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

wire fraud

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

Cherry Red Gavel/Credit: Comstock

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

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

California Mortgage Lender Charged With Defrauding Ally Bank

Black Gavel Pic/Credit: Brand X Pictures

Steven Pitchersky of Rancho Mirage, Calif., was charged by information (an indictment or information is an accusation; a defendant is presumed innocent unless and until proven guilty) with one count of wire fraud, announced United States Attorney Zane David Memeger. Pitchersky, who operated Nationwide Mortgage Concepts, a California mortgage lender, is accused of engaging in a scheme to defraud Ally Bank that caused the bank a loss of approximately $5.3 million.Click to continue

LO Convicted in $3 Million Mortgage Fraud Case

Handcuffs_Prison_Pic

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

Real Estate Brokerage Owner Pleads Guilty in Multi-Million Dollar NY Fraud Scheme

Cherry Red Gavel/Credit: Comstock

Mitchell Cohen, the owner of the now defunct Buy-A-Home real estate brokerage business, pleaded guilty to one count of conspiracy to commit wire, bank and mail fraud in connection with a multimillion-dollar mortgage fraud scheme, announced U.S. Attorney for the Southern District of New York Preet Bharara. Cohen also pleaded guilty to one count of perjury in connection with statements he made in a contempt proceeding related to the Dec. 2010 civil fraud lawsuit filed against him. Cohen pleaded guilty before U.S. Magistrate Judge Ronald L.Click to continue

Owner of Illinois-Based Commercial Mortgage and Finance Charged With Mortgage Fraud

Black Gavel Pic/Credit: Brand X Pictures

The former owner, CEO and president of Commercial Mortgage and Finance Company in Rockford, Ill. was indicted by a federal grand jury. Anthony F. D’Agostino was charged with 17 counts of mail fraud, one count of wire fraud, and one count of securities fraud, in connection with a scheme to defraud investors in Commercial Mortgage. According to the indictment, D’Agostino raised capital for his business by selling installments known as Promissory Notes and Certificates of Participation to investors.Click to continue

Eleven Indicted in California Loan Mod Scam

Black Gavel Pic/Credit: Brand X Pictures

Federal agents have arrested 10 defendants who worked at a Rancho Cucamonga, Calif.,-based business that allegedly offered bogus loan modification programs to financially distressed homeowners. As a result of the scheme allegedly run out of 21st Century Real Estate Investment Corporation and several related companies, more than 4,000 financially distressed homeowners
lost at least $7 million in fees they paid to the company, and many homeowners lost their homes to foreclosures.Click to continue

Two LOs Sentenced in Manhattan for Role in $9 Million Mortgage Fraud Scheme

Black Gavel Pic/Credit: Brand X Pictures

Preet Bharara, the United States Attorney for the Southern District of New York, has announced that Frederick Warren and Denise Parks, two loan officers, were sentenced in Manhattan federal court for their roles in a $9 million mortgage fraud scheme in which 12 people were originally charged and 11 have pled guilty. Warren was sentenced to 51 months in prison and ordered to forfeit $1,993,000 after pleading guilty on April 11, 2012, to one count of conspiracy to commit wire fraud and bank fraud and one count of wire fraud.Click to continue

Jail Time for Operators of California-Based Loan Mod Scam

Handcuffs_Prison_Pic

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) and the U.S. Attorney for the Southern District of California Laura E. Duffy have announced that three individuals charged with conspiracy to commit wire fraud and mail fraud for their roles in operating a mortgage loan modification scam were sentenced in federal court in San Diego. U.S. District Court Judge Anthony J.Click 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