twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com 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 MortgageDaily.com.

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

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

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

Press Releases
Reports and announcements from MortgageDaily.com.

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

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.reversefunding.com

subscribe to free Mortgage Daily email newsletter

Mortgage Fraud News | Fraud Statistics | Fraud Index | Fraud Blog
Mortgage broker, originator and banker criminal cases. Real estate flipping and appraisal fraud. Mortgage fraud prevention, studies and analysis.



P R E S S   R E L E A S E

FOR IMMEDIATE RELEASE:

May 2, 2013


Seven Wichitans Charged With Mortgage Fraud

WICHITA, KAN. Seven people in Wichita have been charged in a federal mortgage fraud case, U.S. Attorney Barry Grissom said today.

An indictment unsealed here today alleges the scheme involved straw buyers and straw sellers, false loan applications and false supporting documentation submitted to lenders. Victims of the fraud included numerous banks, the Federal Housing Administration, the Federal Deposit Insurance Corporation (FDIC), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

The following defendants were named in the indictment:

Manjur Alam, 45, Wichita, Kan., who is charged with one count of conspiracy, six counts of wire fraud, one count of bank fraud, one count of making a false statement to the Department of Housing and Urban Development and one count of money laundering.

Janice Young, 26, Wichita, Kan., who is charged with one count of conspiracy, one count of wire fraud and one count of making a false statement to HUD.

Bruce Dykes, 44, Wichita, Kan., who is charged with one count of conspiracy and two counts of wire fraud,

Christopher Ginyard, 27, Wichita, Kan., who is charged with one count of conspiracy and one count of wire fraud,

Henry Pearson, Sr., Wichita, Kan., who is charged with one count of conspiracy and one count of wire fraud.

Henry Pearson, Jr., 28, Wichita, Kan., who is charged with one count of conspiracy and one count of bank fraud.

Steven Pelz, who is charged with one count of conspiracy and one count of wire fraud.

The indictment alleges that Alam, whose realtor license had been suspended and who was on probation for a federal conviction, was the leader of the conspiracy. He used straw sellers to purchase homes and flip the properties to straw buyers. He recruited sellers from his homeland of Bangladesh. He lured the straw sellers with promises of quick and easy profits, while he recruited straw buyers with the prospect of using the houses as investments while promising them kickbacks.

The indictment also alleges:

Alam guided each straw buyer through the purchase process, acting as the buyer and seller agent, even though his realtor license was suspended. He falsely represented his wife as the realtor.

The defendants were unqualified to receive mortgage loans for the homes they bought and each of them made false statements in their loan applications.

Alam caused false Verification of Employment information and false Verification of Rent information on straw buyers to be submitted to lenders.

None of the straw buyers used the homes as their primary residence although each indicated in loan applications that the homes would be a primary residence.

Alam and the straw buyers submitted false invoices for repairs to title companies for property improvements.

The proceeds from the fraudulently obtained loans resulted in losses to lenders of more than $221,000.

Upon conviction the crimes carry the following penalties:

Conspiracy: A maximum penalty of 20 years in federal prison and a fine up to $250,000.
Wire fraud: A maximum penalty of 20 years and a fine up to $250,000 on each count.
Bank fraud: A maximum penalty of 30 years and a fine up to $250,000.
Making a false statement: A maximum penalty of five years and a fine up to $250,000.
Money laundering: A maximum penalty of 10 years and a fine up to $250,000.

Investigating agencies included the Internal Revenue Service, Housing and Urban Development - OIG, and the Federal Housing Financing Agency - OIG. Assistant U.S. Attorney Aaron Smith is prosecuting.


Source: United States Attorney's Office for the District of Kansas


mortgage fraud case stories


mortgage fraud headlines

mortgage fraud blog

Mortgage Daily headlines


Local Mortgage Fraud news
News about local mortgage fraud.


Logout forgot
password?

Mortgage Fraud Statistics
Government and private data on volume of mortgage fraud activity.



Mortgage Fraud Index
Dollar and index amount by quarter and state.



Mortgage Fraud Litigation
Lawsuits and settlements invoving mortgage fraud by a lender insider. From 2007 through first-quarter 2013



Mortgage Fraud News
News stories about fraud committed against home lenders.



Mortgage Fraud Blog
Actions in mortgage fraud criminal and civil cases.



local mortgage fraud


mortgage fraud links



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

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

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

sales blog

secondary marketing

social media

servicing news

subprime news

wholesale lenders

wireless mortgage news