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Local Mortgage Fraud News Stories
Illegal Flipping Schemes, Appraisal Fraud and other Mortgage Fraud


January 2012 Archive
Last Updated Wednesday, February 01, 2012 11:29 AM Texas Time


Mortgage Fraud Wire


Local, State and Federal Government Announcements

Famous Runner Requests New Mortgage Fraud Trial
GREENSBORO, N.C. -- Charlie Engle, the local ultra marathon runner who beat drug addiction to become a world famous runner and subject of a noted documentary, is seeking a new trial to overturn his conviction of mortgage fraud.

6 Indicted Over NC Builder Kickbacks
Federal prosecutors have filed charges against six Charlotte, N.C.-area defendants over mortgage fraud-related offenses and a "builder kickback" scheme, the latest fallout from the housing market bust.

R.I Broker Handed Down 30-Month Sentence
A Rhode Island mortgage broker who helped the leader of a New London-based home-purchasing scheme collect millions of dollars in fraudulent loan money will spend up to two and a half years in federal prison, U.S. Attorney David B. Fein announced Monday.

Tampa Trio Convicted in Florida Fraud Scheme
TAMPA, Fla. -- The heads of a local mortgage company have been convicted of leading a mortgage fraud scheme against 10 lenders.

Reverse Mortgage Fraud Nets 70-Month Sentence
A Delray Beach, Fla., loan officer was ordered to pay more than $2 million in restitution Friday for his role in a nationwide $2.5 million reverse mortgage fraud scheme.

Ohio Mortgage Brokers Plead Guilty in $15 Million Case
Two Pickerington, Ohio, men have pleaded guilty in federal court to $15 million in mortgage fraud, the U.S. Department of Justice announced today.

Oregon Developer Deceived Banks and Employees
Tyler Fitzsimons, the man at the center of one of the biggest financial frauds to emerge in Oregon during the great housing boom, has opted to change his plea to guilty in the ongoing criminal case.

Indicted Alaska Condo King Sued Over $16 Million in Delinquent Loans
Four years after his financial world began collapsing, Anchorage condo king Lee Baker Jr. has been indicted by a federal grand jury on charges that he lied and cheated on federal credit union loans connected with his construction projects, the U.S. Attorney's Office announced Friday.

WMC Probe Focuses on Fraud
Federal authorities have launched an investigation into defunct subprime lender WMC Mortgage Corp. to determine whether senior managers condoned mortgage fraud, sources said.

$750k in Mortgage Fraud Among Multiple Counts in Conn. Case
HARTFORD, Conn. -- A Woodbridge man waived his right to indictment and pleaded guilty today to one count of mail fraud for operating multiple schemes that resulted in more than $1.5 million in losses to individuals and lenders, the Connecticut U.S. States Attorney Office said today.

2 Guilty Pleas in MN Condo Scheme
Two real estate professionals have pleaded guilty in connection with kickbacks at the troubled Cloud 9 Sky Flats development in Minnetonka, a scheme that prosecutors say defrauded lenders out of $7 million to $20 million.

Florida Real Estate Agent Pleads Guilty in $5 Million Case
Parkland Real Estate agent David Lam, 42, pled guilty Tuesday in federal court to charges of conspiracy to commit mail and wire fraud and conspiracy to commit money laundering in relation to a home sales scheme in Wellington's Versailles community.

$0.9 Million Property Financed for $1.9 Million
A 2007 real-estate scam involving a Sugarloaf Key home put two former property professionals from Miami-Dade County in the Keys jail last week.

Overview of Mortgage Fraud
Colorado ranks eighth among states as a mortgage fraud hot spot, a FBI agent specializing in white-collar crime told members of the Southern Chapter of the Colorado Mortgage Lenders Association on Tuesday.

Florida Scam Involved $8.7 Million in Loans
PANAMA CITY BEACH, Fla. -- According to the federal indictment, the alleged scam worked like this:

Feds, States Stomp Out Foreclosure Rescue Services
Federal regulators, including the Consumer Financial Protection Bureau, are going all out to put a halt to firms that collect hefty fees while their clients still lose their homes.

Appraiser Used IDs of Other Appraisers
An Ohio appraiser will spend four years in prison over admittedly using the identities of other appraisers on inflated reports.

33 Months for 3-Year Scheme
A Bethesda man was sentenced Thursday to 33 months in prison followed by three years of supervised release for two counts of mail fraud connected to a mortgage scheme that defrauded lenders, family members and others, the Maryland U.S. Attorney's Office reported.

