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


Jan. 9, 2014

Permian Basin Men Sentenced to Federal Prison in Multi-Million-Dollar Bank Fraud Scheme

In Midland this afternoon, 36-year-old Raymond Holguin, Jr., of Odessa, and 37–year-old Gustavo Pizarro, of Midland, were sentenced to 41 months and 18 months, respectively, in federal prison for defrauding My Community Federal Credit Union of millions of dollars, announced United States Attorney Robert Pitman and Federal Bureau of Investigation Special Agent in Charge Douglas E. Lindquist, El Paso Division.

In addition to the prison term, United States District Judge Robert A. Junell ordered that Holguin pay $3,934,627 restitution and be placed under supervised release for a period of five years after completing his prison term. Judge Junell ordered that Pizarro pay $3,914,680 restitution and be placed under supervised release for a period of five years after completing his prison term. Judge Junell also ordered both defendants to surrender to federal authorities on or before February 18, 2014, to begin serving their prison terms.

Last year, Holguin, Pizarro, and 40-year-old Michael Franco of Midland all pleaded guilty to one count of conspiracy to commit bank fraud in connection with this investigation. According to court records, beginning in April 2007, the defendants engaged in an 18-month-long scheme that defrauded the FDIC-insured financial institution through the issuance of fraudulent car loans. Holguin, operator of Motor City, an auto dealership in Odessa, Texas; Pizarro, General Sales Manager at Motor City; and Franco, a loan officer at My Community Federal Credit Union, all devised a plan to approve car loans for customers who did not meet the credit union's lending standards. Holguin and Pizarro presented auto loan applications to Franco that included false information such as inflated income. Holguin and Pizarro would also add amenities to the cars that did not exist in an effort to increase the value of the car and receive a larger loan amount. Franco never verified any of the information contained in the loan documents before processing the loans and, in return, was paid a kickback by Holguin for every car loan that was approved. The scheme resulted in Franco approving more than 300 fraudulent car loans on behalf of Holguin and Pizarro, which led to a loss at My Community Federal Credit Union in excess of $4 million.

On November 25, 2013, Franco was sentenced to 18 months in federal prison, followed by five years of supervised release, and ordered to pay $4,122,532.19 restitution to the bank. All restitution amounts ordered by the court in this case are to be paid joint and several by the defendants.

The case was investigated by the Federal Bureau of Investigation and was prosecuted by Assistant United States Attorney V. LaTawn Warsaw.

Source: United States Attorney's Office for the Western District of Texas

mortgage fraud case stories

mortgage fraud headlines

mortgage fraud blog

Mortgage Daily headlines

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