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. 30, 2011


FORMER ST. CHARLES COUNTY DEVELOPERS PLEAD GUILTY TO FRAUD CHARGES

St. Louis, MO - The United States Attorney's Office announced today that Thomas Colvin and Kristaq Gjordeni, who operated Englewood I Development LLC, have entered guilty pleas to bank fraud charges.

According to court documents, Colvin and Gjordeni obtained a loan to purchase land for the development of The Bluffs at Green Chutes in St. Charles County. In March 2006, Sun Security financed Englewood's land acquisition and development of 45 acres located on Green Bottoms Road in St. Charles, MO. The original loan was for $3.8 million, but was later increased to $5.1 million. The purpose of the loan was to develop the 45-acre tract into 33 single-family lots. The funds were disbursed from an escrow account based upon requests from Colvin and Gjordeni. Near the time of the loan, Colvin and Gjordeni began experiencing financial difficulties related to other existing projects. As a result they began to misuse loan funds from the Bluffs project in order to pay on unrelated loans and personal expenses. By late 2007, nearly all of the funds had been disbursed, but the Bluffs development was far from complete. Colvin and Gjordeni executed their scheme by making disbursement requests to the bank, via a disbursing agent, for funds for the Bluffs project all the while knowing that they would not use the funds for the project. While the loss amount has not yet been fully determined, the Government estimates that it is between $400,000 and $1 million.

THOMAS COLVIN, Lake Ozark, Missouri, pled guilty today to three felony counts of bank fraud. KRISTAQ GJORDENI, St. Louis, Missouri, pled guilty on July 26 to three felony counts of bank fraud. Both appeared before United States District Judge Jean C. Hamilton. Sentencing has been set for October 21, 2011, for Gjordeni and January 6, 2012, for Colvin.

Bank fraud carries a maximum penalty of 30 years in prison and/or fines up to $1,000,000. In determining the actual sentences, a Judge is required to consider the U.S. Sentencing Guidelines, which provide recommended sentencing ranges.

This case was investigated by the Federal Bureau of Investigation. Assistant United States Attorney Reginald Harris is handling the case for the U.S. Attorney's Office.


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

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