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:

Sept. 14, 2012


Two Loan Officers Sentenced in Manhattan Federal Court for Their Participation in $9 Million Mortgage Fraud Scheme

Preet Bharara, the United States Attorney for the Southern District of New York, announced today that DORIAN BROWN and FRITZ BONAVENTURE, two mortgage loan officers, were sentenced in Manhattan federal court for their roles in a $9 million mortgage fraud scheme. BROWN was sentenced today to four months in prison and ordered to perform 300 hours of community service after pleading guilty in April 2012 to one count of conspiracy to commit wire fraud and bank fraud, and one count of wire fraud. BONAVENTURE was sentenced on September 12, 2012 to three months in prison and six months of home confinement after pleading guilty in April 2012 to one count of conspiracy to commit wire fraud and bank fraud. U.S. District Judge Naomi R. Buchwald sentenced both defendants.

Manhattan U.S. Attorney Preet Bharara said: "Today's sentences continue to send the message that those who engage in mortgage fraud will be caught, prosecuted, and forced to forfeit their ill-gotten gains."

According to the indictment and statements made in court proceedings:

BROWN, BONAVENTURE, and 10 other individuals, defrauded various lending institutions by using fraudulent "straw identities" to apply for mortgage loans. BROWN and BONAVENTURE facilitated the preparation and processing of fraudulent mortgage applications by matching straw buyers and loan processors with lending institutions. Through the scheme, the defendants were able to obtain more than $9 million in mortgage loans for the purchase of dozens of residential properties throughout the New York City metropolitan area and Long Island. Most of the loans quickly went into default.


***

In addition to his prison term, BROWN, 38, of Mount Sinai, New York, was sentenced to two years of supervised release. He was also ordered to forfeit $1,845,600 and to pay a $200 special assessment fee.

In addition to his prison term, BONAVENTURE, 30, of Lithonia, Georgia, was sentenced to one year of supervised release. He was also ordered to forfeit $450,000 and to pay a $100 special assessment fee.

Co-defendants Jeffrey Larochelle, Denise Parks, Frederick Warren, Joell Barnett, Foriduzzaman Sarder, Sakat Hossain, Mikael Huq, Eric Finger, and Reginald Johnson also previously pled guilty. Of the five defendants who have already been sentenced by Judge Buchwald:
  • Sarder was sentenced in April 2011 to 78 months in prison;
  • Hossain was sentenced in March 2012 to 29 months in prison;
  • Huq was sentenced in July 2012 to 42 months in prison;
  • Parks was sentenced in August 2012 to two years of supervised release; and
  • Warren was sentenced in August 2012 to 51 months in prison.
The remaining four defendants await sentencing.

Criminal charges are pending against Brandon Lisi. The charges against him are merely accusations, and he is presumed innocent unless and until proven guilty.

Mr. Bharara praised the outstanding investigative efforts of the New York Attorney General's Office, which led the investigation and has collaborated in the prosecution. He also thanked the Federal Bureau of Investigation and the New York State Department of Financial Services for their assistance in this case.

This case is being handled by the Office's Complex Frauds Unit. Assistant United States Attorneys Michael D. Lockard and Ryan P. Poscablo, and Assistant Attorney General Meryl Lutsky—who is designated as a Special Assistant U.S. Attorney in this case—are in charge of the prosecution.


Source: United States Attorney's Office for the Southern District of New York


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