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 9, 2011


Sentencing of Real Estate Agent Concludes Prosecution of Mortgage Fraud Scheme
Sentencing Coincides with Anniversary of Operation Stolen Dreams

PORTLAND, OR—Jennifer Venable, 29, of Beaverton, Oregon, was sentenced by the Honorable Robert E. Jones of the United States District Court on June 8, 2011, to 5 years' probation and ordered to pay $15,000 in restitution relative to her January 13, 2011 wire fraud conviction.

In 2006, Venable was working as a real estate agent for John L. Scott Realty. At that time she began assisting clients of Richardson Equities LLC to purchase real estate. Venable admitted to participating in a mortgage fraud scheme in which she assisted Nicolas Cooper to purchase a residential property located in Gladstone, Oregon. As part of the transaction, Venable helped Cooper receive a $15,000 kick-back from the mortgage loan proceeds without the knowledge of the lender. Although Venable knew that no improvements had been done on the property, Venable prepared a bogus construction invoice that falsely claimed that work had been done and submitted the invoice for payment as a repair credit at closing. After the invoice was paid by the title company at closing, Venable routed the money back to Cooper.

Ms. Venable's sentencing brings to an end the prosecutions related to the conduct of Jeremy Richardson and his company, Richardson Equities LLC. Richardson's company ran a "rent-to-own" scheme that promised high profits to investors who purchased homes on behalf of tenants who agreed to purchase the home from the investor at a price greater than the original purchase price when their credit improved. To effect the scheme, the investor would apply for a residential mortgage using inflated asset and income information and lie about the true nature of the loan. Richardson and his associates purchased over 100 homes in the Portland area valued in excess of $35 million. In every case, Richardson and his investors failed to maintain their financial obligations and the properties fell into foreclosure.

On May 4, 2010, Jeremy Richardson was sentenced to 37 months in federal custody following his guilty plea to money laundering. In addition to Richardson and Venable, others involved in the rent-to own scheme involved Nicolas Cooper of Portland, Oregon, who was sentenced to a term of 5 years' probation and ordered to pay $102,058 in restitution on May 23, 2011, following his plea of guilty to wire fraud in relation to his purchase of the Gladstone property; Andrew Paul Shute of Seattle Washington, who was sentenced to 5 years of probation and ordered to pay $61,332 in restitution following his plea of guilty to wire fraud related to his activities as a mortgage broker on behalf of Richardson; and Tyler Jacob Marsten of Tulsa, Oklahoma, who was sentenced to 5 years' probation and ordered to pay $39,549 in restitution following his conviction for bank fraud related to his activities as a mortgage broker on behalf of Richardson.

"A year ago, the Federal Bureau of Investigation (FBI), Internal Revenue Service (IRS), Oregon Department of Finance and Corporate Securities, United States Postal Inspection Service (USPIS) and the Portland Police Bureau (PPB) began Operation Stolen Dreams, a concerted effort to prosecute mortgage fraud in our community," said Dwight Holton, U. S. Attorney for the District of Oregon. "To date, 38 individuals have been prosecuted for their fraudulent mortgage activities. The convictions and sentences imposed in those cases demonstrate that no one is above the law. Mortgage fraud has devastated many of our communities and threatened serious risk to our financial institutions. Operation Stolen Dreams has been an effective tool to identify and prosecute real estate professionals and others who committed mortgage fraud in this district. We continue to investigate and will prosecute individuals who engage in all forms of mortgage fraud. If convicted, these individuals will face serious consequences."

The cases against Venable, Cooper, Shute and Marsten were investigated by the Federal Bureau of Investigation, Portland Division, and prosecuted by Assistant U. S. Attorney Scott Erik Asphaug.


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


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