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:

Jan. 5, 2012


OHIO MAN CHARGED WITH SWINDLING MORE THAN $300,000 IN ADVANCE FEES FROM CHURCHES AND SMALL BUSINESSES IN LOAN FRAUD SCHEME

CHICAGO An Ohio man was indicted on federal charges for allegedly engaging in a fraud scheme in which he promised to fund more than $500 million in mortgage loans to some 20 churches and a dozen small businesses nationwide and fraudulently obtained more than $300,000 in advance fees that he used for personal expenses instead of securing loans as he had promised. Three of the churches were located in Chicago, while additional churches and small businesses allegedly victimized by the scheme were located in Georgia, New Jersey, North Carolina, Ohio, Oregon, and Virginia. The defendant, Jamal E. Lawson, was charged with three counts of wire fraud in an indictment returned yesterday by a federal grand jury, announced by Patrick J. Fitzgerald, United States Attorney for the Northern District of Illinois, and Thomas P. Brady, Inspector-in-Charge of the Chicago Office of the U.S. Postal Inspection Service.

Lawson, 42, of Dayton, Ohio, will be ordered to appear for arraignment in U.S. District Court. The indictment seeks forfeiture of at least $308,000, which represents the amount that Lawson allegedly fraudulently obtained and used for such personal expenses as travel, clothing, food and cars.

According to the indictment, between June 2009 and December 2010, Lawson offered to provide loans to pastors of churches and owners of small businesses through one of his companies: Evangel Capital Group LLC and Evangel Capital Partners Ltd., Ascendant Capital Partners LLC and Ascendant Commercial Mortgage, and Destiny Capital Group LLC and Destiny Capital Partners Ltd. Lawson advertised low-interest loans to churches and small businesses and, after receiving a loan application, advised the borrowers that his companies had approved loans in amounts ranging from approximately $300,000 to $206 million and that firm closing dates had been set. Lawson allegedly knew that he lacked the ability to fund the loans through his companies and he had not secured funding or closing dates from other outside lenders.

As part of the scheme, Lawson allegedly told the borrowers that, before any loans would be disbursed, they were required to pay certain advance fees, in amounts ranging from approximately $1,250 to $35,000, that would be used to obtain appraisals, loan documents, title reports, and audited financial statements. The indictment alleges that Lawson directed the borrowers to pay the advance fees by mailing checks or transferring funds to accounts that he controlled.

Lawson told borrowers that he would refund their application fees if they did not receive the loans, knowing that he never intended to provide the actual loans, the charges allege. Altogether, Lawson allegedly promised to fund loans totaling at least $537.4 million to some 20 churches and 13 small businesses. In Chicago, he alleged defrauded one unnamed church of $3,950 in fees for a purported $742,000 mortgage loan; a second church of $4,000 in fees to provide a mortgage loan of $1,546,000; and a third church of $3,950 in fees for a $3,045,000 mortgage loan.

The government is being represented by Assistant U.S. Attorney Christopher McFadden.


Source: United States Attorney's Office for the Northen District of Illinois

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