David Saks: June 2013

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Mortgage Broker Sentenced in $20 Million Mortgage Fraud Scheme

Mortgage Broker Sentenced in $20 Million Mortgage Fraud Scheme

U.S. Attorney’s Office June 18, 2013
  • District of Minnesota (612) 664-5600
 

MINNEAPOLIS—Earlier today in federal court, an Edina mortgage broker was sentenced for his role in a $20 million mortgage fraud scheme that involved 57 properties.

United States District Court Judge Joan N. Ericksen sentenced Derrick Ivan Lance, age 41, of Edina, to 46 months’ imprisonment, followed by three years of supervised release, on one count of conspiracy to commit wire fraud. Lance was charged on July 22, 2011, and pleaded guilty on August 10, 2011.

In his plea agreement, Lance admitted that between 2004 and 2007, he conspired with others to obtain mortgage loan proceeds based on fraudulent documentation.

Lance’s unnamed co-conspirators identified residential properties available for purchase and recruited buyers for those properties.

Two of the co-conspirators told buyers they would receive payments in the form of kickbacks after the property transactions had closed and that they could put those payments toward the mortgages or use them to improve the properties.

For his part, Lance admitted using his licensed mortgage brokerage and his position within that brokerage to help prepare and submit false mortgage loan applications, which misrepresented the buyers’ true financial situation.

Based on those fraudulent documents, loans were approved, and loan proceeds were disbursed by wire transfer into the accounts of various title companies.

Due to paperwork that misrepresented the true nature of the real estate transactions, Lance and his co-conspirators then caused those title companies to disburse portions of the proceeds from the various transactions into bank accounts not associated with the property buyers, the purpose being to conceal the undisclosed kickbacks.

Lance received more than $200,000 for assisting buyers in securing mortgage loans for at least 24 properties.

This case was the result of an investigation by the Federal Bureau of Investigation.

It was prosecuted by Assistant U.S. Attorney Tracy L. Perzel.

The U.S. Attorney’s Office wants to remind people to protect themselves from mortgage fraud. For more information, visit http://www.stopfraud.gov/protect-mortgage.html .

source: FBI



David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 0 commentsDavid Saks • June 19 2013 07:01AM
Mortgage Broker Sentenced in $20 Million Mortgage Fraud Scheme
share
Mortgage Broker Sentenced in $20 Million Mortgage Fraud Scheme U. S. Attorney’s Office June 18, 2013 District of Minnesota (612) 664-5600 &… more
HUD AWARDS $40 MILLION IN HOUSING COUNSELING GRANTS
share
HUD NEWS U. S. Department of Housing and Urban Development – Shaun Donovan, Secretary Office of Public Affairs, Washington, DC 20410 HUD No. 13-094 … more
HUD ANNOUNCES FIRST-EVER SAME-SEX HOUSING DISCRIMINATION STUDY
share
HUD NEWS U. S. Department of Housing and Urban Development – Shaun Donovan, Secretary Office of Public Affairs, Washington, DC 20410 HUD No. 13-096 … more
Northern California Real Estate Investor Guilty of Bid Rigging
share
Northern California Real Estate Investor Agrees to Plead Guilty to Bid Rigging at Public Foreclosure Auctions Investigations Have Yielded 31 Plea Agreements to Date U. S. Department of Justice June 18,… more
Memphis Music in the Morning - Big Maybelle - "Whole Lotta…
share
Here's "Big Maybelle Smith" to get your day off to a great start. She was born in Jackson, Tennessee (just down the road from me) in 1925. She died at the young age of 47 in 1972 from diabetes. Her 1956 hit single "… more
Former Employee of Timeshare Consulting Firm Guilty of Conspiracy
share
Former Employee of Timeshare Consulting Firm Pleads Guilty to Fraud Conspiracy and Unemployment Fraud U. S. Attorney’s Office June 17, 2013 District of New Jersey (973) 645-2888 .. more
Real Estate Practice : Lesson 2230
share
#2230 If you think the appraisal on the property is too low you should request and submit a reconsideration request only if it is requested by a loan officer. Is this fact true or… more
Real Estate Practice : Lesson 2229
share
#2229 A property lost some value because it was close to a county landfill site. Ths is know as functionl obsolescence Is this fact true or false theory and practice… more
Real Estate Practice : Lesson 2228
share
#2228 Most all sales comparison methods of appraisal are based on the assessed values of property as used for the purposes of establishing revenue from property taxes. Is this… more
Real Estate Practice : Lesson 2227
share
#2227 As a general rule the appraiser will not use a sale as a comparable in his analysis unless the sale was considered to be an arm's length transaction Is this fact true or… more