Friday, October 15, 2010
Man Arrested for $12M Real Estate Ponzi Scheme
Robert R. Anderson, 59, Mt. Prospect, Illinois, was arrested on federal fraud charges for allegedly operating a "Ponzi" scheme in which he fraudulently obtained about $12 million from approximately 70 investors who were promised extraordinary returns from a purported real estate business. Anderson was charged with wire fraud in a criminal...
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-->Allison Tussey on 10/15/10 at 12:47 AM
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Real Estate Agent Penalized for Alleged Real Estate Contract Violations
Daniel Myers, licensed real estate agent, agreed in a settlement with the Attorney General's Office to change his business practices to comply with the Idaho Consumer Protection Act. Paradigm Solutions, LLC, a now-dissolved Idaho company that Myers owned, is also a party to the settlement.
The Attorney General began investigating Myers' business...
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-->Allison Tussey on 10/15/10 at 12:34 AM
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Thursday, October 14, 2010
Mortgage Broker Sentenced to 15 Years for Ponzi-Type Scheme
Peter Bakowski, 59, Tampa, Florida, has been sentenced by U.S. District Judge Virginia Hernandez Covington to one hundred and eighty eight months (15 years 8 months) in federal prison for false statements related to a ponzi-type mortgage fraud scheme. He was also ordered to pay $16.1 million in restitution.
According to court documents, Bakowski...
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-->Allison Tussey on 10/14/10 at 07:45 AM
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Florida "
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California Man Indicted for Advanced Fee Loan Scam in Montana
Michael James Burns, Jr., 51, San Francisco, California, was sentenced by U.S. District Judge Donald W. Molloy to a term of 87 months in prison, a Special Assessment of $100, Restitution in the amount of $445,532.45, and Supervised Release for 3 years. Burns was sentenced in connection with his guilty plea to wire fraud/money laundering.
In an...
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-->Allison Tussey on 10/14/10 at 12:35 AM
Mortgage Fraud Locations "
Montana "
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Woman Sentenced to 5 Years for Concealing Interest in Properties
Minh-Vu Hoang, 58, Bethesda, Maryland, was sentenced by Chief U.S. District Judge Deborah K. Chasanow to five years in prison followed by three years of supervised release for conspiracy to defraud the Internal Revenue Service and the U.S. Bankruptcy Trustee in connection with a scheme to conceal millions in profits earned from the purchase and...
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-->Allison Tussey on 10/14/10 at 12:07 AM
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Wednesday, October 13, 2010
Man Indicted for $1.7M Mortgage Fraud Scheme
Wayne James Carter, 47, Silver Spring, Maryland, has been federally indicted on charges of wire and mail fraud in connection with a $1.7 million mortgage fraud scheme. The indictment was returned on July 28, 2010, and unsealed in October, 2010. Carter had his initial appearance in U.S. District Court in Greenbelt, Maryland.
According to the 13...
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-->Allison Tussey on 10/13/10 at 12:41 AM
Mortgage Fraud Locations "
Maryland "
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Hard Money Lenders Charged with Fraud
Barbra Alexander, 63, Monterey, Calif., Beth Pina, 44, Fairfield, Idaho, and Michael Swanson, 62, Seaside, Calif., were indicted by a federal grand jury in San Jose, California, on charges of mail fraud, wire fraud, securities fraud, money laundering, and conspiracy to commit mail and wire fraud.
According to the indictment, Alexander, Pina and ...
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-->Allison Tussey on 10/13/10 at 12:05 AM
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Tuesday, October 12, 2010
Lawyer Indicted in Mortgage Fraud Scheme
Gerald L. Wolfe, 41, Corona del Mar, California, an attorney, has been indicted on charges related to a mortgage fraud scheme in which 30 homes were purchased at inflated prices, with the excess proceeds going to the lawyer and other members of the conspiracy. Wolfe, who was formerly also a registered real estate broker, was named in a one-count...
