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:

June 14, 2012


A.G. Schneiderman Secures Guilty Plea Of Former Schenectady Builder Angelo Rossi In $500,000 Mortgage Fraud-Related Theft
A.G. Investigation Leads To Guilty Plea Stemming From Mortgage Fraud Case
Schneiderman: This Case Proves That No One Is Above the Law

ALBANY -- Attorney General Eric T. Schneiderman today announced the guilty plea of Angelo Rossi, age 47, to Attempted Grand Larceny in the Second Degree, a class "D" felony, stemming from a mortgage-fraud scheme in which the defendant stole over $500,000 from Countrywide Home Loans, Inc., from November 2006 through 2007. Rossi appeared today in Schenectady County Court before Judge Karen Drago and admitted to stealing over $500,000 from Countrywide Home Loans, Inc., by arranging two separate "straw purchases" of two lots on Hardin Road in Duanesburg, in Schenectady County. In this type of scheme, borrowers put their names on loan documents, deeds, and other records in order to appear to be purchasing the land and the dwelling, when in fact they are merely obtaining the funding for the builder.

"Today's guilty plea demonstrates that no one is above the law. This con man admitted to engaging in a scam in which he stole hundreds of thousands of dollars. He then left his victims high and dry by taking off to Florida," said Attorney General Schneiderman. "The message of this case is clear: my office will go after unscrupulous individuals and bring them to justice."

Evidence developed during the joint-investigation by the Attorney General's Office and the Department of Financial Services (DFS) revealed that Rossi had owed several creditors at the time when he sought to build two homes on the Hardin Road lots. Unable to obtain another line of credit, Rossi enlisted the assistance of others to appear to be borrowers on the loan applications. The loan applications indicated that the houses were to be the straw buyers' primary residence. However, the borrowers' intentions were not to reside in the houses, but rather to secure funding for Rossi in exchange for payoffs of $5,000 each.

Though Rossi had used some of the loan money to build the two houses, he also misappropriated the loan funds for personal purposes, such as paying his mortgage on his own home and repaying previous debts he had incurred. Rossi failed to complete the Hardin Road homes and he did not pay some of the subcontractors who had worked on the projects. The "straw buyers" then defaulted on the loans and the houses were sold by the bank in short sales. Since the bank recouped some of its losses, the restitution totaled approximately $368,000.

Rossi also had been charged with stealing from two private lenders who had agreed to loan him $75,000 and $60,000, during the same period Rossi engaged in the scheme to obtain the loan funds from Countrywide Home Loans. As part of the plea bargain, Rossi agreed to enter confessions of judgment in favor of the two lenders.

Rossi was the chairman and owner of Rossi Construction, Inc. The company's executive office was in the Town of Rotterdam, which was also Rossi's residence. Rossi Construction, Inc. also had an office on Guilderland Avenue, in the City of Schenectady. Until approximately 2009, Rossi bought and sold real estate and built residential houses in the Capital Region. Rossi then moved to Port Richey, Florida, where he resided at the time of his arrest in November 2011 . The Attorney General's Office had Rossi extradited from Florida to answer the criminal charges against him. His guilty plea today is the culmination of a year-long investigation into his fraudulent business practices. Sentencing is scheduled for September 21, 2012 and the court will sentence the defendant to one and one-third to four years in prison.

The Attorney General thanked the Department of Financial Services Superintendent Benjamin M. Lawsky for his agency's assistance with the case. Ricardo Velez, Director of the Criminal Investigations Unit, Financial Frauds & Consumer Protection Division and Investigator Delroy Levy handled the investigation for DFS.

The case is being handled by Assistant Attorney General Darren Miller, with the assistance of Investigator Mark Spencer, under the supervision of Stephen Maher, Deputy Bureau Chief of the Criminal Prosecutions Bureau; Gail Heatherly, Bureau Chief of the Criminal Prosecutions Bureau; and Nancy Hoppock, the Executive Deputy Attorney General for Criminal Justice.


Source: Office of the New York Attorney General


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