Prison For Filing False Bankruptcy Petitions to Stall Foreclosure

January 12, 2010
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Isaac Yass and Andrew Blechman were sentenced for running a scam in which home owners who were behind on their mortgage payments paid them to hold off foreclosure through filing fraudulent bankruptcy petitions.

Isaac Yass was sentenced to 60 months while Andrew Blechman was sentenced to 18 months in federal prison. A forfeiture order in the amount of $1,063,176.30 was entered against Yass and Blechman, jointly and severally. Yass remains in custody. Blechman is allowed to self-surrender to the Federal Bureau of Prisons.

A federal jury convicted Yass and Blechman  of one count of conspiracy to commit mail fraud and aggravated identity theft, six counts of mail fraud, and six counts of…

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Filed Under: Mortgages, Real Estate, Real Estate Fraud

Three Years Imprisonment for a Pennsylvania Broker

January 8, 2010
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Pittsburg, Pennsylvania – Richard J. Thomas was sentenced three years in prison. The court did not impose a fine and waived interest on restitution. In the event that Thomas shall be released from imprisonment, he shall be placed under supervision for three more years. The restitution of $731,380.93 and a special assessment of $100 were also ordered by the United States District Judge Joy Flowers Conti.

Thomas pleaded guilty in federal court in Pittsburgh to a charge of mail fraud. Thomas pleaded guilty to one count before.

In connection with the guilty plea, Assistant United States Attorney Luke Dembosky advised the court that, from in and around May 2002 to in and…

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Filed Under: Economy Crisis, Real Estate, Real Estate Fraud

Mortgage Fraud Scheme Mastermind Sentenced

January 3, 2010
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Mark Blunt, 44 years of age, was sentenced to 41 months in prison on charges of conspiracy to defraud banks and mortgage lenders. Blunt was also ordered to pay $1,904,012.80 in restitution.

According to the government’s sentencing memorandum, Mark Blunt stole over $1 million by orchestrating a series of sales of residential real estate in the District of Columbia. He targeted houses in poor condition, and recruited straw purchasers to fraudulently obtain bank loans which they were not capable of repaying, and which were greatly in excess of the true value of the properties.

The government noted that Blunt was the mastermind of the scheme. He arranged for the sales transactions and…

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Filed Under: Economy Crisis, Lenders, Mortgages, Real Estate Fraud

Woman Admits Defrauding Lenders & Laundering Drug Money

January 3, 2010
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Stamford, Connecticut – A 37-year old woman, Diana Gjuraj, pleaded guilty to one count of conspiracy to commit money laundering and one count of fraud in loan and credit applications.

According to court documents and statements made in court, Gjuraj defrauded a number of lenders. Roughly in June 2006, Gjuraj knowingly submitted to Fremont Investment & Loan a false document alleged to be a rental agreement, false statements regarding rental income and a false document alleged to be a 2005 W-2 form in connection with her application for a $551,000 mortgage loan for a residence located at 236 Seaside Avenue in Stamford. In December 2006, Gjuraj submitted to Corporate America Family…

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Filed Under: Lenders, Real Estate, Real Estate Fraud

Fraudster Convicted for Selling Property He Never Owned

December 28, 2009
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Detroit, Michigan – Tracy Carmichael, 46, was convicted after a four-day trial in lieu of a fraudulent scheme that obtain an over $149,000 mortgage on a church property that is located on 11731 Mount Elliot, Detroit. Carmichael was proven guilty for eleven felony counts – Embezzlement over $100,000; four counts of Forgery, four counts of U&P; over $200,000 False Pretenses and 2nd degree Money Laundering.

Carmichael allegedly offered to sell the Temple of God Deliverance Mount Elliot property to a female as an investment property. He offered to handle all of the paperwork, manage the property and give her payments for the mortgage company. The victim later found out that all…

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Filed Under: Real Estate, Real Estate Fraud, Real Estate Investment

A Complex Mortgage Rescue Scheme – A Lawyer is Sentenced

December 7, 2009
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Oxford, Massahussetts - A former real estate lawyer, Raymond A. Desautels III, was sentenced in Worcester Superior Court for his participation in a complex scheme in which fraudulent documents were used to defraud homeowners and mortgage lenders in a number of real estate transactions that involves distressed properties in the Worcester County area.

Two years in State Prison was Desautels sentence for five counts of Inducing a Lender to Part with Property. Desautels pleaded guilty on October 29, 2009.

Allen Seymour, 41, Oxford, MA and Jason Passell, 51, Worcester, MA are the other co-defendants. Both are scheduled to be arraigned on January 13, 2010 in Worcester Superior Court.

Allen Seymour for four counts…

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Filed Under: Lenders, Mortgages, Real Estate, Real Estate Fraud

Loan Broker Guilty of Mortgage Fraud Scheme

December 7, 2009
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Bethesda, Maryland – Michael Milan, 49, guilty for conspiracy to commit mail and wire fraud for his participation in carrying out a multi-million dollar mortgage fraud scheme.

A maximum penalty of 20 years in prison was sentenced to Milan on February 12, 2010. As part of his guilty plea, Milan has agreed to pay restitution of $3,141,409 and to forfeit $1,061,890.31 in proceeds he obtained.

Milan admitted that he was a consultant to various mortgage brokerage companies. He conspired with others to defraud mortgage lenders into lending funds for the acquisition and refinance of residential properties.

Milan’s conspiracy submitted fraudulent loan applications for the purchase or refinance of 11 different properties and caused…

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Filed Under: Lenders, Mortgages, Real Estate, Real Estate Fraud

A 71-Year Old Former Lawyer Charged for Selling a Home He Did Not Own

December 7, 2009
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Manchester, New Hampshire – A former lawyer has been charged with mail fraud, bank fraud and money laundering.

According to the charges filed by prosecutors in the United States District Court Concord, Thomas J. Tessier, 71, was a practicing lawyer. He used fraudulent powers of the attorney and other untruthful means for the intention of stealing.

Tessier has stolen more than $200,000 from the client’s oldest son by selling a home that belonged to him, without his knowledge or consent; more than $295,000 from bank accounts that belonged to a deceased client whose estate he was appointed to administer; more than $240,000 from two investment accounts that belonged to the client’s oldest…

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Filed Under: Real Estate, Real Estate Fraud

Borrower Mortgage Fraud Allegations Dismissed

December 5, 2009
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A civil action against Flagstar Bank, MERS and Schneiderman & Schneiderman, P.C. was brought by Antonio English claiming that violations of state and federal law arising out of a home foreclosure, regardless of the truth that he had failed to make his house payments.

In his complaint, Antonio English made a range of claims of error regarding the foreclosure proceedings. After answering the lawsuit, the defendants files a motion to dismiss or for summary judgment. The causes of action amended by English includes (I) Declaratory Judgment; Injunctive Relief, (II) Civil Conspiracy to Commit Mortgage Fraud, (III) Wrongful Foreclosure/Mortgage Fraud, (IV) Intentional Infliction of Emotional Distress, and (V) Punitive Damages. The US…

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Filed Under: Mortgages, Real Estate, Real Estate Fraud
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