Archive for Fraud

Mar
31

Player in Big SC Mortgage Fraud is Sentenced

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go to jailOne of the perpetrators in an elaborate coastal mortgage fraud that grew out the pre-recession real estate boom was sentenced to 30 months in federal prison Wednesday.

Steven F. Weiss, 67, also was ordered to pay restitution of nearly $5 million based on the losses tied to his involvement in the Summerville-based scheme.

Weiss, a former loan officer at a Trolley Road mortgage firm, had sought a punishment without prison time, according to a document filed with U.S. District Court in Charleston.

He was facing five years behind bars.

Judge Richard Gergel said he cut the prison term in half based on Weiss’ age, his failing health, his lack of a prior criminal record and his cooperation with prosecutors. He also said he balanced those factors against the “elaborate and methodical” nature of the crime.

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Categories : Charleston
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Jul
16

NC Mortgage Fraud Ring Busted

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This week in North Carolina a gang of rogue real estate thugs was busted for mortgage fraud by several federal agencies working as part of the nationwide Mortgage Fraud Task Force. This highly organized group of licensed white collar cons consisted of a network of attorneys, mortgage brokers, real estate professionals, and developers who preyed on countless victims. Many of them who are now left in financial ruins.

The list of names and companies who were indicted is huge. I have them listed them below.

The Mortgage Fraud Task Force has several agencies such as the FBI, IRS, FDIC and HUD who were together in combating mortgage fraud. John Strong, Special Agent in Charge of the Charlotte Division of the FBI had said this in a press release, “Mortgage fraud impacts families and devastates neighborhoods. The FBI is committed to protecting our nation’s economy by aggressively investigating those who attempt to undermine the financial stability of our housing market.”

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Categories : North Carolina News
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Dec
19

Spartanburg – High Risk for Mortgage Fraud

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Interthinx, a leading provider of comprehensive risk mitigation solutions for the financial services industry, has released its quarterly Mortgage Fraud Risk Report covering data collected in the third quarter of 2012.

According to the most recent analysis, overall risk nationwide has decreased by nearly 8 percent to the lowest value observed in the past two years. However, significantly increased levels of fraud risk in Florida pushed it past Nevada and into the top spot for overall fraud risk. Florida also appears on three of the four type-specific top 10 riskiest lists this quarter. Of particular concern is the finding that in Florida, investment purchases have more than three times the level of employment/income fraud risk than purchases for primary residences.

Spartanburg County was identified in the report as being a “high risk” area for mortgage fraud.

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Oct
01

Spartanburg 3rd Highest in Occupancy Fraud Risk

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Occupancy Fraud is perpetrated by investors who falsely claim the intent to occupy a purchased property in order to obtain a mortgage with a lower down payment and/or interest rate. The table below illustrates the 10 MSAs with the highest Occupancy Fraud Risk according to a new report from Interthinx.

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