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


November 2011 Archive
Last Updated Monday, December 19, 2011 01:51 PM Texas Time


Mortgage Fraud Wire


Local, State and Federal Government Announcements

10-Year Sentence in $4 Million Scam
Syed A. "Ali" Babar of New London, the 29-year-old architect of a statewide mortgage scam, was sentenced today to 10 years in prison for his role in perpetrating the $4 million fraud.

51 Months for 50 Fraudulent Transactions
TAMPA, Fla. -- Chris Malcom, one of the men behind a $6.9 million-mortgage fraud scheme uncovered in a 2006 Tampa Tribune investigation, was sentenced this week to 51 months in federal prison.

Title Company Closer Escapes Prison Sentence
A Rosemount, Minn., man who had a role in one of the Twin Cities most notorious mortgage fraud cases avoided a prison sentence at sentencing this week.

Drug Parolee Gets Longer Sentence for Lying at Trial
A 65-year-old Blairsville man faces three years and five months in prison for wire fraud in relation to a string of mortgages obtained through lies.

Former County Official in Ohio Performed Fraudulent Appraisals
Daniel J. Nichter, a former Franklin County development director and Hilliard city councilman, pleaded guilty today in a mortgage-fraud case.

SC Developer in $5.2 Million Case Headed to Prison
A 48-year-old man was sentenced in federal court in Florence Thursday for conspiracy to commit bank fraud in Myrtle Beach, said U.S. Attorney Bill Nettles.

Appraiser Inflated Value On His Own Property
Real estate appraisers aren't supposed to put a value on homes when they're one of the actual buyers.

Appraiser Used Photos from Another Property to Justify Value
A federal judge sentenced two men, a former real estate appraiser and his contractor friend, to prison terms Monday for falsifying the appraisal of an unfinished home in Pupukea, Hawaii, to qualify it for two mortgages totaling $1.3 million.

26 Multifamily Properties Involved in Boston Case
A New Hampshire man has been sentenced to four years for leading a mortgage scheme that defrauded more than a dozen lenders and several home buyers of more than $2 million in connection with the purchase of 26 multi-family properties in Greater Boston, according to Attorney General Martha Coakley.

Men Changed Names to Executive Fraud Scheme
Three Elk Grove men have pleaded guilty in a mortgage fraud scheme that resulted in more than $1 million in losses.

Attorney Admits Role in Fraud Scheme
New Haven lawyer David Kinney faces more than three years in prison after pleading guilty Wednesday to participating in a conspiracy that used fraudulent real estate transactions to bilk lenders out of mortgage loans.

Father, Mother and Daughter Sentenced
Three family members who pleaded no contest to conspiracy and grand theft in a multi-million dollar mortgage fraud scheme were sentenced to prison Wednesday.

Florida Couple Admit to 50 Fraudulent Loans
TAMPA, Fla. -- A Tampa couple pleaded guilty to their part in an $8.8 million mortgage fraud racketeering conspiracy.

Jury Convicts Former Realtor
A former East Berlin real-estate agent defrauded mortgage lenders of more than $6.2 million by filing false loan applications, then pocketed about $2.3 million of that money, a federal jury in Harrisburg determined this week.

First Franklin Primary Victim in Mortgage Fraud Case
The collapse of the housing bubble exposed Sacramento as one of the nation's centers for mortgage fraud. Yet even here, prosecutors say, their latest case stands out for its scope and the number of people involved.

Guilty Plea for Former Police Officer
A former Plantation police officer faces up to five years in prison after reaching a plea deal Tuesday with federal prosecutors who had alleged he orchestrated more than $16 million in mortgage fraud in South Florida.

Fraudulent Cashout Transaction Leads to Loss of Home
On Friday, Imogene Hall fought against tears as she boxed up her belongings and shut the door at her Miami Gardens home for the last time, closing the chapter on a five-year homeownership nightmare.

Man Accused of Mortgage Fraud, Merger Fraud and Bankruptcy Fraud
Peter M. Cicero bought companies that closed real estate transactions. But in doing so, he defrauded the lender backing the purchase, according to an indictment unsealed in U.S. District Court today.

Crackdown Yields Charges on $21.2 Million in Mortgage Fraud
A crackdown on mortgage fraud in the Myrtle Beach area -- announced by federal officials nearly 11/2 years ago -- has netted nearly two dozen indictments and guilty pleas thus far, and prosecutors say more charges will be forthcoming.

