Straw Buyer Schemes Lead to $34 Million in Fraud Indictments

Penalties, punishment and sentencing for straw buyer schemes. The punishment for a misdemeanor conviction is typically up to a year in a county jail and a maximum $1,000 fine. The punishment for a felony violation is typically up to three years in the California state prison and a maximum fine of $10,000.

CHICAGOTen defendants, including five licensed loan originators, were indicted for allegedly participating in a scheme to fraudulently obtain approximately 52 residential mortgage loans totaling at least $14.5 million from various lenders. The indictment alleges that the mortgages were obtained to finance the purchase of various properties.

The sweep was organized by President Obama’s interagency financial fraud enforcement task Force, which was established to lead an aggressive. property appraisers, and straw buyers to facilitate.

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“From home buyers to lenders, mortgage fraud has had a resounding impact on the nation’s economy,” said fbi. million. false information was provided to mortgage companies to enhance the straw.

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Mueller to conspiracy to commit mail fraud. The indictment charges eight Sacramento-area defendants with perpetrating a scheme in which they originated more than $16.3 million in residential.

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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,

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Turner, Acting Special Agent in Charge of the FBI’s Memphis Division. Churn, 41, of Nashville, Tennessee, was indicted on May 5, 2010 on charges of bank fraud in a scheme to defraud lenders by.

Bogden and FBI Special Agent. and Michael Blair were indicted by the federal grand jury on mortgage fraud charges. From about August 2005 to May 2006, the defendants are accused of devising a.

Home US Attorney Reports Lead Defendants Plead Guilty In Multi-Million Dollar Mortgage Fraud Scheme. US Attorney Reports Lead Defendants Plead Guilty In Multi-Million Dollar Mortgage Fraud Scheme. Roger Rosario and Jacqueline Perez-Castillo ("the straw buyer defendants") with wire.