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  #1  
Old 10-15-2009, 01:25 PM
Eli Weiss's Avatar
Eli Weiss Eli Weiss is offline
 
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State: New York
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Default Developing: 41 People Arrested in Mortgage Fraud Schemes

Quote:
The Federal Bureau of Investigation and other federal agencies have arrested 41 people involved in several mortgage fraud schemes, CNBC has learned.
The defendants include brokers, lenders, lawyers and straw buyers. The schemes netted ten of millions of dollars.

Details of these schemes will be unveiled at a news conference at 1 p.m. New York time.

Straw buyers are people who consent to using their names and personal identities by others for the purpose of obtaining a mortgage loan without any plans of actually inhabiting the homes. Typically, these people are offered compensation for their participation.
http://www.cnbc.com/id/33326295

The articles below are from last weeks arrests, details of the 41 people arrested today is still developing.....but I suspect that these cases are connected, based on the following photo of one of the arrested.



Quote:
Federal prosecutors today foreclosed on a $9 million mortgage scam, busting a dozen brokers, loan officers and attorneys who used fake identities and false documents to buy a string of properties in New York and Long Island.

Using fake drivers licenses, bogus bank statements and made-up employment records, the alleged crooks convinced lenders to finance homes throughout the city and suburbs, including properties in Jamaica, Hollis, Roosevelt and Valley Stream.

A seven-count indictment said one lawyer used mortgage loan proceeds to pay his partners, and hid the payouts from lenders by preparing false mortgage documents. Most of the loans, meanwhile, are now in default.



"The U.S. economy is still reeling from the damage done by mortgage fraud schemes like the one unraveled today," said Preet Bharara, US Attorney for New York’s Southern District. He said "our financial system depends" on uncovering this type of fraud.

When the bottom fell out of the nation’s economy, experts pointed the finger at lax lending practices that paired homeowners with homes they could not afford.

Blamed, too, were thieves who cashed in on the easy money and left homeowners and taxpayers holding the bag.

Officials said there were corrupt participants at each step of the mortgage process:

-- A Jackson Heights man, Sakat Hossain, 43, used several identities to pose as a homebuyer in a number of different transactions in exchange for a piece of the proceeds, officials said.

-- An Astoria man, Mikael Huq, 34, created false IDs for fake homebuyers to use at closings, according to prosecutors.

-- Reginald Johnson, 36, of St. Albans, prepared fraudulent mortgage loan applications and falsely verified the employment information submitted with applications, the indictment said.

The defendants were expected to be arraigned in federal court today.
"This is exactly the type of criminal activity that was caused by - and contributed to - the terrible mortgage crisis facing our nation," said New York Attorney General Andrew Cuomo, whose office worked with the US Attorney and the FBI among others.

"These defendants were allegedly able to obtain millions of dollars in home loans for phantom buyers precisely because obtaining these loans was far too easy at the time."
http://www.nypost.com/p/news/local/f...Hi6QJrCH6ZNR7M

Quote:
The Long Islanders include Jeffrey LaRochelle, 29, of Bay Shore, who processed loans through Reliable Capital, a mortgage brokerage firm; Eric Finger, 44, of Mineola, an attorney who acted as the settlement agent representing the lender in connection with closings on many properties; Frederick Warren, 35, of Miller Place, who processed loans through Reliance Capital and other brokers; Dorian Brown, 36, of Mount Sinai, who was a loan officer at Lend America, a mortgage lender and broker; and Brandon Lisi, 36, of Glen Cove, an attorney who prepared sales contracts for the purchase of target properties and procured fraudulent buyers to act as purchasers for the target properties.
http://libn.com/blog/2009/10/08/twel...ge-fraud-ring/

I may have come face to face with some of this group in 2008, on a appraisal I did for Wells Fargo through an AMC, I tried exposing this fraud to Wells Fargo, by noting several red flags, but somehow they issued a loan amount larger then my appraised value at the time, that property is now in foreclosure.

Here is the original post from 2008.
http://appraisersforum.com/showthread.php?t=137592
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Last edited by Eli Weiss : 10-15-2009 at 01:36 PM.
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  #2  
Old 10-15-2009, 02:13 PM
Eli Weiss's Avatar
Eli Weiss Eli Weiss is offline
 
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Default Update

Quote:
41 People in Four States Charged With Mortgage Fraud
Published: Thursday, 15 Oct 2009 | 1:52 PM ET
Text Size
 
By: AP
A mortgage fraud crackdown announced Thursday resulted in the arrests of dozens of people, including six lawyers, seven loan officers and three mortgage brokers in four states.
 
Thirty-one people were arrested in New York, Pennsylvania, Ohio and North Carolina. They were among 41 people charged with engaging in mortgage fraud scams that defrauded lenders out of more than $64 million in home mortgage loans.

Of the 10 other defendants, one was expected to surrender later Thursday, four were previously charged and five remained at large.

Authorities gathering for an afternoon news conference in Manhattan said the crackdown, dubbed "Operation Bad Deeds," was aimed at the failure of gatekeepers in the mortgage industry to act responsibly and legally.

"Unfortunately, instead of protecting our financial system, in some cases they abused their positions and joined criminal schemes to steal millions of dollars," said Richard H. Neiman, the superintendent of banks for New York State.

U.S. Attorney Preet Bharara said in a statement that he found it "especially alarming" that lawyers, loan officers and mortgage brokers treated their professions as a "license to loot banks and profit from other people's pain." Those charged also included an accountant and a residential property appraiser.

