Seven defendants indicted in $49.6M mortgage fraud scam

SACRAMENTO – A federal indictment unsealed Friday charged seven people with running a multistate Ponzi scheme and related mortgage fraud scams that prosecutors said. Loomis and five other.

 · GRAND RAPIDS, Mich. – Six of seven defendants indicted in connection with a CDC Investments mortgage scheme were sentenced this week.

Seven indicted in $35 million Chicago area mortgage fraud scheme. Six other defendants, including two licensed loan officers and an unlicensed loan officer and mortgage originator, were each charged with one or more counts of fraud in the same indictment. The scheme allegedly ran between June 2004 and May 2008, said Patrick J.

SACRAMENTO – A California man who operated a $4 million mortgage fraud scheme throughout the southern part. Prakashumar ("Kash") Bhakta and several co-defendants were charged with targeting.

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Members Of Lansing Mortgage Fraud Ring Sentenced. Members of CDC Investments Scam Receive Prison Time. GRAND RAPIDS, MICHIGAN – Six of seven defendants indicted in connection with the CDC Investments mortgage fraud scheme were sentenced this week, announced U.S. Attorney Pat Miles today.

GMAC Home Builder Confidence Hits Five-Month High mortgage masters group Oakland’s Waypoint cashes in on empty homes Go With Royal United Mortgage LLC – Royal united mortgage llc.. home builder confidence Hits Five-Month High » Mortgage Masters Group. Sarasota Springs First Time Home Buyers. Search for: Recent Posts.Ally Financial Inc.’s GMAC Mortgage unit, which suspended evictions in 23 states last week after finding employees didn’t verify foreclosure documents, was sanctioned in 2006 for similar practices,

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Another alleged mortgage scam is broken up. This one ended up costing big banks, such as Bank of America and SunTrust, millions of dollars, with the grand tally coming to $49.6M in fraudulent loans.

Mortgage fraud charges against 41 defendants. the various fraud scams collectively defrauded lenders out of more than $64 million in mortgages on more than 100 properties across New York state.

According to the indictment, the defendants conspired to perpetrate a complex $49.6 million mortgage fraud scheme against various FDIC-insured lenders from 2003 to 2008. Defendants Domenico Rabuffo and Mae Rabuffo used shell companies to acquire ownership and control of a purported residential property development known as Hampton Springs, located in Cashiers, North Carolina.

 · A federal grand jury returned a 15-count indictment in a Mortgage Fraud Conspiracy Scheme on Thursday against seven individuals, charging them with conspiracy to commit mail fraud and bank fraud, mail fraud and aiding and abetting, and making false statements to a bank in a mortgage fraud conspiracy scheme, United States Attorney Benjamin B. Wagner of the Eastern District of.

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