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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.



Fraud News Archives 2003

Investors Duped With Mortgages in Las Vegas Case
The SEC has cracked down on what they describe as a $48 million real estate Ponzi scheme operating out of Nevada -- with Global Express Securities, Connie Farris, and Dawn Reese named as defendents.
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Lenders Settle With HUD for Aiding in Fraud Scheme
Litchfield Financial and Developer Finance, which lent money to developers accused of running a sham land scheme, have reached settlements with the federal government that could save borrowers as much as $38 million.
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Developers Duped in NYC Scheme
Avram "Avi" Lebor, president of MKD Capital, has plead guilty in a scheme to defraud developers seeking to obtain financing for development projects.
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Feud Among Fraudsters Leads to Murder
Samer Fawaz and Bashir Farraj are accused of murdering Raed Al-Farrah in a case that has led to the breakup of an alleged Detroit-area mortgage scam that has been under investigation by federal authorities.
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Yacht Sold in Case Where Ginnie Suffered Single Biggest Loss
James Edward McLean Jr, wife & another couple convicted in $30 million fraudulent North Carolina mortgage scheme.
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Oregon Warns of Canadian Mortgage Scam
Homeowners are subject to a new phone scam involving New Life Financial Credit Union of Canada, which offers to refinance properties at low interest rates, Oregon state officials recently warned.
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Mother, 2 Sons Plead Guilty to $2.2 Million Mortgage Scam
Brenda Beckwith and sons Jamichael and Jabbar Watts pled guilty to federal charges of fraudulently selling 20 homes in a $2.2 million mortgage scam.
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Elian Gonzalez Relatives' Home Among Properties Financed in Mortgage Broker Fraud Scheme
The Miami house purchased by relatives of Elian Gonzalez after the boy was snatched in a daring and infamous raid by federal agents is caught up in an alleged south Florida mortgage fraud ring, where mortgage broker Jacqueline Nunes is accused in a case that allegedly netted defendants $800k.
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Beverly Hills 140-6-0's
An alleged $140 million mortgage scam involving flashy real estate developers Beverly Hills Estates Funding resulted in some bad loans being dumped on Lehman Brothers Holding Inc. and repurchased from the Federal Home Loan Bank of San Francisco.
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$15 Million Warehouse Line Filled With Fake Loans
Jack Pentz 40, the former co-owner of Waterford Mortgage Co. in Naples, Fla., is accused of bilking retired businessman Ron Brown and his wife, Michele, out of $15 million.
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5 Ohio Mortgage-Related Businesses Raided
Last month, a team of law enforcement agents led by the FBI raided five mortgage-related businesses in Ohio including, Charter First Banc, and Oaktree Financial, also known as TR Funding; Fairfield, Ohio; Premier Land Title, Glendale, Ohio; Global Agency Title, Sharonville, Ohio; and Knab Mortgage, Centerville, Ohio.
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Houston Investors Agree to Settle With SEC
David Isaac Lapin, 44, and Jeffrey Carl Wigginton, 49, both of Houston, were alleged to have misled investors that they persuaded to fund commercial loans.
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British Lender to Use Lie Detector Tests on Insurance Claimants
HBOS PLC Group, a major British mortgage lender, will be using lie detector tests on its customers who file insurance claims, according to media reports.
click here to read article

Fraud Mortgages Helped Launder Drug Money
Alton F. Bivins, Jr., 59, of Rockville, MD. -- a mortgage loan officer -- will serve nearly five years in federal prison for his role in a real estate fraud and drug money laundering scheme.
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Lavish Lifestyle Lands Broker in Prison
Jeffrey Neely, owner of Investors Mortgage Group in Indianapolis, was sentenced to more than 14 years in prison for his role in a $2.5 million fraud scheme.
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Mortgage Fraud Among Charges that Land Former Texas Attorney General in Jail
A former Texas Attorney General is facing federal charges that include lying to obtain a $600,000 mortgage and using $400,000 in campaign funds for a down payment and improvements on the $775,000 home.
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Fraudster Used Many Names While on the Run
A southern California man has been sentenced for masterminding a $20 million mortgage fraud scheme.
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Fraud Falls
Fraud is burdgeoning in California and other states in the West, yet down overall, according to a new industry report.
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Criminal Probe, Class Action on Freddie's Plate; X-Pres Accused of Ripping Pages From Notes
Freddie Mac's troubles have deepened this week as probing into its accounting and management practices continues.

Factors Indicating Possible Fraud
Mortgage executives got a lesson in fraud detection during an association seminar in North Texas recently.

Broker Tells Tale of Terror
Jerome Mayne, who was convicted of mortgage fraud and served time in prison, told his story at a mortgage fraud conference.
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Mortgage Fraud Suspect Previously in Prison for Securities Fraud
A previously incarcerated Lakewood, Colorado mortgage broker was accused of committing mortgage fraud.
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Fraud Scheme Operated From Prison
A federal grand jury indicted 8 people in alleged multimillion-dollar mortgage fraud schemes, including one accused of recruiting phony home buyers from a U.S. prison.
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Defendant Overdoses After Mortgage Fraud Conviction
After being convicted of mortgage fraud, a New York homebuilder had a drug overdose in his jail cell. (Amico)
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Originator Ordered to Obtain Mortgage to Pay Fraud Victims
Pamela D. Sanford was ordered by an Ohio judge to take a loan against her own home to make restitution to her victims.
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2 FHA Underwriters Get 18 Months in Prison for Fraud
Underwriters Robert Jordan & Peter Tortorelli were sentenced for helping a developer obtain approval on fraudulent FHA loans.
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Former Texas House Candidate Pleads Guilty to Mortgage Fraud
John M. Beaird, who lost the Republican nomination for a Texas House District seat in 2000, and Rudy Rudolph, entered into separate plea agreements in a case that involved more than $11 million in loans.
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Option One took $2.3 million loss on fraud loans.
Option One Mortgage Corp. has taken a loss on fraudulent loans made against properties from a New York builder. In U.S. District Court on Jan. 31, the head of the company's fraud unit defended giving loans to co-conspiring family members of the builder, who are accused of providing lenders with bad appraisals. (Amico)
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Former PinnFund CEO Sobs at Sentencing
PinnFund U.S.A.'s former CEO reportedly sobs as he is sentenced for one of the biggest fraud cases in southern California history.
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Broker Lies on Stand in $67 Mil Mortgage Fraud Case
A group of mortgage brokers have been accused of using fraudulent loan packages to help a New York builder sell properties at artificially inflated prices.
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Builder A. William Erpenbeck, Jr. directed his employees to deposit checks made out to construction lenders to the company's own bank account.