2-Year Sentence for Mortgage Broker
A Jacksonville mortgage broker received a two-year prison sentence Thursday and has to reimburse his victims $1 million.

13 Years for 100 Properties
A former Fayetteville, N.C., man who made at least $1 million through a mortgage fraud scheme that resulted in dozens of foreclosures will spend nearly 13 years in prison.

Former Fugitive Pleads Guilty in $19 Million Case
Christopher J. Warren, who fled the country with a fortune in gold and returned with a paltry $70,000 in cash stuffed into the cowboy boots he was wearing, pleaded guilty Tuesday in Sacramento federal court to identity theft and wire fraud related to cheating lenders out of $19 million.

Ohio Man Indicted Over $1.5 Million Scheme
A Columbus, Ohio, man cheated lending institutions out of $1.5 million by helping buyers purchase homes at inflated prices and lying on loan applications, a federal indictment charges.

Straw Buyers from Low Income Area Recruited for High-End Home Scheme
WEST PALM BEACH, Fla. -- Carl Alexander, 60, of Miami, was sentenced Friday to four years in prison and ordered to pay $3.5 million in restitution for his role in a mortgage fraud scheme in the upscale Versailles community in Wellington.

Scheme Involved 65 Homes, $10 Million
A Hudson, Wis., man charged with racketeering in a mortgage-fraud case pleaded guilty Friday in Hennepin County District Court. But he's not done explaining the details of the $10 million scheme.


Business Owner Sentenced To Prison For Foreclosure Rescue Scheme
Two Defendants Indicted For Home Equity Loan Fraud
Two Bloomington Residents Indicted In Mortgage Fraud Scam
Commerce Department alleges real estate agent bilked mortgage lenders out of $3.3 million
Mortgage Broker Sentenced to 30 Months in Federal Prison for Role in Mortgage Fraud Scheme
Owner/President And Former Vice-President Of Investors Outlet, Inc. Found Guilty Of Mortgage Fraud Scheme
Florida Loan Officer Sentenced in Connection with $2.5 Million Reverse Mortgage Fraud and Loan Modification Scheme
Belleville, N.J., Woman Sentenced To 33 Months In Prison For Role In Structuring And Mortgage Fraud
FORMER CHICAGO LAWYER SENTENCED TO 15 YEARS IN PRISON FOR MORTGAGE FRAUD INVOLVING AT LEAST 102 FRAUDULENT "BAILOUTS"
Jury Convicts Camp County Man in Federal Bank Fraud Trial
Chesapeake Men Indicted For Foreclosure Rescue Scheme
Woodbridge Resident Admits Defrauding Individuals and Lenders of More Than $1.5 Million
Owners Of Mortgage Brokerage And Title Closing Company Plead Guilty In Mortgage Fraud Scheme
Former Hells Angels President Sentenced to More Than Five Years in Prison in Multi-Million-Dollar Mortgage Fraud, Money Laundering Scheme
Washington County Man Sentenced To 57 Months In Prison For Mortgage Fraud Scheme
Naugatuck Resident Admits Role in Decade-Long Mortgage Fraud Scheme in Bridgeport
Fourth Defendant in Mortgage Fraud Scheme Sentenced to Prison
Detroit Real Estate Investor Sentenced For Tax And Mortgage Fraud
BROWARD MAN PLEADS GUILTY IN FOUR CASES INVOLVING VERSAILLES MORTGAGE FRAUD SCHEMES
Former Employee Of Parsippany, N.J., Mortgage Lender Pleads Guilty To Fraud
Mortgage Broker Sentenced to Over Two Years in Prison in Scheme to Defraud Lenders, Family, and Others of Over $1.4 Million
Florida Mortgage Broker Sentenced to Two Years for Wire Fraud
Clinton Fraudster Receives Federal Sentence
Kirby Lofts Borrower Pleads Guilty
Two Individuals Plead Guilty to Mortgage Fraud in South Atlanta
Sacramento Man Pleads Guilty To $19 Million Fraud Scheme
Man Pleads Guilty in $3.4 Million Las Vegas Mortgage Fraud Scheme
OHIO MAN CHARGED WITH SWINDLING MORE THAN $300,000 IN ADVANCE FEES FROM CHURCHES AND SMALL BUSINESSES IN LOAN FRAUD SCHEME
Four Sacramento Area Defendants Indicted For Mortgage Fraud

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