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-->Allison Tussey on 10/12/10 at 12:55 AM
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Attorney and Real Estate Lending Fund Promoters Charged with Misleading Investors
A Minnesota attorney and two California promoters have been charged with defrauding investors in a real estate lending fund by concealing the financial collapse of the fund's sole business partner:
Todd A. Duckson, Prior Lake, Minn., an attorney, Michael W. Bozora, Marin County, Calif., and Timothy R. Redpath, also of Marin County, Calif.,...
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-->Allison Tussey on 10/12/10 at 12:54 AM
Mortgage Fraud Locations "
Minnesota "
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Lender Sentenced to 10 Years for Foreclosure Rescue Scam
Peter James Porcelli, II, 57, Pinellas County, Florida, was sentenced by U.S. District Judge Susan Bucklew to 10 years in federal prison for mail fraud. As part of Porcelli's sentence, the Court entered a money judgment for $1.8 million, an amount equal to proceeds from the fraud. Porcelli had pleaded guilty on April 15, 2010.
According to court...
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-->Allison Tussey on 10/12/10 at 12:46 AM
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Man Sentenced for Loan Scheme
Mahadev Desai, 54, was sentenced in connection with his role in a fraud scheme involving false statements to obtain loan financing. United States District Judge Richard A. Schell sentenced Desai to a term of 51 months in federal prison and ordered him to pay $362,336.50 in restitution to his victims.
According to court documents, Desai obtained...
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-->Allison Tussey on 10/12/10 at 12:10 AM
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Monday, October 11, 2010
Indictment Charges Four in Loan Fraud Scheme
Allie Speight, 55, Philadelphia, Pennsylvania, Maurice Thomas, 57, Philadelphia, Jerome Manker, 55, Philadelphia, and Andre McCrea, 28, also of Philadelphia, have been indicted on various counts of conspiracy to commit wire fraud, wire fraud, bank fraud, conspiracy to commit money laundering, making false statements on loan applications,...
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-->Allison Tussey on 10/11/10 at 10:15 AM
Mortgage Fraud Locations "
Pennsylvania "
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Con Artists Charged for Foreclosure Rescue Scam
Angeline Lisa Lizarrago, 68, Fremont, California, and Michael Douglas Young, 67, Los Gatos, California, two "callous con artists" who took thousands of dollars from dozens of struggling Northern California homeowners for foreclosure services never delivered have been charged for their roles in the scam. The defendants were scheduled to be...
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-->Allison Tussey on 10/11/10 at 04:33 AM
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Friday, October 08, 2010
2 Attorneys Disbarred for Misleading Vulnerable Homeowners
Brian Colombana, 29, who was placed on involuntary inactive status, stipulated Sept. 17, 2010 that he committed nine acts of misconduct in 12 matters. Less than a week later, Mark Alan Shoemaker, 50, Santa Ana, California, stipulated to disbarment as a result of complaints from 18 homeowners. These two Orange County, California lawyers handled...
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-->Allison Tussey on 10/08/10 at 12:54 AM
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Crackdown on Fraudulent Loan Modifications
The Law Offices of Stephen L. Burns is prohibited from doing any future loan modification work in the State of Oregon. After Burns withdrew $1,500 from the bank account of an Oregon client to assist with a loan modification he never tried to arrange, the Oregon Department of Justice's Mortgage Fraud Task Force launched an investigation. Burns...
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-->Allison Tussey on 10/08/10 at 12:45 AM
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Victor Patela, 35, a police officer, and Jose Dominguez, a/k/a “Jose A. Dominguez” a/k/a “Joe Dominguez,” 44, a bank loan officer, both of Newark, New Jersey, each were indicted by a federal grand jury on allegations that they defrauded an Elmwood Park, N.J., bank in order to secure a $1.9 million commercial real estate loan. The defendants are charged each with one count of conspiracy to commit bank fraud and one count of bank fraud. Patela is additionally charged with two counts of loan application fraud and one count of making a…
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