David Saks: Real Estate Fraud Report for June 9, 2014

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

Real Estate Fraud Report for June 9, 2014

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real estate fraud: Alabama Real Estate Firm Hit With $500,000 RESPA Fine - 06/09/14 11:23 AM
 
Alabama Real Estate Firm Hit With $500,000 RESPA Fine

The Consumer Financial Protection Bureau, which took over enforcement of the Real Estate Settlement Procedures Act (RESPA) from HUD several years ago, entered into a consent agreement with an Alabama real estate company that says the firm used inadequate disclosure language in an affiliated business disclosure.
Among other things, the firm in question was assessed a civil penalty of $500,000!
The consent agreement says the firm's disclosure form didn't properly reflect a sample form developed by HUD.
To read or download the consent order, go HERE.
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real estate fraud: Mortgage Fraud Blog for June 4, 2014 - 06/04/14 09:29 AM
Mortgage Fraud Blog sends me update emails once per week. The Mortgage Fraud Blog website is updated every business day and you can always get the latest news by visiting www.mortgagefraudblog.com. Copyright 2004-2014 Rachel M. Dollar … (0 comments)

real estate fraud: Real Estate Agent Sentenced to 5 Years in Prison for Fraud Conspiracy - 06/02/14 08:05 AM
Real Estate Agent Sentenced to Five Years in Prison for Conspiracy to Defraud Investors and Lenders
The United States Attorney’s Office for the Middle District of Pennsylvania announced the sentencing yesterday of Andrew Brosnac, age 48, of Mansfield, Texas.
Brosnac, a real estate agent and investment consultant, pled guilty to conspiracy to commit bank fraud and wire fraud in connection with the sale and leaseback of businesses in Pennsylvania, New York, West Virginia, North Carolina, South Carolina, Alabama, South Dakota, California, Oregon, and Wyoming.
According to United States Attorney Peter Smith, between 2006 and 2008 Brosnac and co-conspirator Samuel Pearson, … (6 comments)

real estate fraud: Georgia Man Arraigned on Fraud and Money Laundering Charges - 05/29/14 08:53 AM
Georgia Man Arraigned on Fraud and Money Laundering Charges
R.C. Patel a/k/a Rajesh C. Patel, 55, of Duluth, Georgia, was arraigned today in U.S. District Court in Nashville on investment fraud and related money laundering charges, announced David Rivera, United States Attorney for the Middle District of Tennessee.
Patel pleaded not guilty to these charges.
“Investment fraud schemes cause irreparable harm across a broad spectrum—to the individual investors who lose their savings to such schemes, to small businesses trying to raise capital legitimately, and to the integrity of our economy as a whole,” said U.S. Attorney Rivera. “This office will … (0 comments)

real estate fraud: Real Estate Fraud Report May 28, 2014 - 05/28/14 07:49 AM
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real estate fraud: Settlement Company Head Pleads Guilty to $2 Mil + Short Sale Fraud - 05/28/14 07:38 AM
Head of Annandale Settlement Company Pleads Guilty in More Than $2 Million Short Sale Mortgage Fraud
ALEXANDRIA, VA—Jose Marinay, 52, of Annandale, Virginia, pleaded guilty today to conspiracy to commit wire fraud for his involvement in a short sale mortgage fraud conspiracy.
Dana J. Boente, United States Attorney for the Eastern District of Virginia; Valerie Parlave, Assistant Director in Charge of the FBI’s Washington Field Office; and Thomas J. Kelly, Special Agent in Charge, Washington D.C. Field Office, IRS-Criminal Investigation, made the announcement after the plea was accepted by U.S. District Judge Claude M. Hilton.
Marinay was indicted on April … (2 comments)

real estate fraud: Mortgage Fraud Blog Report for May 28, 2014 - 05/28/14 07:26 AM
Here's today's update from my friend, and great attorney, Rachel Dollar. The Mortgage Fraud Blog website is updated every business day and you can always get the latest news by visiting www.mortgagefraudblog.com. Copyright 2004-2014 Rachel M. Dollar … (0 comments)

