Seven defendants indicted in $49.6M mortgage fraud scam

mortgage fraud charges against 41 defendants have been unsealed by Preet Bharara, a U.S. attorney for the Southern District of New York. The charges are in relation to eight separate cases, and the various fraud scams collectively defrauded lenders out of more than $64 million in mortgages on more than 100 properties across New York state.

Mortgage masters group surging bond yields to pinch home owners, retirees – FAN taper.Seven defendants indicted in $49.6M mortgage fraud scam A federal indictment unsealed Friday charged seven people with running a multistate Ponzi scheme and related mortgage fraud scams that prosecutors said cost investors and lenders a combined .. cutting.

The Justice Department yesterday charged two Boston lawyers, seven mortgage brokers, and two others with fraudulently obtaining more than $10.6 million in loans using straw buyers or stolen identities to purchase 21 properties in the Boston area. Federal officials said it is the biggest mortgage fraud in Massachusetts since the 1980s.

This Act has highlighted the fines and prison sentences relating to mortgage fraud. fera is a federal legislation, and most states also have their own laws in place. Fraud for Profit: A situation where a real estate professional (appraiser, mortgage broker, etc.) commits fraud in order to extract money from a property or transaction.

Seven Defendants Indicted in .6 million mortgage fraud scheme involving North Carolina Property Development U.S. Attorney’s Office January 10, 2014 Southern District of Florida (313) 226-9100

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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.

Seven Indicted in Mortgage Fraud Conspiracy. Mahendra Prasad, 53, was arrested this morning at his home in Fremont. The remaining defendants each received a summons to appear for arraignment: Phul Singh, 79; and Sunita Singh, 60, both of Modesto, Nani Isaac, 69, of Ceres, and Martin Bahrami, 42, of Turlock.

All seven defendants were charged with one or more counts of mail fraud and/or wire fraud in a 12-count indictment that was returned by a federal grand jury. The indictment also seeks forfeiture of at least $8.5 million.

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