twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.

Hard Money Lender Convicted

APS partner accused of diverting investor funds

Sept. 6, 2013

By Mortgage Daily staff

A partner at a hard money lender has been convicted of swindling investors out of millions of dollars.

APS Funding Inc. provided short-term, high-interest hard-money loans for business and real estate development purposes. Several funds established by the entity included GCF Investment LLC and the Greenlight Fund.

Investors were recruited by the APS partners and assured that their money would be used to fund hard-money loans.

According to the Department of Justice, investors plowed in more than $5 million from 2007 until 2009.

But few borrowers were interested in loans from APS, and few hard-money loans were actually funded.

Instead, according to the government, more than 90 percent of the funds were diverted to the partners for their personal use.

One of the APS partners, Michael Swanson, was convicted by a federal jury on Tuesday, a news release from the U.S. Attorney for the Northern District of California said.

Swanson was convicted of one count of conspiracy to commit mail and wire fraud, 12 counts of mail fraud, 14 counts of wire fraud and one count of securities fraud. He was acquitted of one count of mail fraud and one count of securities fraud.

Swanson is scheduled for sentencing on Dec. 18.

Co-defendant Beth Pina pled guilty in December 2012 and is scheduled for sentencing on March 14, 2014.

In October 2010, the Securities and Exchange Commission filed a lawsuit against APS, Swanson, Pina and APS President Barbra Alexander in the same federal court. The SEC alleged that $2.5 million out of $7.9 million in funds from nearly 60 investors was misappropriated.

Monterey, Calif.-based APS was formed in November 2006 and continued to operate until 2010.

United States of America, Plaintiff, v. Barbra Alexander, Beth Pina, and Michael Swanson, Defendants.
Case No. Cr 10 00730 JF; indictment filed Oct. 6, 2010; conviction on Sept. 3, 2013 (U.S. District Court for the Northern District of California).

Securities and Exchange Commission, Plaintiff, vs. Barbra Alexander, Beth Pina, Michael E. Swanson, and APS Funding, Inc., Defendants.
Case No. CV10 4535, Oct 7, 2010 (U.S. District Court for the Northern District of California).

next story

back to current headlines

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.

The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders