Blog Profile / Mortgage Fraud Blog

Filed Under:Real Estate / Real Estate Industry News
Posts on Regator:1797
Posts / Week:4.1
Archived Since:March 20, 2008

Blog Post Archive

Investment Fraud Scheme Indictments

Angelo Alleca, 46, Buffalo, New York, and Mark Morrow, 54, Cincinnati, Ohio, were arraigned on charges of orchestrating a multi-million dollar investment fraud scheme.  The Defendants marketed several funds that were supposed to invest...Show More Summary

Hard Money Lender Convicted in Ponzi Scheme

Thomas Franklin Tarbutton, 56, Newport Beach, California, a hard money lender, was convicted by a jury of embezzling over $3 million from investors in a Ponzi real estate-mortgage investment fraud scheme. Between 2004 and 2010, Tarbutton operated Villa Capital Inc. as a “hard money” lender who solicited money from private investors for borrowers looking for funds […]

Six Year Sentence in Foreclosure Rescue Scheme

Randy Poulson, 44, Woolwich Township, New Jersey, was sentenced to 72 months in prison for scamming distressed homeowners into giving him their houses and then soliciting fake real estate investments from private investors – secured by those same properties – that netted him more than $3 million in illicit profits.  Poulson previously pleaded guilty before U.S. […]

Seven Indicted in Mod Fraud

Aria Maleki, 33, of Santa Ana, California; Mehdi Moarefian, a.k.a. “Michael Miller,” 36, of Irvine, California; Kowit Yuktanon, a.k.a. “Eric Cannon,” 31, of Huntington Beach, California; Cuong Huy King, a.k.a. “James Nolan” and “Jimmy, 32, of Westminster, California; Daniel Shiau, a.k.a. Show More Summary

Fake Sales, Stolen Deposits, Guilty Plea

Michael David Scott, former real estate broker, 51, of Mansfield, Massachusetts, pleaded guilty to one count of wire fraud in connection a scheme to defraud a couple of the deposit they paid to purchase three properties in Randolph, Roxbury and Jamaica Plain, Massachusetts. From February 2011 to October 2013, Scott fraudulently persuaded a couple to sign three […]

Fraudster’s Conviction Affirmed in Foreclosure Rescue Scheme

The United States Court of Appeals for the First Circuit in Boston, Massachusetts affirmed Michael Prieto‘s New Hampshire conviction and 72 month sentence for committing mail fraud by organizing and managing a fraudulent mortgage rescue scheme.  Prieto’s crime grew out of the mortgage crisis in the mid and late 2000s and involved defrauding distressed homeowners […]

Indictments in California Mortgage Elimination Scheme

Martin Calzada, 28, Los Angeles, California was indicted by a federal grand jury with conspiracy to commit mail fraud and mail fraud, in connection with a scheme to defraud homeowners facing foreclosure. Calzada entered a plea of not guilty at his arraignment. According to court documents, between August 2010 and October 2011, Calzada, and other employees of Star […]

Real Estate Developer Admits Kickbacks in HUD Construction Loan Fraud

Michael Barnett, real estate developer, pled guilty to conspiring to defraud lenders and make false statements to HUD in connection with his development of Vineyard Commons, a luxury residential complex in Ulster County, New York. According to Barnett’s admissions in court during his plea allocution and the allegations made in the Superseding Indictment: Barnett, who was […]

Men who used cheap Detroit homes and ‘straw buyers’ in $10 million scheme get prison

Seven men have been sentenced to prison terms ranging from one day to 33 months in a mortgage fraud scheme that authorities said cost banks $10 million. The scheme took advantage of people with low incomes, but good credit, who were led to believe they were investing in low-cost Detroit homes, according to prosecutors. U.S. […]

Indictment in Gas Station and Car Wash Loan Fraud

Ataollah Aminpour aka John Aminpour, aka Johnny Aminpour, the former chief marketing officer at Mirae Bank, 57, Beverly Hills, California was indicted by a federal grand jury on eight counts of bank fraud and making false statements in connection with allegations that he was responsible for the bank issuing $150 million in fraudulent loans – […]

Guilty plea in California Ponzi Scheme

Diane Cobb, 58, Ada, Ohio, was sentenced to 41 months in prison  for her role in a Ponzi scheme.  The sentencing follows a guilty plea in which Cobb admitted to running a fraudulent scheme with co-defendant Paul Sloane Davis through which they profited by more than a million dollars. Cobb was charged by indictment on October […]

South Jersey lawyer faces prison in mortgage scheme

A Cape May County lawyer faces up to five years in federal prison this month when he is sentenced for conspiracy to commit wire fraud in the purchase of nine North Wildwood condominiums in 2007. Louis C. Dwyer Jr., who has a law office in Lower Township, pleaded guilty last year to the single count […]

Two Plead Guilty in Foreclosure Rescue Scheme

Zalathiel Aguila, 42, Vallejo, California, and Omar Anabo, 53, Vallejo, California pleaded guilty to conspiracy to make false statements on loan applications. According to court documents, between October 2004 and May 2007, Aguila and Anabo operated Vallejo?based Capital Access LLC, an entity targeting homeowners facing foreclosure. Show More Summary

A Year and a Day in Maryland Cash to Close Fraud

Timothy L. Ritchie, 44, Annapolis, Maryland, was sentenced to a year and a day in prison, followed by 12 months of home detention with electronic monitoring as part of three years of supervised release, for making false statements arising from a real estate closing and was ordered to pay restitution of $1,385,444.83. In a related case, John […]

FinCEN Requires All Cash Transaction Reporting

The Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTO) that will temporarily require certain U.S. title insurance companies to identify the natural persons behind companies used to pay “all cash” for...Show More Summary

Advance Fee Scheme Sentencing

Tony Huy Havens, 42, Modesto, California, was sentenced to three years and five months in prison for his role in two mortgage fraud schemes. Havens had earlier pleaded guilty to committing mail fraud and wire fraud in the two schemes, which were charged in separate criminal cases. According to the indictment in the first scheme, […]

Guilty Plea to Making False Statement In HUD Loan Application

Jason Pond, 38, Spring Hill, Florida, pled guilty to making a false statement in an application to obtain a HUD loan. According to the plea agreement, on September 28, 2010, Pond purchased his home in Spring Hill, Florida, for $110,000.  Along with his wife, they received a loan of $49,650 from HUD’s Neighborhood Stabilization Program, as a […]

Jury Convicts in Case Involving Incentives and Private Loans

Joseph L. Pasquale, 39, Fort Myers, Florida was found guilty by a federal jury of one count of conspiracy to commit bank fraud and four counts of bank fraud. According to testimony and evidence presented at trial, Pasquale worked as a real estate sales associate for a brokerage firm based in Cape Coral, Florida. Between […]

S&L Fraudster Convicted for Tax Fraud

Jay Scott Soderling, Santa Rosa, California and Jessica Lynn Soderling, Santa Rosa, California, were convicted by a federal jury, after a five-day trial, of one count of conspiracy to defraud the United States.  The jury also convicted Mr. Soderling of one count of tax evasion. In 1987, Jay Soderling pled guilty to bank fraud in connection with the collapse […]

Property Manager Sentenced in Mortgage Fraud

Paul Watterson, 55, Mountainside, New Jersey, was sentenced to 15 months in prison for his role in a multi-million dollar mortgage fraud scheme that used phony documents and straw buyers to make illegal profits on over-developed condominiums in the Wildwood, New Jersey, area.  Watterson previously pleaded guilty to an information charging him with one count of conspiracy […]

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