Bernie Madoff’s Possessions Being Offered On The Market To Compensate His Victims

November 14, 2009
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Bernie Madoff is a well known felon who swindled billions of money from several investors through a scheme that he executed for years. Madoff is now serving his sentence in prison, and to compensate his victims, the U.S. Marshals service has been seizing all of his ill-gotten possessions and offers them on the market.

Last month, we have reported that Bernie Madoff’s Long Island Beach house had been sold for $9,410,000 after the U.S. Marshals service listed it for $8,750,000. Aside from this, Madoff’s residence in Cap D’Antibes, France was also sold earlier this year for $1,500,000. Bernie Madoff’s remaining properties are also being offered on the market today which includes…

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Filed Under: Luxury Real Estate, Real Estate, Real Estate Fraud

Fraudster From Tyler, TX Pleads Guilty To A Mortgage Fraud Scheme

November 8, 2009
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Another fraudster has pleaded guilty after being indicted on May 6, 2009 for falsifying documents and conspiracy to commit wire fraud in connection to a mortgage fraud scheme. This mortgage fraudster is identified as Tahmeane Elrod from Tyler, Texas.

The information shown in the court revealed that Tahmeane Elrod executed a mortgage fraud scheme last September 2007. This scheme involved defrauding of several mortgage and lending companies in which Elrod submitted fraudulent loan applications that contained false information to enable him to qualify for the loan which he intended to use for purchasing a residential property. Tahmeane Elrod inflated his income and even forged signatures in his employment verification form which…

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

Californian Mortgage Broker Pleads Guilty To Wire Fraud Conspiracy; Awaits Sentencing

November 6, 2009
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Mortgage broker Michael Chou from San Francisco, California, has entered a guilty plea to the indictment involving a count of wire fraud conspiracy which is in connection to his participation in a long running mortgage fraud scheme that defrauded several mortgage lenders.

According to Michael Chou’s plea, the mortgage fraud scheme the he executed together with other conspirators spanned for six years which started from 2003 until 2009. He also admittedly defrauded financial institutions and mortgage companies by submitting fraudulent loan applications that contains false information. Chou and his associates used these fraudulent loan applications to assist several persons who wish to acquire mortgage loans to purchase properties. The fraudulent loan…

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

Southaven Woman Awaits Sentencing After Pleading Guilty To Tax Evasion And Mail Fraud

November 5, 2009
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A woman from Southaven, Mississippi, named as Paula Sharice Nelson who is also known by the names of Paula Mason and Paula Kimmons, was charged March 12, 2009 with three counts of tax evasion, money laundering, mail fraud, and bankruptcy fraud. Subsequently, she pled guilty to a count of income tax evasion and mail fraud.

According to the indictment, Paula Nelson devised a scheme to fraudulently acquire mortgage loans for real estate properties throughout Memphis, Tennessee by using false information to financial institutions. She was also said to be involved in a property flipping scheme where she purchased several foreclosed HUD homes in which she sold to purchasers at inflated values.…

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Filed Under: Real Estate, Real Estate Fraud

California Woman Found Guilty For Nine Counts Of Felony Connected To Real Estate Fraud

November 4, 2009
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Oralia Hidalgo, a tax preparer and businesswoman from Colton, California, was finally convicted by court after being charged with nine counts of offenses involving grand theft enhancement, grand theft, forgery, and filing of false instruments.

These charges are in connection to a real estate fraud which involved a residential property in Colton, California. According to the evidences shown on the trial, Oralia Hidalgo forged the name of the victim on a Grant Deed which she used to illegally acquire the title for the property. Aside from this, she also made use of the property to obtain loans for it. The victim eventually found out about the fraud and faced hidalgo on…

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Filed Under: Real Estate, Real Estate Fraud

Former Real Estate Agent Pleads Guilty For Two Mortgage Fraud Scheme-Related Felony Charges

November 4, 2009
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A former real estate agent from Phoenix, Arizona, who is identified as Ammar Dean Halloum, has pleaded guilty for two felony charges related to the fraudulent real estate transaction involving a property in Gilbert. Arizona owned by an elderly.

The felony charges include a count of fraudulent schemes and deception, and financial exploitation of a helpless adult. In Ammar Dean Halloum’s guilty plea, he admitted to make a victim of an elderly who’s living in a nursing home and suffering from dementia. He took advantage of the victim’s illness and made him sign the sales documents for a property in Gilbert, Arizona. He was able to acquire the title for the…

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

Minnesota Man Pleads Guilty For Concealing Payments From Mortgage Loan Proceeds

November 4, 2009
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A man from Alexandria, Minnesota identified as Micah John Beaumia, has plead guilty for the indictment involving one count of money laundering and another count for wire fraud. These are in connection to a scheme in which he devised to conceal payments from mortgage loan proceeds.

According to Beaumia’s plea, he executed the scheme from 2005 until 2006 when he was still involved with two mortgage companies named as LHS Mortgage Inc. and Anderson Gabriel Mortgage Inc. He acted as a mortgage broker for these companies and provided them with fraudulent loan applications that contain inflated values of the real purchase price of the properties and concealed payments from the loan…

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Filed Under: Lenders, Real Estate, Real Estate Fraud

Man From Florida Convicted Of Mail Fraud; Awaits Sentencing

October 30, 2009
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After being indicted together with his co-defendants back in January 2009, a man from Miami, Florida, named as Noel Albanes-Gomez, was finally convicted and awaiting sentencing for charges including conspiracy to commit mail fraud and substantive mail fraud.

According to the evidence presented on the trial, Noel Albanes-Gomez purchased a house at Chello Lane in Port St. Lucie as requested by his co-defendant Elieser Pupo. During the purchasing processes, Albanes-Gomez used fraudulent mortgage loan application that contains false information including his intention to use the property, and his false income and employment documents. This fraudulent loan application was prepared by his co-defendant identified as Magalys Fajardo. Elieser Pupo used the house…

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Filed Under: Real Estate, Real Estate Fraud

Nigerian National Mortgage Broker Sentenced For A Mortgage Fraud Scheme

October 30, 2009
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A mortgage broker, who is also a Nigerian national from Washington D.C., was sentenced to one year and six months imprisonment with five years supervised release and restitution amounting to $2,165,191. These rooted from his involvement in a mortgage fraud scheme that defrauded lenders.

This licensed mortgage broker, named as Sidney Okosun, was responsible for submitting fraudulent loan applications and documents of straw buyers to several lending companies which resulted to nine transactions involving as much as $2,165,191 fraudulently acquired mortgages. It was said that Okosun received commissions for these transactions which amounted to $33,000. These loans were supposed to be used for purchasing properties owned by his co-defendant Oladipo Olafunmiloye…

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Filed Under: Mortgages, Real Estate, Real Estate Fraud
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