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:

April 4, 2013


Philadelphia Woman Charged is Fourth Defendant in Multi-Million-Dollar Mortgage Fraud Scheme

Dontaya S. Devore, 38, of Philadelphia, was charged today by information with participating in a mortgage fraud conspiracy involving more than 100 Philadelphia properties and more than $20 million in fraudulent loan proceeds, announced United States Attorney Zane David Memeger. Devore is charged with conspiracy to commit loan and wire fraud, false statement in connection with Federal Housing Administration loan, and loan fraud. The information also seeks the criminal forfeiture of over $467,000 from Devore.

Devore is the fourth defendant charged in this district with participating in a massive mortgage fraud conspiracy that operated between May 2004 and February 2009, primarily in the West Philadelphia section of the city of Philadelphia involving KREW Settlement Services, a Philadelphia real estate settlement company that is alleged to have been at the center of the conspiracy. Devore is alleged to have directly participated in several fraudulent loan applications by purchasing properties in her name based on the submission of false loan applications and other false documents.

The other three co-conspirators charged in this district with participating in the same mortgage fraud conspiracy involving KREW are Willie G. Manley, Jr., Eric Ponder, and Rashika J. Moon. According to the information, co-conspirator Willie G. Manley, charged elsewhere, was an accountant who created false income documents, such as W-2 forms, paystubs, and Form 1040 income tax returns, which were submitted to lenders. Co-conspirator Eric Ponder, charged elsewhere, is alleged to have held himself out as a real estate developer and helped cause the submission of numerous fraudulent loan applications that resulted in mortgages being unwittingly issued by various banks by making false statements on loan applications in his own name and helping secure mortgages in the names of others by recruiting "straw buyers" whose identity and fraudulent information was used to obtain the loans. Ponder is also alleged to have submitted false invoices for construction work never performed on the properties in order to justify payments to him from the settlement proceeds of loans in the names of the straw buyers. The information also alleges that another co-conspirator, Rashika J. Moon, had the legal authority to sign checks from KREW's bank account and directly participated in numerous fraudulent loan applications by purchasing properties in her name based on the submission of false loan applications and other false documents or by later "selling" many of those properties to "straw buyers" whose identities and fraudulent information were used to obtain other loans.

The conspiracy also included grossly inflated appraisals, false title insurance policies, false receipts for home repairs that were never performed, and straw buyers who knowingly allowed their names and identities to be used to purchase the properties and defraud the banks.

If convicted, Devore faces a maximum possible sentence 37 years' imprisonment, five years' supervised release, a fine of $1.5 million or twice the value of the property involved in the transactions, and a $300 special assessment.

The case was investigated by the Federal Bureau of Investigation, the Internal Revenue Service-Criminal Investigation, and the Department of Housing and Urban Development's Office of Inspector General. It is being prosecuted by Assistant United States Attorney Michael S. Lowe.


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


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