David Saks: SIX INDICTED IN $4.5 MILLION MORTGAGE FRAUD SCHEME

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

SIX INDICTED IN $4.5 MILLION MORTGAGE FRAUD SCHEME

 

Six Defendants Indicted in $4.5 Million Mortgage Fraud Scheme
Defendants Used Sanford Title Services and Shell Companies to Fraudulently Disburse Settlement Proceeds to Themselves

U.S. Attorney’s Office January 11, 2013
  • District of Maryland (410) 209-4800
 

BALTIMORE—A federal grand jury has indicted six defendants for conspiracy in a $4.5 million mortgage fraud scheme:

  • Bonnie Kathleen Kreamer, a/k/a “Bonnie Meehan,” age 47, of Riva, Maryland
  • Niesha Williams, age 33, of Fort Washington, Maryland
  • Rhonda Scott, age 51, of Oxon Hill, Maryland
  • Emeka Udeze, age 37, of Bowie, Maryland
  • Demetrius Peete, age 45, of Manassas, Virginia
  • Gregory Green, age 49, of Waldorf, Maryland

The indictment was returned on December 18, 2012, and unsealed today upon the arrests of Kreamer, Peete, and Green.

The indictment was announced by United States Attorney for the District of Maryland Rod J. Rosenstein; Special Agent in Charge Stephen E. Vogt of the Federal Bureau of Investigation; Special Agent in Charge Gene E. Morrison, Washington Field Office, U.S. Department of Justice Office of the Inspector General; Howard County Police Chief William McMahon; Special Agent in Charge Robert Jasinski of the United States Secret Service-Baltimore Field Office; and Howard County State’s Attorney Dario Broccolino.

The indictment alleges that Kreamer worked at Sanford Title Services LLC located at 8900 Snowden River Parkway in Columbia, Maryland. In 2002, her Maryland license to issue title insurance policies was revoked. From June 2008 to January 2010, Kreamer, Williams, Scott, Udeze, and Peete allegedly arranged for individuals, including Green, to buy and sell real estate so they could improperly obtain money from the transactions. Kreamer, Williams, Scott, Udeze, and Peete are alleged to have created multiple versions of settlement statements to deceive lenders, lien holders, buyers, and sellers; and arranged for proceeds from mortgage transactions to be disbursed to shell companies created by the defendants in order to disguise that the money was really for their benefit.

Kreamer and Sanford Title failed to make required disbursements of settlement funds to pre-existing lien holders, funneling the money instead to themselves.

According to the indictment, Green, a former contract specialist with the Office of Justice Programs, U.S. Department of Justice, agreed to make false representations to lenders when applying for real estate loans in return for secretly receiving a portion of the real estate proceeds to use as a down payment and for the monthly mortgage payments.

The Maryland Mortgage Fraud Task Force was established to unify the agencies that regulate and investigate mortgage fraud and promote the early detection, identification, prevention, and prosecution of mortgage fraud schemes. This case, as well as other cases brought by members of the task force, demonstrates the commitment of law enforcement agencies to protect consumers from fraud and promote the integrity of the credit markets. Information about mortgage fraud prosecutions is available www.justice.gov/usao/md/Mortgage-Fraud/index.html.

Today’s announcement is part of efforts underway by President Obama’s Financial Fraud Enforcement Task Force (FFETF) which was created in November 2009 to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorneys’ offices and state and local partners, it is the broadest coalition of law enforcement, investigatory, and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state, and local authorities; addressing discrimination in the lending and financial markets and conducting outreach to the public, victims, financial institutions, and other organizations. Over the past three fiscal years, the Justice Department has filed more than 10,000 financial fraud cases against nearly 15,000 defendants, including more than 2,700 mortgage fraud defendants. For more information on the task force, visit www.stopfraud.gov.

The defendants face a maximum sentence of 20 years in prison and a $250,000 fine for the conspiracy. An initial appearance has been scheduled today at 3:30 p.m. in U.S. District Court in Baltimore for Kreamer, Peete, and Green.

An indictment is not a finding of guilt. An individual charged by indictment is presumed innocent unless and until proven guilty at some later criminal proceedings.

United States Attorney Rod J. Rosenstein praised the FBI, Department of Justice-OIG, Howard County Police Department, Secret Service, and Howard County State’s Attorney’s Office for their work in the investigation. Mr. Rosenstein thanked Special Assistant United States Attorney Colleen McGuinn assigned to this case from the Howard County States Attorney’s Office for assisting in this case and Assistant United States Attorney Harry Gruber, who is prosecuting the case.

source: FBI



David Saks



Time&Temp Memphis

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Comment balloon 14 commentsDavid Saks • January 11 2013 05:03PM

Comments

Your information is so informative ..I am sure there are so many more

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) over 7 years ago

The business has so many black eyes now, Hannah, that it's become tougher to see the integrity minded in the profession. 

Posted by David Saks ((retired)) over 7 years ago

If the allegations re true David, I hope these folks get what they deserve.

Posted by Al Raymondi, Ormond By The Sea Florida - Home and Condo Sales (Ocean View Realty Group in Ormond By The Sea Florida) over 7 years ago

Reminds me of the quote:

"There's never a wrong time to do the right thing."

Posted by Todd Mack, Property Manager Assistant over 7 years ago

Ditto, Al.

Posted by David Saks ((retired)) over 7 years ago

The right thing, at this time, is justice for the victims, Tod.

Posted by David Saks ((retired)) over 7 years ago

Someone must have not gotten their share and decided to blow up the scam. Hopefully innocent people would not have been taken advantageof by this group.

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) over 7 years ago
The wheels of justice may turn slow but eventually they do catch up. This scheme was used in many areas across the nation back then.
Posted by Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES, Florida Waterfront and Country Club Living (Tropic Shores Realty - Ich spreche Deutsch!) over 7 years ago

The FBI does a great job exposing the misrepresentations and phony documents, Ed.

Posted by David Saks ((retired)) over 7 years ago

The scheme is still used in many areas across the nation, Silvia.

Click this little red button for proof...Real Estate Crimes

Posted by David Saks ((retired)) over 7 years ago

Very glad to hear that these guys were caught.  I'd like to find more of them as well.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 7 years ago

Hi David, I wonder if they have any conscience, how can they sleep at night. They deserved it.

Posted by Kwee Huset, Venice Florida Homes For Sale (Kwee Huset Realty) over 7 years ago

Thanks for chiming in, Gabe. Hope you had a fine weekend.

Posted by David Saks ((retired)) over 7 years ago

Good questions, Kwee. The new qualified mortgage regulations will, hopefully, make the mortgage arena safer. Glad to hear from you.

Posted by David Saks ((retired)) over 7 years ago

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