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Tag Archives: Fraud

Manhattan Real Estate Attorney Gets 51 Months in Prison

A Manhattan real estate attorney was sentenced to 51 months in prison for his role in a $9 million mortgage fraud scheme, Manhattan U.S. Attorney Preet Bharara announced Friday. U.S. District Judge Naomi R. Buchwald sentenced Eric Finger, 47, of Mineola, New York, in Manhattan federal court. Through Finger's scheme, he and his co-conspirators fraudulently obtained more than $9 million in mortgage loans to purchase dozens of residential properties throughout New York City and Long Island, with most of the loans going into default, according to a release.

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FTC Files Separate Suits Against Three Mortgage Relief Companies

Three mortgage relief companies are in hot water after the Federal Trade Commission (FTC) charged them with using deceptive tactics to prey on distressed homeowners. The FTC filed three separate suits against Prime Legal Plans, American Mortgage Consulting Group, and Expense Management America for allegedly violating its Mortgage Assistance Relief Services (MARS) Rule, which prohibits certain practices commonly used by fraudulent mortgage assistance companies.

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Countrywide Counters MBIA Fraud Claims

The long-running legal proceedings between MBIA Insurance Corporation and Countrywide Home Loans (acquired in 2008 by Bank of America) turned into a blame game Friday as the companies battled over liability for insurance losses on bad loans.

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Reports of Foreclosure Rescue Scams on the Rise: FinCEN

In the second quarter of this year, filers submitted 17,476 Mortgage Loan Fraud Suspicious Activity Reports (MLF SARs), marking a 41 percent yearly decrease, according to a report from Financial Crimes Enforcement Network (FinCEN). Even though reports of MLF activity made a steep drop and continue to fall year-over-year, reports of foreclosure rescue scams have been increasing. If foreclosures rescue SARs continue at the current pace into the remainder of 2012, the yearly total for foreclosure rescue reports will be significantly higher than 2011.

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Officials Recap Year-Long Effort of Distressed Homeowner Initiative

Federal officials jointly announced Tuesday the results of the Distressed Homeowner Initiative, which is the first nationwide effort focusing on fraud schemes that target struggling homeowners. Led by members of the Mortgage Fraud Working Group of the Financial Fraud Enforcement Task Force, the initiative spanned from October 1, 2011, to September 30, 2012. Federal officials revealed the efforts have led to 530 criminal defendants charged in 285 federal criminal indictments or informations filed throughout the U.S.

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Three Arrested for Bank Fraud Related to Park Avenue Failure

Three men were arrested Monday for bank fraud connected to the fall of New York's Park Avenue Bank in 2010, the Office of the Special Inspector General for the Trouble Asset Relief Program announced. Wilbur Anthony Huff, Matthew L. Morris, and Allen Reichman were presented in federal court for their alleged roles in the collapse of the Manhattan bank.

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RMBS Working Group Sues JPMorgan for Securities Fraud

New York attorney general and co-chair of RMBS Working Group Eric T. Schneiderman announced a lawsuit against JPMorgan Chase Bank, JPMorgan Securities, LLC (formerly known as Bear Stearns & Co.), and EMC Mortgage LLC (formerly EMC Mortgage Corporation). Schneiderman's complaint alleges that Bear Stearns led investors to believe that the quality of loans in its mortgage-backed securities had been carefully evaluated and would be monitored. The complaint further alleges that as a result of Bear Stearns' and the other defendants' negligence, investors suffered cumulative losses of approximately $22.5 billion.

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California Man Faces Up to 30 Years for Foreclosure Scheme

A California man was placed under arrest Friday on a complaint charging him with mail fraud for running a multistate scam that bilked homeowners out of more than $3.1 million. Alan David Tikal of Brentwood, California, was arrested at his home for a complaint that he scammed more than 1,000 homeowners out of millions of dollars in a fraudulent foreclosure rescue scheme.

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