Straw Buyer Schemes Lead to $34 Million in Fraud Indictments

Straw Buyer Schemes Lead to $34 Million in Fraud Indictments

11 Indicted in Big Apple $14 Million Straw Buyer Scheme 24 Fraudulent Mortgages on Multiple Properties An indictment was unsealed this morning in federal court in Brooklyn, New York, charging eleven defendants for their participation in a scheme to defraud mortgage companies and banks of more than $14 million.

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Three Montgomery County residents were indicted this week for their alleged participation in a $7 million mortgage fraud scheme. Matthew John Schenck, 35, Mark Edward Windell, 32, and Anthony Malfitano, 68 – all from the Montgomery area – and Laura Sullivan Glass, 53, of Huntsville, are accused of conspiring to commit wire fraud with fraudulently obtained loans that "straw buyers" would.

A California woman will spend the next 14 years in prison after being convicted for her role in a mortgage fraud scheme that involved straw buyers and cost financial institutions over $16 million.

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Convictions for straw buyer fraud over the past three years are up nearly 200% compared to previous years. So if you are a real estate investor it is important to know what straw buyer fraud is. It is also important to understand the difference between straw buyer fraud and occupancy fraud.

United States Attorney Dennis K. Burke recently joined members of the Arizona Financial Fraud Task Force to announce multiple indictments charging 38 people-among them loan officers, escrow officers, real estate appraisers and agents, and straw buyers-in various mortgage fraud schemes, including "cash back" and loan origination scams.

If you’ve been accused of being involved in a "straw buyer" scheme, you came to the right place for help. As former police investigators and district attorneys, our california mortgage fraud defense attorneys 1 understand the laws, the criminal justice system, and how to get you vindicated.

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Surjit Singh recruited straw buyers with good credit, including Anita Sharma, to make the purchases, while Rajeshwar Singh, a real estate agent, submitted fraudulent loan applications. The obtained loans of over $9.3 million but lenders incurred substantial losses when the homes were either foreclosed on or were subject to short sales.

The FBI estimates that approximately $2.3 billion in losses were inflicted by the mortgage fraud schemes employed in these cases. 2007 for $710,000 then resold the same day to a straw buyer for $2.

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