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:

Oct. 13, 2011


NEW YORK WOMAN CONVICTED BY NEW JERSEY JURY IN MULTIMILLION-DOLLAR ATLANTIC CITY MORTGAGE FRAUD CONSPIRACY

CAMDEN, N.J. – A jury convicted a Bronx, N.Y., woman today for orchestrating a mortgage fraud scheme in Atlantic City, N.J., involving seven properties which were bought and sold 17 times in a little more than six months, U.S. Attorney Paul J. Fishman announced.

The jury returned guilty verdicts against Jong Shin, 51, on all four counts charged in the Indictment against her, including: conspiracy to commit wire fraud (Count One); conspiracy to commit money laundering (Count Two); and making false statements on loan applications to J.P. Morgan Chase Bank (Counts Three and Four). The jury reached a decision following two hours of deliberation at the conclusion of a two-week trial before U.S. District Judge Renée Marie Bumb in Camden federal court.

According to documents filed in this case and the evidence at trial:

Shin devised and executed a scheme to defraud mortgage lending institutions by purchasing seven residential properties in Atlantic City and then recruiting "straw purchasers" to buy the properties. Shin prepared fraudulent contracts to sell the properties to the straw purchasers and then included significantly inflated incomes as high as $29,000 per month on the loan applications.

In addition, Shin recruited and made large cash payoffs to real estate appraiser Michael Oxley to falsely inflate the appraisals. Shin also recruited and paid off a local title clerk, Anna Shea of Equity Title Agency, formerly located in Northfield, N.J. Esther Zhu, a mortgage broker at Summit Mortgage Bankers, conspired with Shin to falsify the numbers on the applications and appraisals so that they would be accepted at the lending institutions. After 17 separate real estate transactions, the straw purchasers owned the seven properties – with mortgages they could not pay that were far in excess of the properties' actual market value. The seven properties all went into foreclosure. Shin reaped $1.2 million in proceeds, which she laundered through several monetary transactions into her bank accounts.

Shin faces a maximum potential penalty of 30 years in prison and a $1 million fine on the wire fraud conspiracy charge;10 years in prison and a $250,000 fine on the money laundering conspiracy charge; and 30 years in prison and a $1 million fine on each of the two false statements charges.

Six other defendants originally charged in the scheme have also pleaded guilty to related federal charges and await sentencing, including: Anna Shea, 45, of Millville, New N.J., who pleaded guilty to conspiracy to commit wire fraud and conspiracy to commit money laundering; Michael Oxley, 42, of Somers Point, N.J., who pleaded guilty to conspiracy to commit wire fraud; Tula and Sudesh Rampersaud, both 33, of Hollis, N.Y., who each pleaded guilty to conspiracy to commit wire fraud; Steven Boswell, 61, of Flushing, N.Y., who pleaded guilty to conspiracy to commit wire fraud; and Esther Zhu, 43, of Farmingdale, N.Y., who pleaded guilty to two counts of making a false statement to a bank on a loan application.

The investigation was led by the Atlantic City Resident Office of the FBI, under the direction of Special Agent in Charge Michael B. Ward, and the Atlantic City Resident Office of IRS-Criminal Investigation, under the direction of Special Agent in Charge Victor W. Lessoff.

The government is represented by Assistant U.S. Attorneys Diana Vondra Carrig and R. David Walk Jr. of the U.S. Attorney's Office in Camden.


Source: United States Attorney's Office for the District of New Jersey

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