Four men from Atlanta, Georgia and Florida were recently indicted for executing an alleged scam between April 2006 and April 2007. These men are named as Allen J. Gingrich, Stephen Mark Lecorgne, Brian Ernest Oelbermann, and Donte Deshaun White also known as Donte Cox.

According to the charging documents, Allen Gingrich and Donte Cox have formed a company which they named as Focus International Equity Partners, LLC, and advertised it as a real estate investment and management company. They have used this company to recruit several college students and military personnel who will obtain mortgage loans for various properties located in South Florida by making false statements and documents for their…

Another mortgage broker, whose name is Hassan Nagi, was recently sentenced after pleading guilty in December 15, 2008 to a multimillion dollar mortgage fraud scheme that he executed together with his co-defendants from April 2005 to April 2008.

Hassan Nagi has defrauded almost half dozen of lending institutions while he was still working as a loan officer for First Mortgage, Premier Mortgage Funding, and Superior Mortgage. The mortgage fraud scheme that he executed involved 16 properties located in Dearborn, Dearborn Heights, Michigan, and Detroit where they were able to fraudulently acquire mortgage funding amounting to $1,900,000.Hassan Nagi also prepared false documents including the straw buyers’ income statement and inflated appraisals for…

Joshua Gervolstad, a mortgage broker from California, has just entered his guilty plea after being indicted for one count of mail fraud which resulted from the mortgage fraud scheme that he executed. He is expected to be sentenced by December 14, 2009.

According to Joshua Gervolstad’s plea, the mortgage fraud scheme that he carried out involves five real estate properties located in Lodi and Redding, California where he used inflated appraisals and fraudulent lien documents for their closing purchase transaction. A lien is a claim placed by a creditor on a piece of real estate or property to ensure the payment of a debt.

Aside from these, Gervolstad has also used falsified…

A woman from Rhode Island, named as Lisa Torres, has pleaded guilty to mortgage fraud scheme which includes the purchase of several recently foreclosed properties and the use of straw buyers’ names in fraudulent sale transactions to persuade mortgage funding.

According to her plea hearing, Lisa Torres has purchased nine residential properties from October 2007 to June 2008 which she put on sham sales at inflated values to acquire profits from their mortgage loans. To engineer these sham sales, Torres has recruited and used the names of several straw buyers. She told them that they’re not really buying the properties and that she will be the one to pay off the…