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Criminal Complaints Fourth-Quarter 2009 Mortgage Litigation Index

Criminal Complaints
Fourth-Quarter 2009 Mortgage Litigation Index
Cases involving criminal complaints.

Case Title
Case Number
Date Filed Link to StoryLink to Story
Brookstreet Securities Corp, Stanley C. Brooks Securities and Exchange Commission U.S. District Court for the Central District of California $300,000,000 Criminal action against securities brokerage selling high risk collateralized mortgage obligations to risk averse investors, misrepresenting the risk associated with the assets. SEC v. Brookstreet Securities Corp. Case No. SACV09-01431 Dec. 8, 2009
Edward G. McCusker, Jeffrey A. Bennett, Stephen G. Doherty, John Alford Bariana, Jacqueline McCusker United States of America U.S. District Court for the Eastern District of Pennsylvania $14,600,000 Criminal action against individuals or conspiracy and fraud by recruiting debtors to use equity built into their homes to pay for a new mortgage that would be purchased by straw purchasers, who then would take out an additonal mortgage on the property and keep the proceeds of the second loan. United States v. McCusker, et al. na Dec. 8, 2009
Global Financial Consulting Services Michigan Attorney General Mike Cox na na “Allegedly charged up-front fees without delivering services promised, failed to provide refunds and violated the Michigan Credit Services Protection Act. na na na
Gregory Cooper; Lawrence Burke; Riccardo White; and Zachary Cutler. United States of America U.S. District Court for the Southern District of New York, White Plains $700,000 Gregory Cooper telephoned mortgage brokers in multiple states attempting to sell lists of leads. The lists, however, were not real. A jury in White Plains federal court has now convicted him of defrauding mortgage brokers. Following a two week trial, the jury convicted Cooper of nine counts of mail fraud and two counts of conspiracy to commit mail fraud. United States v. Gregory Cooper et al. na April 28, 2008
James William Fox II, James Hooper Dan United States of America na $2,400,000 Indictment in equity stripping scheme. na na na
Jennifer McCall, Wilbur Ballesteros,Ronald Aaron Chapman Jr. United States of America U.S. District Court $16,900,000 135-month sentence in foreclosure rescue scam at Metropolitan Money Store. na na xx
Mariano Ortega and Rene Alverez People Santa Clara County Superior Court na The defendants are being prosecuted for allegedly collecting more than $2 million in advance fee-payments with promises that their company, M & R Contemporary Solutions Inc., would purchase borrowers’ mortgages on the secondary market and then modify the loans when in fact no borrowers were ever helped. People v. Mariano Ortega and Rene Alverez No. cc 954156 Sept. 2009
Peter Anthony Bakowski United States of America U.S. District Court for the Middle District of Florida, Tampa Division na The defendant mortgage broker plead guilty to selling the same mortgage notes to multiple investors in a scheme that led to millions of dollars in losses. The defendant was also accused of hiding existing liens from potential buyers and taking out loans on properties even though the properties were already mortgaged. United States of America vs. Peter Anthony Bakowski Case No. 8:09MJ1409 MAP Sept. 11, 2009
Phillip Seibel United States of America U.S. District Court in Oklahoma $770,037 30-month sentence plus restitution over alleged foreclosure rescue scam through Homesavers LLC. na na na
Shirley Gail Matthews Monroe County Court, Pennsylvania na Found guilty of deceptive business practices, theft by deception and theft by failure to make required disposition of funds. For example, one borrower allegedly paid Matthews over $10,000, including $2,710 for her fee and the rest for payments on his loan to the servicer, but Matthews allegedly kept all the money herself. na na na
William E. Nichols United States of America U.S. District Court for the Western District of Louisiana $2,900,000 William Everett Nichols, President and sole shareholder of First Fidelity Mortgage, Inc. plead guilty to defrauding Sabine State Bank out of $2.9 million. Sabine State Bank had provided a line of credit to First Fidelity Mortgage to fund mortgages for its customers, which were secured by customer notes pledged by First Fidelity. Thereafter, Nichols prepared fraudulent notes by forging signatures of borrowers and notaries public and delivered the notes to Sabine State Bank as collateral so Sabine would deposit more funds into First Fidelity’s Mortgage’s account. Once Sabine deposited the money, Nichols would keep the money for himself. United States v, William Everett Nichols 5:09-cr-00163-DEW-MLH July 23, 2009


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