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


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:

Jan. 17, 2012


BROWARD MAN PLEADS GUILTY IN FOUR CASES INVOLVING VERSAILLES MORTGAGE FRAUD SCHEMES

Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, John V. Gillies, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office, Jose A. Gonzalez, Special Agent in Charge, Internal Revenue Service (IRS), Criminal Investigation Division, Michael K. Fithen, Special Agent in Charge, U.S. Secret Service, Jeff Atwater, Chief Financial Officer, Florida's Department of Financial Services, Addy M. Villanueva, Special Agent in Charge, Florida Department of Law Enforcement (FDLE), and the Palm Beach County Mortgage Fraud Task Force, announced that defendant David Lam, 42, a real estate agent from Parkland, Florida, pled guilty today before U.S. District Judge Kenneth A. Marra for his participation in mortgage fraud schemes relating to properties in the Versailles development in Wellington, Florida.

Lam was charged and pled guilty to charges arising in four separate indictments. In all, he pled guilty to four counts of conspiracy to commit mail and wire fraud, in violation of Title 18, United States Code, Section 1349, and three counts of conspiracy to commit money laundering, in violation of Title 18, United States Code, Section 1956(h).

To date, five co-defendants have pled guilty and four have been sentenced.

Defendant Carl Alexander, 45, of Parkland, Florida, pled guilty on October 5, 2011 to one count of conspiracy to commit mail and wire fraud, in violation of Title 18, United States Code, Section 1349, and one count of conspiracy to commit money laundering, in violation of Title 18, United States Code, Section 1956(h). He was sentenced on January 6, 2012 before U.S. District Judge Kenneth A. Marra to 48 months in prison, to be followed by 3 years of supervised release. The Court also ordered defendant Alexander to pay $3,256,724 in restitution.

Defendant Carol Asbury, 59, an attorney and title agent in Lake Worth, Florida, pled guilty on September 9, 2011 to two counts of conspiracy to commit mail and wire fraud, in violation of Title 18, United States Code, Section 1349, and two counts of conspiracy to commit money laundering, in violation of Title 18, United States Code, Section 1956(h). Asbury was charged and pled guilty to charges arising in two indictments, both of which alleged mortgage fraud in the Versailles development. Asbury was sentenced on November 18, 2011 before U.S. District Judge Kenneth A. Marra to 30 months in prison, to be followed by 3 years of supervised release. She was also ordered to pay $6,510,291 in restitution.

Defendant Patrick Brinson, 34, of Miami, Florida, pled guilty on September 7, 2011 to two counts of conspiracy to commit mail and wire fraud, in violation of Title 18, United States Code, Section 1349, and one count of conspiracy to commit money laundering, in violation of Title 18, United States Code, Section 1956(h). Brinson pled guilty to charges arising in two indictments, one of which alleged mortgage fraud in Versailles and one of which alleged a separate mortgage fraud scheme in Miami. Brinson was sentenced on November 29, 2011 before U.S. District Judge Patricia A. Seitz to 78 months in prison, to be followed by 3 years of supervised release. A restitution hearing is scheduled before Judge Seitz for February 17, 2012.

Defendant Pamela Higgins, a mortgage broker who lived in Arizona at the time of the offense, pled guilty on November 4, 2012 to one count of conspiracy to commit mail fraud, wire fraud, and financial institution fraud, in violation of Title 18, United States Code Section 1349, and one count of conspiracy to commit money laundering, in violation of Title 18, United States Code Section 1956(h). Higgins is scheduled to be sentenced before U.S. District Judge Kenneth A. Marra on February 10, 2012.

Defendant Victoria Wilson, 30, a mortgage broker from Hollywood, Florida, pled guilty on August 19, 2011 to one count of conspiracy to commit mail and wire fraud, in violation of Title 18, United States Code, Section 1349. Wilson was sentenced on November 30, 2011 before U.S. District Judge Kenneth A. Marra to 24 months in prison, to be followed by 2 years of supervised release. Wilson was ordered to pay $1,655,466 in restitution.

According to court documents, in all four of the Versailles-related indictments, the defendants used "straw buyers" to submit false documentation to various mortgage lenders substantially inflating the purchase price of the properties. As part of the conspiracy, double HUD-1 Settlement Statements were prepared. One set with the real price was provided to the seller and another set with the inflated price was provided to the lender. The difference between the real price and the inflated price was either made to appear as if it were a debt owed to business entities controlled by the defendants and their co-conspirators, or was made to appear as profits to the seller. The fraudulent loan proceeds were then laundered through multiple accounts to conceal the source and distribution of the money and were ultimately used for the benefit of the defendants and their co-conspirators. In sum, the schemes alleged in the four indictments to which Lam pled guilty involved more than $15 million in mortgage loans on 12 Versailles properties, and more than $5 million in fraudulent loan proceeds.

Mr. Ferrer commended the investigative efforts of the FBI, IRS Criminal Investigation Division, Florida's Department of Financial Services, FDLE, U.S. Secret Service, and the Palm Beach County Mortgage Fraud Task Force. The cases are being prosecuted by Assistant U.S. Attorneys Stephanie Evans, Ellen Cohen, Carolyn Bell and Armando Rosquete.

A copy of this press release may be found on the website of the United States Attorney's Office for the Southern District of Florida at http://www.usdoj.gov/usao/fls. Related court documents and information may be found on the website of the District Court for the Southern District of Florida at http://www.flsd.uscourts.gov or on http://pacer.flsd.uscourts.gov.

Technical comments about this website can be e-mailed to the Webmaster. PLEASE NOTE: The United States Attorney's Office does not respond to non-technical inquiries made to this website. If you wish to make a request for information, you may contact our office at 305-961-9001, or you may send a written inquiry to the United States Attorney's Office, Southern District of Florida, 99 NE 4th Street, Miami, Fl. 33132.


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

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