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:

Sept. 30, 2011


Eight Defendants Charged in Mortgage Fraud Scheme in California

SACRAMENTO, CAA federal grand jury returned an indictment on Sept. 28, 2011, charging Valeri Mysin, 31, of Citrus Heights, Calif.; Angela Shavlovsky, 52, of Sacramento, Calif.; Nikolay Katinskiy, 28, of Lynwood, Wash.; Michael Kennedy, 44, of Miami Beach, Fla.; Alexander Kokhanets, 34, of Roseville, Calif.; Boris Murzak, 38, and Zinaida Murzak, 40, both of Sacramento; and Vitaliy Tuzman, 31, of West Sacramento, Calif., with conspiracy to commit mail fraud in connection with a mortgage fraud scheme involving the purchase of seven homes. Katinsky and Kennedy were also charged with money laundering in connection with the scheme, announced U.S. Attorney for the Eastern District of California Benjamin B. Wagner. Shavlovsky, Katinskiy, and Kennedy were arrested by FBI agents yesterday afternoon, and Kokhanets, Boris Murzak, and Zinaida Murzak were issued a summons. They are expected to be arraigned before the U.S. Magistrate judge today at 2:00 p.m.

According to court records, the mortgage fraud scheme involved purchasing homes at prices substantially higher than the homes were worth in order for the defendants to receive cash at the close of escrow. The indictment alleges that Shavlovsky recruited Katinsky and Kennedy to act as straw buyers and finance 100 percent of the artificially inflated purchase price of homes by submitting fraudulent loan applications to lenders, which falsely represented Katinsky's and Kennedy's employment, income, and intent to occupy the homes as their primary residence.

According to the indictment, Mysin, a licensed California real estate agent, prepared the phony applications and attempted to disguise his involvement with these fraudulent loans by making it appear that another loan officer in his office had handled them. Kokhanets, Boris Murzak, Zinaida Murzak, and Tuzman were homeowners who allegedly sold their properties as part of this scheme. In order to artificially inflate the sales price of their homes, Kokhanets, Tuzman, and the Murzaks are alleged to have signed fake invoices falsely claiming that repairs or improvements had been completed on their properties. After the lenders funded the fraudulent loans, the defendants diverted a portion of the proceeds from the inflated sales price directly to themselves and to businesses controlled by the defendants and others. All seven properties were foreclosed, resulting in more than $1.8 million in losses for mortgage lenders.

This case is the product of an investigation by the FBI and the Internal Revenue Service-Criminal Investigation. Assistant U.S. Attorneys R. Steven Lapham and Dominique N. Thomas are prosecuting the case.

If convicted, the defendants face a maximum penalty of 20 years in prison for conspiracy to commit mail fraud, 10 years in prison for money laundering, and a $250,000 fine. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

The charges are only allegations and the defendants are presumed innocent until and unless proven guilty beyond a reasonable doubt.

Mortgage fraud is a priority area for the President's Financial Fraud Enforcement Task Force. The task force 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, to 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. For more information on the task force, visit www.StopFraud.gov.


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

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