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:

August 25, 2011


Pike County Man Sentenced To Prison For Mortgage Fraud Scheme

The United States Attorney's Office for the Middle District of Pennsylvania, announced that the former owner of a financial services firm was sentenced today by Senior U.S. District Court Judge Edwin M. Kosik to spend more than four years in prison for participating in a scheme to fraudulently inflate mortgages during 1999-2002.

According to United States Attorney Peter J. Smith, Alex Gambini, age 44, of Greeley, Pennsylvania, the former owner of First Advantage Financial Services, was sentenced to 51 months in prison. Gambini previously pleaded guilty to mail fraud as an aider and abettor.

Gambini was indicted by a federal grand jury in October 2008, as a result of an investigation conducted by the Federal Bureau of Investigation (FBI). The Indictment outlined a scheme whereby operators and employees of First Advantage Financial, which was based in Lake Ariel and later Hamlin, and had an office in Old Forge, used false appraisals and false documents, including false W-2 forms, false real estate appraisals, and false employment records, to qualify customers for inflated mortgages and loans. Some of those customers subsequently defaulted on the mortgages and loans resulting in losses to banks and other financial institutions. The amount of money involved in the fraudulent scheme was between $1 million and $2.5 million, and involved between 10 and 50 victims.

Gambini is the first of four defendants connected to the scheme to be sentenced in federal court. Guillermo Laureiro, Richard Woods and Benjamin Haughney previously pleaded guilty to mail fraud for their participation in the illegal scheme. All are awaiting sentencing.

Judge Kosik also ordered Gambini to serve three years on supervised release following his prison sentence, and to pay a $100 special assessment. The Court deferred ruling on restitution in the matter for 90 days. In his plea agreement, Gambini agreed to pay restitution for losses resulting from his conduct.

U.S. Attorney Smith noted that Assistant United States Attorney Francis P. Sempa prosecuted the case.




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

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