The FTC is refunding $3M to 1,800+ homeowners deceived by a mortgage relief scam. Who’s getting a check, how to cash it, and why real foreclosure help is free.
A real estate broker and two others were arrested on federal charges for allegedly selling a $1.5 million Burbank home using stolen identities — without the homeowner’s knowledge — and pocketing nearly $975,000 in fraudulent loan proceeds.
A federal grand jury indicted five people in a wire and bank fraud conspiracy that used tradelines, stolen Social Security numbers, and forged financial documents to fraudulently obtain $3.7 million in mortgage loans through a Florida-based credit repair operation.
A licensed loan officer and a fake financial advisor were sentenced in federal court for using clients’ stolen identities to fraudulently obtain real estate loans and selling victims’ homes without their knowledge. Edward Fitzgerald received 5 years; Roberta Leigh Dawson received 2.5 years.
Quick Answer: Four individuals in Georgia filed fake bankruptcy petitions using a dead person’s identity to delay foreclosure proceedings, with Emanuel Clark, Charles Freeman Jr., Patrick Iverson, and Jacquelyn Duffy submitting four separate fraudulent filings. The U.S. Trustee Program prosecuted the case after discovering the petitions were filed in the name of someone who had …
Quick Answer: Franklin American Mortgage Company agreed to pay $70 million to settle Justice Department allegations that it violated the False Claims Act by knowingly originating FHA-insured mortgages that didn’t meet federal requirements. The settlement demonstrates the company engaged in fraudulent conduct that caused government losses.Franklin American Mortgage Company has agreed to pay the United …
Quick Answer: Raymond Foakes, former Hells Angels Sonoma Chapter President, was sentenced to 70 months in prison for a mortgage fraud scheme involving falsified loan applications claiming $24,000 monthly income from a fake concrete business. He used the fraudulently obtained property as a marijuana grow house and must pay $1,085,000 in restitution.In September I covered …
Quick Answer: Mortgage fraud carries severe legal consequences, as demonstrated by David Joseph Pikul’s 14-month prison sentence and $182,702.73 restitution order for his role with University of Hard Knocks Investments. The financial and criminal penalties make mortgage fraud schemes extremely risky with devastating long-term consequences.For my generation the term “Hard Knocks” cannot be mentioned without …
Quick Answer: Andrew Hamilton Williams, Jr., was convicted of running a $78 million mortgage fraud scheme called “Metro Dream Homes” that promised to pay off homeowners’ mortgages in exchange for $50,000+ investments. Instead of fulfilling promises, the scheme used luxury hotel presentations to defraud victims while laundering money through fake ATM and kiosk investments.Andrew Hamilton …
Quick Answer: A mother-daughter team and their Las Vegas accomplice pleaded guilty mid-trial to wire fraud in a mortgage scheme that caused $1.9 million in losses. The defendants used fake financial documents to help unqualified “straw buyers” obtain loans for North Wildwood condominiums.Mid-trial a mother and daughter fraudster team, along with an accomplice from Las …
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