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Tag Archives: Fraud

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


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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New York Man Gets 9 Years for Mortgage Modification Scam

Isaak Khafizov, a former owner of American Home Recovery (AHR), a mortgage loan modification business in New York, was sentenced in Manhattan federal court to nine years in federal prison in connection with a mortgage modification scam that defrauded hundreds of homeowners and lenders.

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SIGTARP Charges Wisconsin Man with Wire Fraud

Christy Romero, Special Inspector General for the Trouble Asset Relief Program (SIGTARP), announced Tuesday in a press release that David Weimert, of Madison, Wisconsin, has been charged with six counts of wire fraud involving a real estate development transaction.

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Florida Men Sentenced for Defrauding Millions from Homeowners

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that two Florida men accused of defrauding homeowners have been sentenced to 84 months in federal prison. Christopher Godfrey and Dennis Fischer were sentenced to 7 years in prison Thursday, as well as a subsequent three years of supervised release, for initiating a scheme to defraud homeowners by charging fees for applications that are provided by the government for free.

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Florida Man Gets Six Years’ Jail Time for Defrauding TARP Recipients

A 46-year-old Florida builder convicted of bank fraud, money laundering, and identity theft tied to three different banks and Troubled Asset Relief Program (TARP) funds was sentenced on January 16 to six years in federal prison and ordered to pay back more than $3.7 million. Lawrence Allen Wright, of Niceville, pleaded guilty to seven charges, among them, conspiracy to commit money laundering and making a false statement to a federally insured financial institution.

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ProLender and QuestSoft Extend Automated Compliance Capabilities

ProLender Solutions, Inc., a provider of paperless mortgage lending software, announced it has added flood, fraud, and Nationwide Mortgage Licensing System (NMLS) services to its existing interface with QuestSoft's Compliance EAGLE platform. With the expanded services, ProLender users have a simpler method to verify flood certifications, fraud compliance, and NMLS license information prior to closings.

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U.S. Bank Executive Pleads Guilty to Bribery

A former U.S. Bank executive plead guilty to receiving bribes from Oxford Collection Agency over the course of several years in exchange for business, according to the Office of the Special Inspector General for the Troubled Asset Relief Program. Wilbur Tate III served as the assistant VP at U.S. Bank from January 2004 through February 2011. He allegedly accepted bribes from Oxford starting in 2008--bribes which began as expensive cigars and escalated to cash payments disguised in cigar boxes.

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Federal Court in North Carolina Dismisses ‘Fraud by Use of MERS’ Case

Merscorp Holdings, Inc. announced Thursday that the U.S. District Court for the Eastern District of North Carolina ruled in favor of Mortgage Electronic Registration Systems, Inc. (MERS), JPMorgan Chase, and other MERS members in a recent case in which the plaintiff claimed the hidden purpose of MERS was to defraud borrowers and court clerks by hiding the true owners of secured interests in property.

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SEC Says RBS Securities Misled Investors in Subprime Deal

The Securities and Exchange Commission (SEC) on Thursday charged RBS Securities Inc., the wholesale banking subsidiary of the Royal Bank of Scotland, with misleading investors in a 2007 subprime residential mortgage-backed security (RMBS) offering. RBS agreed to settle the matter and pay more than $150 million, which the SEC will use to compensate investors for harm suffered as a result of the RBS deal.

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