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Home | Tag Archives: Fraud

Tag Archives: Fraud

Valuation Fraud Risk Jumps in First Quarter

fraud-scam

Risk of fraud in property valuations spiked in the first quarter, according to a report released Wednesday by risk analytics firm Interthinx. Analysts for Interthinx attribute the increase in valuation fraud risk to a rise in buyers purchasing and listing multiple properties in the same neighborhood.

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Investment Fraud Scheme Nets 27 Months in Prison

Marvin Solis of Richmond, California was sentenced to 27 months in federal prison and ordered to pay restitution for an investment fraud scheme perpetuated against family members. According to the Office of the Inspector General for the Troubled Asset Relief Program (SIGTARP), Solis pled guilty to two counts of wire fraud as a result of the scheme.

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Florida Man Charged in $76 Million Fraud Scheme

Leonard Potillo of Longwood, Florida has been charged in a 33-count indictment for wire fraud, bribing a bank official, and unlawful monetary transactions. Potillo is charged with operating an alleged $76 million fraud scheme involving the purchase and sale of delinquent debt portfolios from banks, according to the Office of the Special Inspector General for the Trouble Asset Relief Program (SIGARP).

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Missouri Man Sentenced to 4 Years for Defrauding TARP Bank

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced the latest victory in its ongoing effort to protect taxpayers by combating fraud, waste, and abuse connected with the U.S. Department of the Treasury's Troubled Asset Relief Program (TARP). Michael Edward Filmore of Chesterfield, Missouri was sentenced to four years in federal prison and ordered to pay $6.5 million in restitution for defrauding Pulaski Bank.

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California Man Sentenced to 51 Months for Fraud

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that Steven Pitchersky of Rancho Mirage, California was sentenced to 51 months in federal prison for a scheme to defraud GMAC Inc., since rebranded as Ally. Through his fraudulent actions, the company incurred losses of approximately $5.3 million.

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Maryland Man Sentenced for Defrauding Homeowners

As a part of ongoing legal proceedings, the office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that Brian Kelly was sentenced to one year and a day in federal prison for his participation in a $4 million nationwide home loan modification scheme.

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Florida Stock Promoter Charged with Defrauding Investors

The Securites and Exchange Commission (SEC) filed fraud charges against a former Florida-based stock promoter, Robert J. Vitale, who is currently serving a two-year prison term for lying to SEC investigators. The SEC's complaint alleges Vitale defrauded investors in a Florida real estate venture, sold unregistered securities, and acted as an unregistered broker-dealer.

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Former Bank CEO Charged with Bank Fraud, Conspiracy, and Perjury

paying-money

Poppi Metaxas, former president and CEO of Gateway Bank of Oakland, California, was charged with bank fraud, bank fraud conspiracy, and perjury in relation to a sham "round trip" transaction. The scheme, initiated by Metaxas, caused Gateway to execute a false transaction in which the bank self-funded a down payment to make it appear that Gateway had sold toxic, non-performing mortgage loans.

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