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. 23, 2014


Attorney Sentenced for Stealing More Than $4.3 Million from Clients
Kalpakis, 53, of Old Westbury, stole millions from clients, including his own wife, by forging real estate and loan documents

MINEOLA, N.Y. Nassau County District Attorney Kathleen Rice announced that a disbarred attorney has been sentenced today for stealing more than $4 million from several individuals and banks in a series of fraudulent real estate deals that fattened his wallet at the expense of his clients including his own wife.

James Kalpakis, 53, pleaded guilty in September 2013 to Grand Larceny in the First Degree (a B felony) and Grand Larceny in the Second Degree (a C felony). Nassau County Court Judge Philip Grella sentenced Kalpakis today to 3-1/3 to 10 years in prison, with restitution of $4,362,279.83.

"Clients should be confident that their attorneys are representing their best interests, and not betraying their trust for their own financial gain," DA Rice said. "My office will continue to prosecute attorneys who betray their clients' trust while reaping millions of dollars by flouting the laws they swore to follow."

DA Rice said that Kalpakis, an attorney who was suspended from the practice of law in 2005 and disbarred upon his resignation in September 2009, stole over $4 million from five clients he represented in real estate deals between September 2008 and January 2011.

In September 2008, Kalpakis illegally obtained a 30-year, $1.1 million mortgage loan from a bank to refinance a mortgage on a home owned by his wife by submitting a forged power of attorney in her name, giving him authority to sign the mortgage in her absence. He received a check made payable to him in the amount of $402,152 at closing. The balance of the loan was used to pay off the existing mortgage, but Kalpakis stopped making payments on the loan in December 2009. His wife knew nothing about the loan.

Other fraudulent dealings by Kalpakis include:
  • The theft of approximately $1.3 million from a victim to whom Kalpakis sold two homes with forged deeds from banks that were not actually the owners of the properties between October 2009 and December 2009. Kalpakis stole an additional $290,000 from the victim between February 2009 and April 2009 by never returning the victim's escrow deposit on a home purchase that fell through.
  • The theft of $500,000 from the same victim between June 2009 and July 2009 by falsely representing that it would be invested in oil, gas, and mineral leases in Texas involving Kalpakis's brother.
  • The theft of a $750,000 one-year mortgage loan in June 2010 from a private investment firm by representing himself as the attorney for the owners of a residential property, one of whom was the victim of the above listed crimes. Kalpakis provided the lender with a forged power of attorney giving Kalpakis authority to collect the loan.
  • The theft of $150,000 between August 2010 and September 2010 from a different victim by "selling" him a property owned by the same victim in the above listed crimes. Kalpakis provided the buyer with forged documents that gave Kalpakis authorization to sell the property.
  • The theft of $100,000 in escrow deposits from a different victim to purchase a home between October 2008 and April 2009. The sale fell through but Kalpakis never returned the escrow funds.
  • The theft of a $45,000 escrow deposit from a victim between January 2010 and December 2010 for the purchase of a home. The sale never went through but Kalpakis kept the money.
  • The theft of $80,000 from a victim using three separate scams. Between August 2010 and January 2011, he stole $33,000 from the victim from a home purchase that fell through. In October 2010, he stole $35,000 from her by promising that a client he represented in a civil case would sign over the $42,000 settlement that would be received later, netting the victim a $7,000 profit. In fact, there was no lawsuit, no client, and no pending settlement. Kalpakis pulled this scam on the victim again in November 2010, stealing $12,000 and promising a $3,000 profit this time. Again, no lawsuit existed and Kalpakis kept her money.
Assistant District Attorney Peter J. Mancuso of DA Rice's Government & Consumer Frauds Bureau is prosecuting the case. Kalpakis is represented by James Toner, Esq.


Source: Nassau County District Attorney's Office


mortgage fraud case stories


mortgage fraud headlines

mortgage fraud blog

Mortgage Daily headlines


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