real estate fraud: Man Charged in Home Improvement Scam Defrauded Elderly of Thousands - 05/27/14 07:31 AM
Owensboro Man Charged in Second Home Improvement Scam Charged with Defrauding Union County Couple of Nearly $150,000
Recently Pleaded Guilty in U.S. District Court to Defrauding Elderly Daviess County Couple of $200,000 in Similar Home Improvement Scam OWENSBORO, KY—An Owensboro, Kentucky man is being held by the U.S. Marshals Service following his arrest May 9 for devising a scheme to defraud a Union County, Kentucky couple of nearly $150,000 in a home improvement scam announced David J. Hale, United States Attorney for the Western District of Kentucky. Robert K. Gray was awaiting sentencing in a similar case in which he had … (2 comments)

real estate fraud: Tennessee Man Indicted for Cross Burning - 05/22/14 10:46 AM
Tennessee Man Indicted for Cross Burning
WASHINGTON—Today, a federal grand jury in Nashville, Tennessee, returned a three-count indictment against Timothy Flanagan, 33, formerly of Giles County, Tennessee, currently residing in Hudson, Florida, charging him with federal offenses for his role in a cross-burning in front of an interracial family’s home in Minor Hill, Tennessee, the Department of Justice and U.S. Attorney’s Office for the Middle District of Tennessee announced.
The indictment charges Flanagan with one count of conspiracy to violate housing rights, one count of criminal interference with the right to fair housing, and one count of using fire to … (6 comments)

real estate fraud: Former Bank Officer Sentenced to 18 Months for Bribes and Bank Fraud - 05/22/14 07:09 AM
Former Bank Officer Sentenced to 18 Months in Prison for Accepting Bribes, Bank Fraud
CAMDEN, NJ—A former bank officer was sentenced today to 18 months in prison for accepting bribes of more than $50,000 in return for his assistance in corrupt financial transactions, as well as bank fraud, U.S. Attorney Paul J. Fishman announced.
Jose Dominguez, 47, of Newark, New Jersey, previously pleaded guilty before U.S. District Judge Noel L. Hillman to an information charging him with soliciting and accepting bribes in excess of $1,000 as a bank officer. He had also pleaded guilty to a separate indictment charging him … (0 comments)

real estate fraud: California Man Sentenced to 51 Months in Prison for Mortgage Fraud - 05/22/14 07:03 AM
California Man Sentenced to 51 Months in Prison in Multi-Million-Dollar Mortgage Fraud
PHILADELPHIA—Steven Pitchersky, 65, of Rancho Mirage, California, was sentenced today to 51 months in prison for a scheme to defraud Ally Bank that resulted in losses to the bank of approximately $5.3 million. Pitchersky, who pleaded guilty to wire fraud on September 23, 2013, operated Nationwide Mortgage Concepts (NMC), a California mortgage lender.
Between August 2009 and January 2011, Ally was the warehouse lender for thousands of mortgage loans in which NMC borrowed from Ally’s warehouse line of credit to refinance first mortgages held by other financial institutions. … (0 comments)

real estate fraud: Raleigh Real Estate Broker Nets 42 Months in Prison for Mortgage Fraud - 05/21/14 04:16 PM
Raleigh Real Estate Broker Sentenced to 42 Months in Prison for His Role in Mortgage Fraud Scheme
RALEIGH—United States Attorney Thomas G. Walker announced that in federal court today before Chief United States District Judge James C. Dever, III, Mark Henry Tkac, 49, of Raleigh, was sentenced to a 42-month term of imprisonment, followed by five years of supervised release, on a charge of conspiracy to commit mail, wire, and bank Fraud, in violation of Title 18, United States Code, Section 1349. Tkac was also ordered to pay $1,612,612.94 in restitution.
Assistant United States Attorney William M. Gilmore stated, “This case … (0 comments)

real estate fraud: Real Estate Fraud Report for May 21, 2014 - 05/21/14 10:24 AM
 
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real estate fraud: Mortgage Fraud Blog Real Estate Fraud Report for May 21, 2014 - 05/21/14 10:21 AM
Mortgage Fraud Blog sends update emails once per week. Here's the latest from my friend and attorney Racherl Dollar. The Mortgage Fraud Blog website is updated every business day and you can always get the latest news by visiting www.mortgagefraudblog.com. Copyright 2004-2014 Rachel M. Dollar … (0 comments)

