twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to 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

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

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









site map

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


August 16, 2011


SAVANNAH, GA: RICHARD D. GUERARD, 43, from Savannah, Georgia was sentenced yesterday by U.S. District Judge William T. Moore, Jr. at the U.S. Courthouse in Savannah, Georgia, to 52 months in prison in connection with a conspiracy to defraud over $2 million from the First National Bank, Savannah, Georgia, and other banks from 2007 to 2009.

United States Attorney Edward J. Tarver said, "Bank fraud is an epidemic that has hit Georgia especially hard. With 67 banks failing since 2008 including First National Bank, the bank this defendant defrauded Georgia ranks second in the nation. Prosecuting those who engage in bank fraud will continue to be a top priority for the United States Attorney's Office and the Department of Justice."

According to the evidence presented during the sentencing and guilty plea hearings, Guerard, a real estate developer acting on behalf of two businesses, entered into loan agreements with First National Bank and other banks for the purchase and development of areas within downtown Savannah. During a two year period, Guerard submitted dozens of bogus subcontractor invoices to First National Bank for work that had not been performed. As a result, Guerard fraudulently received well over $1 million in loan funds to which he was not entitled. Then, in an effort to prevent the loans from becoming delinquent, Guerard conspired with others, including employees of First National Bank, to fraudulently arrange over $1 million in nominee loans, the proceeds of which were not for the benefit of the borrowers, but for the benefit of Guerard and his coconspirators. In June of 2010, First National Bank became the first failed bank in the Savannah metro area.

In addition to his prison sentence, Guerard was ordered to pay $2,396,372.83 in restitution and to serve 3 years on supervised release upon his release from prison. There is no parole in the federal system.

This case is the result of a joint investigation conducted by the United States Secret Service, the FDIC Office of Inspector General, the U.S. Department of Treasury Office of Inspector General, the Board of Governors of the Federal Reserve Office of Inspector General and the United States Attorney's Office. First Assistant United States Attorney James D. Durham is prosecuting the case for the United States.

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

Local Mortgage Fraud news
News about local mortgage fraud.

Logout forgot

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

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


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

secondary marketing

social media

servicing news

subprime news

wholesale lenders