4 More Indictments in $10 Million Calif Case
A federal grand jury today indicted four Sacramento residents as part of wide-ranging investigation into mortgage fraud involving members of the local Russian-American community.

$5 Million MN Case Yields 3rd Sentence
A third major player convicted of racketeering in a $5 million mortgage fraud scheme was sentenced this week to seven years in prison.

Indictment Expanded in $6 mil SunTrust Case
Federal authorities are once again upping the ante for a Sevier County, Tenn., lawyer and a partner in an alleged $6 million mortgage fraud scheme.

HUD Defrauded on $16 Million in Mfg Housing Loans
CHARLOTTE, N.C. -- A Hickory man pleaded guilty Monday in federal district court to five charges that he defrauded dozens in the region who sought to buy or finance manufactured homes.

Decade in Prison for MN Mortgage Broker
Fraudulent sales of St. Paul condominiums were among the deals that earned John Anthony Spencer a 10-year, five-month prison term.


Stamford Man Sentenced to Federal Prison for Role in $4 Million Mortgage Fraud Scheme
Lexington Man Sentenced for Mortgage Fraud
New London Man Sentenced to 10 Years in Federal Prison for Operating Extensive Mortgage Fraud Scheme
Real Estate Investor Convicted for Leading a Mortgage Fraud Conspiracy
Former Coral Mortgage Operator Pleads Guilty to Multi-Million Dollar Securities Fraud
New Brighton Man Pleads Guilty In Large-Scale Mortgage Fraud Scheme
Leader of $6.7 Million Mortgage Fraud Scheme Sentenced
Blairsville Man Sentenced To 41 Months In Prison For Mortgage Fraud Conspiracy
Former South Hadley Man Sentenced in Mortgage Fraud Scheme
Woodbridge Resident Arrested for Operating Multiple Alleged Fraud Schemes
Mortgage Fraud Defendant Pleads Guilty
Chapin Man Sentenced on Bank Fraud Charges Deriving from Sale of Myrtle Beach Property
Realtor Charged With Mortgage Fraud
Real Estate Agent And Appraiser Plead Guilty In $1.8 Million Mortgage Fraud Scheme
Weston Man Sentenced to 41 Months in Federal Prison for Participating in Mortgage Fraud Conspiracies
Tucson Loan Officer Indicted in Mortgage Fraud Scheme
FINAL DEFENDANT SENTENCED IN MORTGAGE FRAUD CASE
Leader of Massive Mortgage Fraud Scheme in Boston Sentenced to Four Years in Jail, 35 Years of Probation and Ordered to Pay $5 Million in Restitution
JERSEY CITY MAN PLEADS GUILTY IN BANK FRAUD SCHEME
TWO SENTENCED FOR MORTGAGE FRAUD
NEW HAVEN ATTORNEY ADMITS PARTICIPATING IN NEW LONDON COUNTY MORTGAGE FRAUD SCHEME
Attorney General Pam Bondi Announces Tampa Mortgage Fraud Guilty Pleas
JOSEPH GUARACINO PLEADS GUILTY TO CONSPIRACY IN MORTGAGE FRAUD SCHEME
Six Michigan Residents Plead Guilty to Marijuana Trafficking, Mortgage Fraud, Arson and Money Laundering
Former York County Real Estate Agent Convicted of Wire Fraud and Money Laundering
FOUR SENTENCED FOR MORTGAGE FRAUD
Springfield Loan Officer Sentenced To 24 Months For Mortgage-Fraud Scheme
Two Individuals Sentenced in Connection with $2.5 Million Reverse Mortgage and Loan Modification Scheme
North Hills Man Facing Charges Resulting From Mortgage Fraud Schemes
Atlanta Woman Sentenced for Committing Mortgage Fraud
Attorney Convicted in Manhattan Federal Court on Multi-Million-Dollar Mortgage Fraud Conspiracy, Bank Fraud, and Money Laundering Charges
WOBURN ATTORNEY CHARGED WITH FRAUD IN REAL ESTATE CLOSINGS
FORMER FBI AGENT CONVICTED IN MANHATTAN FEDERAL COURT OF MAKING FALSE STATEMENTS
Branson Realtor Pleads Guilty To $391,000 Mortgage Fraud
Luzerne County Man Sentenced To Prison For Mortgage Fraud Scheme

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