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

www.reversefunding.com

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:

April 15, 2013


Louisiana Lawyer Convicted in Nevada Mortgage Fraud Scheme

LAS VEGAS—Following approximately three weeks of trial, a lawyer from Louisiana who had worked locally as a real estate agent has been convicted by a jury of conspiracy and multiple fraud counts for his involvement in the mortgage fraud scheme involving over 220 properties and over $50 million in losses, announced Daniel G. Bogden, United States Attorney for the District of Nevada.

David M. Mark, 37, of New Orleans, Louisiana, was convicted on Thursday, April 11, 2013, of one count of conspiracy to commit bank, wire, and mail fraud; two counts of bank fraud; and one count of mail fraud. Mark is free on a personal recognizance bond and is scheduled to be sentenced by Senior U.S. District Judge Philip M. Pro on July 29, 2013, at 10:00 a.m. Mark faces up to 30 years in prison on the conspiracy and bank fraud counts and up to 20 years in prison on the mail fraud count. Mark also faces fines of up to $1 million on the conspiracy and bank fraud counts and up to $250,000 on the mail fraud count.

According to the indictment and evidence presented to the jury during the trial, Mark was employed as a real estate agent and transaction coordinator at Distinctive Real Estate and Investments, a company owned and operated by co-conspirator Eve Mazzarella who was convicted of fraud in December 2011 and sentenced to 14 years in prison. From about March 2006 to December 2007, Mark solicited persons with good credit to act as straw buyers to purchase homes in the Las Vegas area. Mark made arrangements to purchase the homes above the sellers' asking prices and made arrangements for the excess funds to be redirected to business entities controlled by his coconspirators under the pretense that they would make upgrades or perform repairs to the properties. Mark caused the straw buyers to apply for mortgage loans for the homes, knowing that the straw buyers could not afford and did not intent to make the mortgage payments. Mark caused false information concerning income, employment, assets, liabilities, and intent to occupy the homes to be placed in the straw buyers' loan applications. Once the mortgage loans were approved by the financial institutions, Mark caused the financial institutions and escrow and title companies to make third party disbursements to shell companies controlled by his co-conspirators who had an interest in the transactions. Mark's co-conspirators defaulted on the mortgage payments, causing the properties to go into foreclosure and causing losses to the financial institutions of more than $50 million.

The case was investigated by the FBI and is being prosecuted by Assistant U.S. Attorneys Brian Pugh and Sarah E. Griswold.

This case was handled in connection with the President's Financial Fraud Enforcement Task Force. The task force was established to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorneys' offices, and state and local partners, it is the broadest coalition of law enforcement, investigatory, and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state, and local authorities; addressing discrimination in the lending and financial markets and conducting outreach to the public, victims, financial institutions, and other organizations. Over the past three fiscal years, the Justice Department has filed nearly 10,000 financial fraud cases against nearly 15,000 defendants including more than 2,900 mortgage fraud defendants. For more information on the task force, please visit www.stopfraud.gov.


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


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