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

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

Virginia Man Gets Seven-Year Sentence in Foreclosure Rescue Scam

Black Gavel Pic/Credit: Brand X Pictures

Howard R. Shmuckler of Virginia Beach, Va. has been sentenced to 90 months in prison, followed by three years of supervised release, for running a fraudulent mortgage rescue business that received substantial fees, but actually modified clients' mortgages in only a few cases. The court ordered that this sentence be served consecutive to a 75-month federal sentence Shmuckler received on April 5, 2012, in Washington, D.C., involving a counterfeit check scheme.Click to continue

Former Taylor Bean CFO de Armas Sentenced to 60 Months in Prison

Handcuffs_Prison_Pic

Delton de Armas, former chief financial officer of Taylor Bean & Whitaker Mortgage Corporation (TBW), has been sentenced to 60 months in prison for his role in a more than $2.9 billion fraud scheme that contributed to the failure of TBW. De Armas of Carrollton, Texas, pleaded guilty in March to one count of conspiracy to commit bank and wire fraud and one count of making false statements.Click to continue