Straw Buyer Schemes Lead to $34 Million in Fraud Indictments

10 Responses to "Mortgage Fraud Through the Straw Person Scheme" It frightens me to read about just how many ways there are to be defrauded in a real estate transaction. Buying or selling real property is probably the most technical, legal transaction that most ordinary people (read: non-lawyers) will ever partake in.

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Brannan admitted his role in a bank fraud scheme in which he allegedly sold 10 beach houses along the Texas Gulf Coast to straw buyers at double or triple their appraised value, and then paid $2.4.

8 Indicted for running alleged straw buyer Scheme Allison Tussey – January 6, 2014 – 1 Comment Eight people were indicted for their roles in a $40 million mortgage fraud conspiracy involving dozens of properties along Florida’s Gulf Coast.

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Straw Buyer Schemes Lead to $34 Million in Fraud Indictments. In the Idaho case, the accused include two building contractors, a mortgage broker and a realtor, all from the Boise, Idaho area; the group attempted to buy and flip 49 different properties, Reuters reported Thursday . In New York, eleven defendants include brokers,

A federal grand jury has indicted five defendants, including the Millennium Outpatient Surgery Center in Santa Ana, California in relation to a $34 million scheme to defraud health insurers by.

Investigation peers into foreclosure problem depths it bolsters our argument that we need to get to a public inquiry to have an independent investigation into what is going on." In quitting, Butts insisted nobody in the PMO pressured Wilson-Raybould to. The National Association of Realtors (NAR) reported that its Pending Home Sales Index (PHSI) was up reached 105.4 in May, up 1.1 percent.

United States Attorney Dennis K. Burke recently joined members of the Arizona Financial Fraud Task Force to announce multiple indictments charging 38 people-among them loan officers, escrow officers, real estate appraisers and agents, and straw buyers-in various mortgage fraud schemes, including "cash back" and loan origination scams.

The goal of a straw buyer scheme is usually to improperly obtain funds from a mortgage lender using misrepresentation in loan applications. Because a financial institution is being defrauded, a straw buyers mortgage scheme can lead to federal bank fraud charges among other criminal penalties.

Three Ohio residents pled guilty this week to conspiracy to commit bank fraud with real estate loans during the course of a straw-buyer scam running from 2005 through 2007. According to the.