Straw Buyer Schemes Lead to $34 Million in Fraud Indictments

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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.

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NJ – A real estate investor who owns the land upon which the city’s new DPW garage is being built has pleaded not guilty to federal criminal charges of using straw buyers to purchase residential.

Eight people were indicted for their roles in a $40 million mortgage fraud conspiracy involving dozens of properties along Florida’s Gulf Coast, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio, and Stephen D. Anthony, Special Agent in Charge of the FBI’s Cleveland office.

Brannan admitted his role in a bank fraud scheme in which he allegedly sold 10 beach houses along the Texas Gulf Coast to straw buyers at double or triple their appraised value, and then paid $2.4.

10 Responses to "Mortgage Fraud Through the Straw Person Scheme" It frightens me to read about just how many ways there are to be defrauded in a real estate transaction. Buying or selling real property is probably the most technical, legal transaction that most ordinary people (read: non-lawyers) will ever partake in.

The straw buyers included, Dimiceli, Woods, Svetlana Dubinsky, 48, Serge Doubinski, 29, Zinayda Chekayda, 49, and Kory Schmidli, 34. Horwood said if the suspects are convicted, they could face up to 30 years in prison and a $1 million fine.

Florida developer Domenic Rabuffo was sentenced Tuesday to more than 27 years in federal prison for a North Carolina mortgage fraud scheme that bilked four major banks out of more than $50 million.

But the state continued to lead the nation. loan" mortgage scheme in which conspirators recruited more than 108 straw buyers and obtained some 500 mortgages totaling more than $100 million. In.

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Is Exporting Luxury Automobiles a Crime? Texas Criminal Defense Attorney Straw Buyers of Condos Targeted for $8.8 Million Mortgage Fraud by U.S. Attorney – 5 Comments Politician Not on 05/03/2012 at 1:45 pm said: "Ahmed and Higueros allegedly referred the straw buyers to licensed loan officers, including co-defendants Razzak Khader, 33, of Morton Grove, and Theodore Cardenas, 42, of Westmont, to arrange for the.