David Saks: Agent Pleads Guilty to Short Sale Fraud

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

Agent Pleads Guilty to Short Sale Fraud

Agent Pleads Guilty to Short Sale Fraud


Anna McElaney, 38, Norwalk, Connecticut, a licensed real estate agent, has pleaded guilty to one count of bank fraud stemming from her involvement in a "short sale" mortgage fraud scheme.

According to court documents and statements made in court, McElaney worked with Sergio Natera, also a real estate agent, to defraud Regions Bank, which held two mortgages on a residential property in Bridgeport, Connecticut. On December 5, 2007, McElaney who was a listing agent for the property, received an offer to purchase the property for a price of $132,500. However, McElaney and Natera subsequently directed communications to Regions Bank that the highest offer to purchase the property was for $102,375 by BOS Asset Management, LLC, an entity that Natera controlled. The bank agreed to a short sale of the property for the lower price, and released its mortgages on the property.

On June 9, 2008, Natera, through BOS Asset Management, sold the property for $132,500 to the original bidder on the property, and Natera and McElaney  retained the difference in the two sale prices.

McElaney is scheduled to be sentenced by United States District Judge Janet C. Hall on May 10, 2010, at which time she faces a maximum term of imprisonment of 30 years, a fine of up to $1 million, and an order of restitution.

Natera pleaded guilty to one count of bank fraud on February 11, 2010. He awaits sentencing.

This matter is being investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney Ann M. Nevins.

courtesy
-Mortgage Fraud Blog-




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 12 commentsDavid Saks • June 07 2010 11:16AM

Comments

There was a non-Realtor company promoting this scheme to Realtors in my area.  When I read what the guy was proposing, I stayed away from it.  Now that I see this, I am glad I did!  Very sad.

Posted by Michael Delaware, REALTOR®, CRS, GRI (North Sky Realty LLC) about 10 years ago

Given the havoc these people have caused in our market I hope the sentence is stiff. Thanks for the post

Posted by Charlie Ragonesi, Homes - Big Canoe, Jasper, North Georgia Pros (AllMountainRealty.com) about 10 years ago

How sad for everyone.  The sellers were hurt, the bank, our reputation as Realtors...  I hope they lock up the bad guys for a good long time.  Unlikely. 

Posted by Marcie Sandalow, Bethesda Chevy Chase DC real estate (Marcie Sandalow, Compass 301.758.4894 ) almost 10 years ago

Wow... I wonder how much of this crap really goes on... What a shame...

Posted by Vienna Bello, Real Estate Sales, Rentals & Consulting, GRI, SFR (Liberty Realty, LLC) almost 10 years ago

Wow, that is sad and discouraging for Realtors.  We need rewards for the honest, hardworking agents and punishments for the not-so-hardworking-or-ethical ones.  Thanks for sharing though, I hadn't heard about this situation.

Posted by Jenn Neumann Deer, Surfside Beach Real Estate (RE/MAX Southern Shores) almost 10 years ago

Michael - Many fine communities are fallen prey to fraud of this nature. It's alarming that this crime was carried out with such simplicity.

Agreed, Charlie. The sad reality of any honorable profession is the existence of those within it's ranks determined to undermine it's integrity.

Yes, Marcie. Such criminal actions invalidate the moral soundness of our purpose.

Vienna, I encourage you to subscribe to Mortgage Fraud Blog. It's dismaying.

Correct, Jenn. As colleagues, the biotic fabric of our community is penalized with any fraudulent misrepresentation  or inappropriate behavior unbecoming a member of our profession, We are equally rewarded with every integrity-minded action as the character and spirit of our social order is elevated.

Posted by David Saks ((retired)) almost 10 years ago

These kinds of cases sicken me.  I absolutely hate hearing about scam artists working in and around our industry.  People read these things and feel as though everyone is trying to rip them off.  It is one of the communications issues we face when meeting prospects that we should be mindful of, what is their feeling about working with a professional?

Posted by Larry Lawfer, "I listen for a living." It's all about you. (YourStories Realty Group powered by Castles Unlimited®) almost 10 years ago

Fraud is fraud and hopefully they throw the book at them to set an example.  As Realtors we are binded to uphold ethics and this clearly was a direct case of fraud.  Sad when our reputations have taken such a hit, guess it once again shows there as always gonna be bad apples.  Hopefully the good apples continue to remember ethics

Posted by Lori Bowers, The Lori Bowers Group over 9 years ago

Yeah, they're nasty, Larry.

Posted by David Saks ((retired)) over 9 years ago

They're filthy, Lori. Once in a while a cockroach sneaks under the door, as in this case.

Posted by David Saks ((retired)) over 9 years ago

We reward "good behavior" of Buyer Agents who have Buyers who purchase our short sale listings.  "Bad behavior" is .... "discouraged".

Posted by Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area) over 9 years ago

If it isn't, Tony and Suzanne, then we might as well all being living in Dodge City carrying Winchesters.

Posted by David Saks ((retired)) over 9 years ago

This blog does not allow anonymous comments