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:

Feb. 3, 2012


MIAMI FAMILY CHARGED WITH MULTI-FACETED MORTGAGE FRAUD SCHEME

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, and James K. Loftus, Director, Miami-Dade Police Department (MDPD), along with members of the Federal-State Mortgage Fraud Strike Force (Mortgage Fraud Strike Force), announce the indictment of six South Florida residents on charges stemming from their participation in a mortgage fraud scheme that resulted in approximately $2 million in fraudulent loans.

This case is the result of the cooperative law enforcement efforts of the members of the Mortgage Fraud Strike Force. Created in June 2008 and led by the U.S. Attorney's Office, the Mortgage Fraud Strike Force brings together federal, state and local law enforcement to combat the mortgage fraud epidemic in South Florida. Members of the Mortgage Fraud Strike Force include experienced prosecutors, federal agents, and state and local officers, dedicated exclusively to investigating and prosecuting mortgage fraud cases. The Mortgage Fraud Strike Force has yielded substantial results. Since September 2007, following the creation of the District's first Mortgage Fraud Initiative, more than 500 individuals have been charged for their involvement in mortgage fraud schemes that have resulted or were intended to result in more than $620 million in mortgage loans.

On February 2, 2012, a ten-count indictment was unsealed charging six defendants for their alleged participation in a mortgage fraud scheme that resulted in approximately $2 million in fraudulent loans. Charged in the indictment are defendants Ivania Filgueiras, 40, of Miami; Jose Armando Alvarado, 62, of Miami; Maria C. Alvarado, 62, of Miami; Reyna Josefina Orts, 57, of Miami; Alberto Morejon, 25, of Miami; and Carlos Serrano, 56, of Hialeah. Five of the six defendants are close family members.

According to the indictment, from 2005 through 2009, defendants Filgueiras, Jose Armando Alvarado, and Maria C. Alvarado identified residential properties in Miami-Dade County to defraud lenders. Defendant Jose Armando Alvarado then recruited and paid individuals to act as straw buyers of the properties. Defendant Serrano acted as a straw borrower for three (3) different properties alleged in the indictment. Defendants Jose Armando Alvarado and Orts created and caused the borrowers' fraudulent loan applications and other documents to be submitted to the lenders, in one instance without a borrower's knowledge or consent. The fraudulent loan applications contained bogus bank account records and false statements about employment, income, assets, and intent to occupy the property. American Mortgage Lending (AML), a mortgage brokerage firm owned by defendant Jose Armando Alvarado, prepared and submitted the fraudulent loan documents to the lenders. South Florida Realty, a real estate company owned by defendant Maria C. Alvarado, was utilized to create sales contracts submitted to the lenders for the charged transactions.

Thereafter, defendants Filgueiras and Morejon utilized a Miami title company to conduct fraudulent closings. Once the mortgage applications were approved, the lenders wired the loan proceeds to the title company's escrow account, operated by Filgueiras, for closing. At closing, Filgueiras and her father, defendant Jose Armando Alvarado, caused fraudulent payments and disbursements to be made from the loan proceeds. Additionally, defendant Filgueiras disbursed loan proceeds to the sellers without receiving cash-to-close payments from the borrowers, contrary to representations on the HUD-1 statements.

To perpetuate the scheme and avoid detection, the defendants also failed to record, and falsely recorded, mortgage deeds and other mortgage documentation with the State of Florida authorities. Defendants Filgueiras and Morejon also fraudulently executed quit-claim deeds with State of Florida authorities, on behalf of defendants Jose Armando Alvarado and Maria C. Alvarado, in order to sell the properties to other straw buyers, obtain home equity line of credit (HELCO) loans, and conceal the fraud. The defendants would also make payments on the loans until the properties could be resold, often to another straw borrower, repeating the cycle of fraud. Eventually, the defendants stopped making payment on the loans and the properties entered foreclosure proceedings, often resulting in substantial losses to the lending institutions.

The indictment charges the defendants with conspiracy to commit bank and wire fraud, and substantive wire fraud and bank fraud. If convicted, the defendants face a statutory maximum term of imprisonment of 30 years' on the conspiracy to commit bank and wire fraud and substantive bank fraud charge, and 20 years' imprisonment on the wire fraud charges.

Mr. Ferrer commended the investigative efforts of the Federal-State Mortgage Fraud Strike Force, with special commendation to the Federal Bureau of Investigation and Miami-Dade Police Department. The case is being prosecuted by Assistant U.S. Attorney Sean T. McLaughlin.

The case announced today is also part of the Department of Justice's Financial Fraud Enforcement Task Force. This national task force was established in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. Mortgage fraud is a key focus of the Financial Fraud Enforcement Task Force's efforts. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

An indictment is only an accusation and a defendant is presumed innocent until proven guilty.

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