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Single Family Loan Programs

Delaware County Owner of Mortgage and Title Companies Sentenced to Five Years in Prison for Defrauding Lenders

PHILADELPHIA – U.S. Attorney William M. McSwain announced that George Barnard, of Newtown Square, was sentenced today to five years in federal prison for defrauding lenders of almost $13 million. Barnard, 47, pleaded guilty to multiple fraud counts in April. He was also ordered to pay restitution in the amount of $12,774,941.89 and to forfeit $4,262,279.38 in proceeds he obtained through his commission of the offense.

Essex County Loan Officer Charged With Mortgage Fraud

NEWARK N.J. – A Nutley, New Jersey, man was charged today with using fraudulent documents to deceive his employer into approving a loan, U.S. Attorney Craig Carpenito announced.

Richard Patino, 42, is charged by complaint with one count of wire fraud. He made his initial appearance before U.S. Magistrate Judge Cathy L. Waldor in Newark federal court and was released on bail.

According to the complaint:

Defendant Sentenced to 41 Months in Prison for Defrauding Mortgage Lending Institutions

Earlier today, in federal court in Brooklyn, Dirk Hall was sentenced by United States District Judge Eric N. Vitaliano to 41 months’ imprisonment, to be followed by five years of supervised release, after having pleaded guilty to conspiracy to commit bank fraud and wire fraud in connection with a multi-million dollar mortgage fraud scheme.

Final Action Memorandum: Purchaser of HUD-Insured Single-Family Property Settled Allegations of Causing the Submission of a False Claim

The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), reviewed preforeclosure sales under the Federal Housing Administration (FHA) program in the St. Louis, MO, area.  We found that the purchaser of a property being sold in a preforeclosure sale entered into a consulting agreement with the realtor.  The agreement required that when the purchaser later sold the property, he would pay half of the net proceeds from that sale to the realtor’s consulting company.    

Two Indicted in Sweeping Mortgage Fraud Investigations

PROVIDENCE, R.I. – A 14-count federal indictment filed in U.S. District Court in Providence charges two individuals, Hasan Hussain, 55, of Princeton, N.J., and Ricardo Abreu, 50, of Cranston, R.I., with allegedly participating in a conspiracy to defraud financial institutions, investors and financially distressed homeowners of at least 14 properties in Providence, Pawtucket and Cranston of fees, rental income, mortgage payment funds, property ownership and/or proceeds from the sale of their properties.

Easton Man Pleads Guilty to Defrauding Distressed Homeowners, Evading Taxes

Deirdre M. Daly, United States Attorney for the District of Connecticut, announced that TIMOTHY W. BURKE, also known as “Bill Burke,” “William Burke,” “Kerry Saunders,” “Pat Riley,” “Jim Caldwell,” “Jim Saunders,” “Tom Morrisey,” “Jimmy,” “Phil Burke,” “Phil,” “Burt,” “James Burke,” and “M. Soler,” 65, formerly of Easton, pleaded guilty today before U.S. District Judge Michael P. Shea in Hartford to fraud and tax evasion offenses stemming from a long-running fraud scheme that targeted distressed homeowners.

Queens Man Convicted For Defrauding Financial Institutions

BROOKLYN, N.Y. – James Bayfield, a self-described mortgage specialist, was convicted late yesterday by a federal jury in Brooklyn on all four counts charging bank fraud and conspiracy to commit wire fraud and bank fraud for his role in defrauding mortgage lending institutions and large financial institutions, including Amtrust Bank (Amtrust), Bank of America N.A. (BOA) and J.P. Morgan Chase & Co. (Chase), in a multi-million-dollar mortgage fraud scheme. The jury’s verdict followed a two-week trial before United States District Judge Eric N. Vitaliano.

Dallas County Man Sentenced in Bank Fraud Conspiracy

PLANO, Texas – A 64-year-old Grand Prairie, Texas man has been sentenced to federal prison for his role in a conspiracy to commit bank fraud and perjury in the Eastern District of Texas, announced Acting U.S. Attorney Brit Featherston today.

Melvin Ray Layman pleaded guilty on July 20, 2016, to conspiracy to commit bank fraud and conspiracy t commit perjury and was sentenced to 51 months in federal prison on Jan. 11, 2017 by U.S. District Judge Marcia A. Crone. Layman was also ordered to pay restitution in the amount of $111,744...

Lawyer owes $10M-plus for false forms

(Source: chicagolawbulletin.com) A federal judge has found an Aurora attorney liable for more than $10 million after previously finding he filed false documents with the government.

In a 12-page memorandum opinion, U.S. District Judge John J. Tharp Jr. ruled sole practitioner Robert S. Luce owes the government $3,452,499 in damages for 237 defaulted mortgage loans his mortgage company MDR Mortgage Corp. certified while it remained an approved correspondent for the Department of Housing and Urban Development and the Federal Housing Administration under false verification forms.

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