisting in the evaluation, monitoring and reporting of closing agent risk. Closing Guard is the result of the continuing evolution of the SSI risk management program, designed to help lenders uncover and reduce fraud risks while simultaneously providing better consumer protections surrounding the residential mortgage closing.Click to continue

U.S. Attorney Benjamin B. Wagner announced that seven people were charged with mail fraud, wire fraud, and making false statements in connection with a mortgage fraud scheme involving the purchase of at least 23 homes. On March 28, 2013, a federal grand jury returned an indictment charging Aleksandr Kovalev of Rocklin, Calif.; Arthur Chang Menefee of Stockton, Calif.; Adil Qayyum of Rosele, Ill.; Jannice Riddick, aka Jannice Frazier of Sacramento, Calif.; Florence Francisco of Houston, Texas; Elsie Pamela Fuller of Richmond, Calif.; and Leona Yeargin of San Pablo, Calif.Click to continue