real estate fraud: Four Individuals Charged in Multi-Million-Dollar Mortgage Fraud Scheme - 05/20/14 09:48 AM
Four Individuals Charged in Multi-Million-Dollar Mortgage Fraud Scheme
Wifredo A. Ferrer, United States Attorney for the Southern District of Florida; George L. Piro, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office; and Drew J. Breakspear, Commissioner, Florida Office of Financial Regulation, announce that Karl Oreste, 56, of Miramar; Marie Lucie Tondreau, a/k/a “Lucie Tondreau,” 54, of North Miami; Okechukwu Josiah Odunna, a/k/a “O.J. Odunna,” 49, of Lauderdale Lakes; and Kelly Augustin, 57, of North Miami, have been charged with conspiracy to commit wire fraud, in violation of Title 18, United States Code, Section 1349, and six … (0 comments)

real estate fraud: Former Sacramento Man Pleads Guilty in Mortgage Fraud Scheme - 05/20/14 09:46 AM
Former Sacramento Man Pleads Guilty in Mortgage Fraud Scheme
SACRAMENTO, CA—Joshua Clymer, 28, currently of San Francisco, pleaded guilty today to conspiracy to commit mail and wire fraud in connection with a mortgage fraud scheme, United States Attorney Benjamin B. Wagner announced.
According to court documents, from approximately October 2006 through August 2008, Clymer participated in a mortgage fraud scheme involving multiple properties in the Sacramento area. As a part of the scheme, Clymer and a business partner used several fraudulent tactics to help buyers secure home loans from lenders, including inflating the buyer’s income, providing false employment histories, falsifying … (0 comments)

real estate fraud: Mortgage Fraud Scheme Caused More Than $150 Million in Bank Losses - 05/19/14 03:09 PM
Federal Grand Jury in Oakland Indicts President of Discovery Sales Inc.
Ayman Shahid Charged in Mortgage Fraud Scheme That Caused More Than $150 Million in Bank Losses WASHINGTON—An indictment by a federal grand jury unsealed today in Oakland, California, charges Ayman Shahid with conspiracy to commit bank fraud and 17 individual counts of bank fraud, announced United States Attorney Melinda Haag and Special Agent in Charge David Johnson of the FBI’s San Francisco Field Office.
According to the indictment, Shahid, 38, of Danville, California, is alleged to have masterminded a scheme to cause banks to approve mortgage loans for unqualified buyers … (2 comments)

real estate fraud: Chicago Developer & Two Attorneys Indicted in $22.8 Mil Mortgage Fraud - 05/19/14 02:50 PM
South Loop Condo Developer and Two Attorneys Among Six Defendants Indicted in $22.8 Million Mortgage Fraud Scheme
CHICAGO—A south loop condominium developer and two attorneys are among six defendants facing federal charges for allegedly engaging in a $22.8 million mortgage loan fraud scheme, federal law enforcement officials announced today. The defendants allegedly caused buyers to fraudulently obtain approximately 60 mortgages from various lenders to purchase condominiums at Vision on State, a 250-unit building located at 1255 South State St.
Real estate developer Warren N. Barr, III, was a member of 13th & State LLC, which obtained a $55.7 million loan … (2 comments)

real estate fraud: Real Estate Fraud Report for May 19, 2014 - 05/19/14 10:07 AM
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real estate fraud: Grosse Ile Businessman Sentenced in Mortgage Fraud Case - 05/19/14 09:57 AM
Grosse Ile Businessman Sentenced in Mortgage Fraud Case
A Grosse Ile businessman was sentenced today after being convicted at trial of conspiracy to commit wire fraud and wire fraud, announced United States Attorney Barbara L. McQuade.
U.S. Attorney McQuade was joined in the announcement by Paul M. Abbate, Special Agent in Charge of the Detroit, Michigan Office of the Federal Bureau of Investigation.
Sentenced was Richard Dean Woolsey, 42, of Grosse Ile Township, Michigan. Woolsey was sentenced to 90 months by U.S. District Judge Avern Cohn. Judge Cohn also ordered Woolsey to serve three years’ supervised release after his custodial … (0 comments)

   

 

 

 

 




David Saks



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Comment balloon 0 commentsDavid Saks • June 09 2014 12:05PM

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