 Lofts were reportedly sold to unqualified buyers A federal grand jury has returned an indictment against two local men, alleging mortgage fraud exceeding $2.5 million in connection with the sale of units in the Sexton Lofts condominium building in downtown Minneapolis, according to the U.S. Attorney’s Office. Gerald James Greenfield of Bloomington was charged with one count of conspiracy to commit mortgage fraud through the use of wires, four counts of mortgage fraud by means of interstate wire, one count of conspiracy to commit concealment money laundering, and one count of engaging in a monetary transaction with criminally derived property. A two year FBI investigation into Sarasota house flipping is turning into what may be the largest case of mortgage fraud in Florida's history. A local real estate agent Craig Adams has been providing information to the FBI about one of the largest mortgage fraud schemes in Florida history. One of his longtime associates may become the center of attention as losses enter the millions, according to the Sarasota Herald-Tribune. Jonathan Glucker was in line to become the next president of the Gulf Coast Mortgage Bankers Association but now he's expected to step down or be removed from the board of directors after news reports alleged that he participated in at least 10 deals with Adams since 1997. Four Detroit area residents were indicted on charges of wire fraud and interstate transportation of money taken by fraud, announced United States Attorney Barbara L. McQuade. McQuade was joined in the announcement by Special Agent in Charge Andrew G. Arena, Federal Bureau of Investigation. Charged in the 14-count indictment, which was unsealed this week, were MELVIN A. JOHNSON, 49, of Lathrup Village; CURTISS JOHNSON, 46, of Novi; BRADY MUSE, JR, 48, of Novi; and LANITA J. GATEWOOD, 53, of Detroit.  INDIANAPOLIS — A former real estate investor who pleaded guilty to federal charges that he set up straw deals to obtain inflated mortgages on more than 100 Indianapolis houses has been sentenced to prison. Forty-four-year-old Robert A. Penn of Naples, Fla. also was ordered Monday to pay more than $11 million in restitution. He earlier pleaded guilty to charges of wire fraud and admitted to money laundering conspiracy. Kevin M. Lafavers of LaGrange, Ky. faces sentencing Feb. 2 in the case. He pleaded guilty to wire fraud. The former Indianapolis residents were indicted in July on charges that from 2003 to 2005 they bought many of the homes for $120,000. Those were later seized by lenders and resold at sheriff's sales for $3,500 to $26,000. Link to Original Article WILMINGTON, N.C. (AP) — A federal judge has sentenced two North Carolina men for their roles in a $6 million mortgage fraud scam. The Star-News of Wilmington reports Wednesday that Daniel Rooks was sentenced to 7 1/4 years in prison, while Alford Rooks received five years of probation. Both Whiteville men pleaded guilty June 1 to conspiracy charges. Federal prosecutors say Daniel Rooks put trailers on land he bought and subdivided and sold to poor people, lying about the costs. Stanley Williams Jr., a mortgage broker, then falsified loan applications. Prosecutors said when buyers foreclosed, Williams bought the properties back, and the scam started anew. Williams and two others — an appraiser and a paralegal — were sentenced in October for their roles in the six-year scam. Link to Original The state – and the public – will soon be able to follow the bad apples and the good in the mortgage lending business wherever they go and whatever they do. Under the SAFE Act passed by Congress in 2008, federal and state regulators of the mortgage business were charged with jointly developing and maintaining a system for registering residential mortgage loan originators.  Kevin and Leslie Sluga have been charged with multiple counts of wire fraud and aiding and abetting. The charges were filed Wednesday in federal court in Fresno. The primary players in the ongoing investigation, David Crisp and former real estate partner Carl Cole, are accused of defrauding mortgage loan companies and federally insured financial institutions by supplying false information and documents to obtain nearly $11 million in loans. Marion County Mortgage Fraud VIDEO Federal Mortgage Fraud Charges Filed Against Two Las Vegas Men LAS VEGAS—Two Las Vegas men have been charged with conspiracy and fraud charges for devising and implementing a mortgage fraud scheme involving straw buyers and falsified mortgage loan documents, announced Daniel G. Bogden, United States Attorney for the District of Nevada. Tarl Brandon, 43, and Calvin A. Gribble, 50, were indicted by the Federal Grand Jury on December 1, 2009, and charged with one count of Conspiracy to Commit Mail Fraud, Wire Fraud, and Bank Fraud. Gribble was arrested and appeared on Monday, December 7, 2009, before U.S. Magistrate Judge Lawrence R. Leavitt, and was released pending trial. Brandon surrendered to authorities this morning, and is scheduled for an initial appearance and arraignment at 3:00 p.m. Link to Original Story A Union County builder is the latest person agreeing to plead guilty in the growing “Waxhouse Investigation,” a federal mortgage fraud case that has been more than a year in the making. Jennifer Jackson, an owner and operator of Jackson Custom Homes, was a builder for and member of Mortgage Fraud Cell No. 2, according to court documents filed today. Prosecutors describe her firm as a “small company that built a few custom homes” in Union County. | ArchivesMarch 2010 Breaking News:
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