|
Defendant
|
Plaintiff
|
Court
|
Amount
|
Overview
|
Case Title |
Case Number
|
Date Filed |
Link to StoryLink to Story |
| Statewide Bancorp, also known as Venture West Capital, Chronic Cantina, JH Builders, Upland Market Place |
na |
na |
na |
FBI, IRS agents raid homes. |
na |
na |
na |
oldwww.mortgagedaily.com/MctUpland061210.asp |
| Penny J. Spencer, Thomas F. Sands, Stephen D. Rasey and Kimberly A. Davis |
n/a |
United States District Court for the Southern District of Ohio |
$234,349 |
Employees of an Ohio mortgage broker, MacLoud Financial, have plead guilty to attempting to avoid tax liabilities through a scheme where they accepted expense reimbursements in lieu of wages. The IRS prosecuted four conspirators. Penny J. Spencer was the last to plead guilty. |
n/a |
n/a |
n/a |
oldwww.mortgagedaily.com/MCTBrokerReimbursements051310.asp |
| Home Ownership Possibilities for Everyone LLC |
Kentucky Department of Financial Institutions |
Commonwealth of Kentucky Public Protection Cabinet |
n/a |
Cease-and-desist order issued because state claims mortgage broker was unlicensed, operated fraudulently, and concealed facts. Specifically, the mortgage broker offered refinance and purchase-money mortgages at less than 2 percent with no closing costs. It is also accused of charging an illegal, nonrefundable $300 upfront membership fee and advancing fees ranging from 3 to 3.5 points that were placed in escrow accounts. |
Kentucky Department of Financial Institutions v. Home Ownership Possibilities for Everyone LLC |
2010-AH-079 |
6/9/10 |
oldwww.mortgagedaily.com/OrderHope061510.asp |
| Jeffrey Tye Brown |
State of Nevada |
na |
$30,685 |
Mortgage modification scam in which up-front fees were charged in return for modification services which were not performed. |
na |
na |
na |
oldwww.mortgagedaily.com/LitigationForeclosureFirms061610.asp |
| Michael Fiorito |
United States |
US District Court for the District of Minnesota |
|
Mortgage modification scam results in prison sentence for equity stripping scheme. |
na |
na |
na |
oldwww.mortgagedaily.com/LitigationForeclosureFirms061610.asp |
| William Vargas |
State of Nevada |
na |
$21,000 |
Mortgage modification scam in which up-front fees were charged in return for modification services which were not performed. |
na |
na |
na |
oldwww.mortgagedaily.com/LitigationForeclosureFirms061610.asp |
| William T. Bridge |
United States |
United States District Court for the Eastern District of California |
na |
Mortgage broker sentenced to 21 months in jail for paying kickbacks to an employee of Washington Mutual in order that the bank process fraudulent mortgages |
United States v. Bridge |
|
16-Jun-08 |
oldwww.mortgagedaily.com/BrokerBribe042010.asp |
| David Fili |
n/a |
Lawrence District Court |
$25,000 |
Defendant allegedly told a local couple that they would own a percentage stake in a mortgage company once they deposited $25,000 in the company. Fili, however, used the money for his personal use. |
n/a |
n/a |
n/a |
oldwww.mortgagedaily.com/LitigationInvestor041410.asp |
| Lee Farkas |
United States of America and the SEC |
U.S. District Court for the Middle District of Florida (criminal case) and U.S. District Court for the Eastern District of Virginia (civil case) |
$400,000,000 |
Defendant is the former chairman of Taylor, Bean and Whitaker Mortgage Corp., and faces criminal and civil allegations of allegedly using $400 million in warehouse financing to fund fake loans to cover up Taylor Bean and Whitaker’s overdrafts and operating losses. |
Securities and Exchange Commission, Plaintiff, v. Lee B. Farkas, Defendant. |
Civil Action File No. 1:10cv667 |
16-Jun-10 |
oldwww.mortgagedaily.com/ArrestLeeFarkas061610.asp |
| Michael J. McGrath Jr. and Leroy Hayden |
United States of America |
U.S. District Court -District of New Jersey |
$136,000,000 |
A second person, Leroy Hayden, pleaded guilty to one count of wire fraud conspiracy in a case where a lender sold Fannie Mae $136 million in mortgages that it did not own. Hayden allegedly conspired with co-defendant McGrath to fraudulently sell the loans. |
United States of America v. Hayden, Leroy |
n/a |
13-May-10 |
oldwww.mortgagedaily.com/USMortgagePlea051410.asp |
| Wesley A. Snyder |
na |
na |
$29,000,000 |
Unauthorized sub-servicer collected payments on behalf of mortgage borrowers without completely passing them on to the lender anad now servicng 12-year sentence. |
In re. Wesley Snyder |
na |
na |
oldwww.mortgagedaily.com/MctLawsuitSnyder052610.asp |
