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:

March 14, 2012


Savage Woman Pleads Guilty To Role In Mortgage Fraud Scheme

MINNEAPOLIS—Earlier today in federal court, a 49-year-old real estate agent from Savage pleaded guilty to participating in a multi-million-dollar mortgage fraud scheme that victimized lenders across the country. Barbara Lynnae Puro specifically pleaded to one count of conspiracy to commit wire fraud. Puro, who was indicted on September 8, 2011, entered her plea before United States District Court Judge Joan N. Ericksen. She did not enter a plea agreement.

The indictment against Puro states that from January 1, 2005, through January 1, 2008, she conspired with others to obtain loan proceeds by making false representations to and withholding material information from lenders. During that time, she was employed by HomStar USA, ReMax Advantage Plus, and Coldwell Banker Burnet, where she was responsible for recruiting and representing buyers and sellers of residential properties. Puro also owned TRAE, Inc., a corporation associated with her real estate endeavors.

As part of this scheme, Puro arranged for unwitting homeowners to sell their properties to straw buyers at inflated prices. In each instance, she funneled to co-conspirators the difference between the amount paid to the seller and the inflated sale price. In addition to representing these sellers, Puro often represented straw purchasers too. On their behalf, she routinely produced fraudulent documentation for lenders and title companies. She also regularly caused loan proceeds to be disbursed to her co-conspirators or into accounts that she controlled. In addition to receiving concealed disbursements, Puro also collected substantial real estate commissions that exceeded industry standards.

Puro and her co-conspirators convinced straw buyers to purchase approximately 22 residential properties in Minnesota, resulting in fraudulent loans in excess of $10 million and losses of approximately $5.3 million. The properties included locations in Savage and Prior Lake.

For her crime, Puro faces a potential maximum penalty of 20 years in prison. Judge Ericksen will determine her sentence at a future hearing.

On September 15, 2011, co-conspirator Zack Zafer Dyab, age 47, of Golden Valley, was sentenced to 120 months in prison on one count of conspiracy to commit wire fraud and one count of money laundering in connection to this crime. Dyab was indicted along with Julia Alexander Rozhansky, age 47, of Minnetonka, on December 8, 2009. Both defendants pleaded guilty on October 26, 2010. On September 16, 2011, Rozhansky was sentenced to 60 months on one count of conspiracy to commit wire fraud. On July 12, 2011, Larry Africanus Hutchinson was sentenced to 21 months on one count of conspiracy to commit wire fraud. Also on July 12, Jerone Ian Mitchell was sentenced to 12 months and one day on one count of conspiracy. Ericvan Anthony McDavid is scheduled to be sentenced on March 30, 2012.

This case is the result of an investigation by the Federal Bureau of Investigation, the Minnetonka Police Department, and the Internal Revenue Service-Criminal Investigation Division. It is being prosecuted by Assistant U.S. Attorney Christian S. Wilton. This law enforcement action is in part sponsored by the interagency Financial Fraud Enforcement Task Force. The task force was established to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. It includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and, with state and local partners, investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.


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

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