Authorities said the arrests resulted from a series of investigations conducted by state and local authorities along with federal prosecutors, the FBI, the New York State Banking Department, federal housing authorities, the U.S. Secret Service and U.S. Postal Service investigators.

Most of the bank fraud, wire fraud and conspiracy charges brought against the defendants carry potential prison terms of 20 to 30 year

Watch the video here:

http://www.cnbc.com/id/33326295

Defendants are listed below:


Quote:
LAVETTE M. BILLS Briarcliff, New York 37
KIRK LACEY Pembroke Pines, Florida 36
WAYNE GREEN Hempstead, New York 34
SHERESE W. GLENN Lynbrook, New York 31
REVLON HINDS Belmont, North Carolina 34
JOSEPH EVANS Middle Village, New York 47
JERRY CALONGE Fresh Meadows, New York 34
MARK BARNETT Queens Village, New York 44
OMAR HENRY Bronx, New York 26
PETER CHEVERE Bronx, New York
PEGGY PERSAUD Woodmere, New York 45
ORETTE KILLIKELLY Jamaica, New York 45
GEORGE ESSO Albans, New York 37
ELTON LORD Albans, New York 47
RAFICK BAKSH Ozone Park, New York 53
MAHAMOOD HUSSAIN Unknown 43
RAVI PERSAUD Glen Head, New York 43
CHEDDI GOBERDHAN Elmont, New York
BEVERLY ANDREA JOHNSON Ithaca, New York 57
CARONE JOHNSON Ithaca, New York 33
CARIANNE JOHNSON Ithaca, New York 28
CARRELL JOHNSON Ithaca, New York 34
OLIVER ANDERSON Brooklyn, New York 58
BRADLEY SKIERKOWSKI Kingston, Pennsylvania
MARLENE BOSSOUS Baldwin, New York 37
FAITH ESIMAI Albans, New York 64
DAYANARA VELASQUEZ North Baldwin, New York 35
HAROLD JOHN Reynoldsburg, Ohio 55
NORMAN BARABASH Bellerose, New York
DANNY SIONY Brooklyn, New York 51
SHIRIN KALIMI Brooklyn, New York 46
EMMANUEL ROY Brooklyn, New York 42
TARIFF DILL Irvine, California
DEAN RESKAKIS Hempstead, New York 37
ADEOLU ADENIJI Springfield Gardens, New York 50
SHARON FRIDAY Freeport, New York
KEREN SADE MISAGHI Albertson, New York 29
DAVID MISAGHI Albertson, New York 44
QUENTIN TUCKER Brooklyn, New York
DUSTIN DENTE Roslyn, New York 38
BRANDON LISI Glen Cove, New York
-------------------------


Can anybody identify who the appraiser was off this list?
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  #3  
Old 10-15-2009, 03:05 PM
Claude From NY Claude From NY is offline
 
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Default

"Operation Bad Deeds" None of the NY names look familiar as appraisers.
  #4  
Old 10-15-2009, 04:28 PM
Lost Cause Lost Cause is offline
 
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Default Bad Deeds, Indeed

I didn't recognize any of the names nor could find any of them listed as licensed in NY State.
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  #5  
Old 10-15-2009, 04:52 PM
MDAPPR MDAPPR is offline
 
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Default

Quote:
Originally Posted by Eli Weiss View Post
lI may have come face to face with some of this group in 2008, on a appraisal I did for Wells Fargo through an AMC, I tried exposing this fraud to Wells Fargo, by noting several red flags, but somehow they issued a loan amount larger then my appraised value at the time, that property is now in foreclosure.

Here is the original post from 2008.
http://appraisersforum.com/showthread.php?t=137592
Makes you scratch your head. Its never the big 4's fault.
  #6  
Old 10-16-2009, 06:58 AM
Claude From NY Claude From NY is offline
 
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Default They are not appraisers in NY

Quote:
Five people, including David Misaghi, 44, and Keren Sade Misaghi, 29, both of Albertson, were considered fugitives, said a spokeswoman for Bharara. Both Misaghis were charged in a separate criminal complaint with being involved in inflating appraisals.
http://www.newsday.com/long-island/n...sEnabled=false
  #7  
Old 10-16-2009, 09:25 AM
LACKLAND27's Avatar
LACKLAND27 LACKLAND27 is offline
 
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Default

I just wish the guy in cuffs was AA Cuomo
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  #8  
Old 10-16-2009, 12:17 PM
Lost Cause Lost Cause is offline
 
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Default Will The Real Quentin Tucker Please Stand Up?

Quote:
Originally Posted by Claude From NY View Post
So the updated Snoozeday article claims that the appraiser is Quentin Tucker of Brooklyn. The national registry doesn't have a Quentin Tucker listed as certified in any state.

OK, here's a website with Quentin Tucker's information: http://www.abcrealestateservices.net...aspx?ID=482332
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My current state certification is my background check.

Last edited by Lost Cause : 10-16-2009 at 12:21 PM. Reason: Located Information
  #9  
Old 10-16-2009, 12:43 PM
Claude From NY Claude From NY is offline
 
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Location: NYC - Long Island
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Default

Tucker was/is probably a trainee for the cert. of that firm. There's only one licensee at that address.
  #10  
Old 10-16-2009, 11:04 PM
LI-Appr LI-Appr is offline
 
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Default

I couldn't find a lic in the name of Misaghi. Did anyone else?
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