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mortgage fraud

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

New York State AG Sues Two Law Firms for Loan Mod Scam

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New York State Attorney General Eric T. Schneiderman has filed a lawsuit in New York County Supreme Court against two law firms and their lead attorney accusing them of participating in a fraudulent mortgage rescue scheme. The lawsuit targets Litvin Law Firm; Litvin, Torrens & Associates, PLLC; and the firms’ principal attorney Gennady Litvin.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

Missouri Man Sentenced to Four Years for Fraudulent Mortgage Docs

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Tammy Dickinson, U.S. Attorney for the Western District of Missouri, has announced that a Nixa, Mo. man who was a co-owner of Greenleaf Companies has been sentenced in federal court for aiding and abetting a bank fraud conspiracy that was part of a multi-million-dollar mortgage investment scheme. Eric Gagnepain of Nixa, was sentenced by U.S. District Judge Greg Kays to four years in federal prison without parole. The court also ordered Gagnepain to pay $2,911,214 restitution.Click to continue

The Insured Closing Letter is Obsolete


A recent panel on fraud issues I attended included a healthy debate about the extent to which a lender can rely on the insured closing letter as a means to offset risk at the closing table.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

Illinois Developer and Two Attorneys Among Six Defendants Indicted in $22.8 Million Mortgage Fraud Scheme

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An Illinois south loop condominium developer and two attorneys are among six defendants facing federal charges for allegedly engaging in a $22.8 million mortgage loan fraud scheme, federal law enforcement officials announced. The defendants allegedly caused buyers to fraudulently obtain approximately 60 mortgages from various lenders to purchase condominiums at Vision on State, a 250-unit building.Click to continue

California AG Nabs Seven in Loan Mod Scheme

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California Attorney General Kamala D. Harris has announced the arrest of seven suspects who have been charged in a mortgage fraud scheme that defrauded more than 1,550 Inland Valley homeowners seeking loan modification services during California’s foreclosure crisis. The felony complaint alleges that Nehad “Nick” Ayyoub Ayyoub of San Bernardino and president of The Firm Loans, Insurance and Investments Inc.Click to continue

Internet Security: Phishing Attacks

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Question: Recently, our firm came under a “phishing attack.” Our IT people fixed the problem, but we really don’t know what happens in a phishing attack. Can you explain it in layman’s terms? Also, How can we prevent this kind of cyber attack?Click to continue

Two Arrested in Real Estate Ponzi Scheme

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The owners of a now-defunct Southern California real estate investment firm have been arrested for allegedly perpetrating a Ponzi scheme that ended with the bankruptcy of their company and caused private investors and banks collectively to lose well over $110 million when the scheme collapsed.Click to continue