Seven defendants indicted in $49.6M mortgage fraud scam

Seven defendants indicted in $49.6M mortgage fraud scam

CHICAGO – Seven defendants, including a Streamwood man who co-owned a Chicago condominium building and two loan officers, were indicted for allegedly participating in a scheme to fraudulently obtain approximately 35 mortgage loans totaling more than $8.8 million from various lenders, federal law enforcement officials announced today.

Seven defendants have been charged with running an alleged mortgage fraud scheme which resulted in the approval of approximately $49.6 million in fraudulent loans, and millions in losses to the lenders, including Bank of America, Regions Bank, SunTrust Bank, and Wachovia Bank.

They were among 41 people charged with engaging in mortgage fraud scams that defrauded lenders out of more than $64 million in home mortgage loans. Of the 10 other defendants, one was expected to.

Seven Defendants Indicted In $49.6 million mortgage fraud Scheme involving north carolina property Development. According to the indictment, Domenico Rabuffo, Mae Rabuffo, Diane M. Hayduk, Raymond E. Olivier, and Curtis Allen Davis recruited numerous straw buyers to purchase lots in the Hampton Springs development.

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According to the indictment, the defendants conspired to perpetrate a complex $49.6 million mortgage fraud scheme against various FDIC-insured lenders from 2003 to 2008. Defendants Domenico Rabuffo and Mae Rabuffo used shell companies to acquire ownership and control of a purported residential property development known as Hampton Springs.

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KANSAS CITY, Mo. – (October 4, 2007) – John F. Wood, United States Attorney for the Western District of Missouri, announced today that six defendants from Kingsville, Mo., and the St. Joseph, Mo., area, have been indicted by a federal grand jury for using stolen identities in a fraud scheme that involved loans on several residential properties in St. Joseph totaling more than $184,000.

SACRAMENTO (AP) – A federal indictment unsealed Friday charged seven people with running a multistate Ponzi scheme and related mortgage fraud scams that prosecutors. Loomis and five other.

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Members of Lansing Mortgage Fraud Ring Sentenced. Members of cdc investments scam receive prison Time. U.S. Attorney’s Office March 28, 2013. GRAND RAPIDS, MI-Six of seven defendants indicted in connection with the CDC Investments mortgage fraud scheme were sentenced this week, announced U.S. Attorney Pat Miles today.

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All six defendants are charged with conspiracy to commit fraud and related crimes.. Seven charged in alleged Allentown-area mortgage scam. were charged in a mortgage fraud conspiracy case.

A New Hope mortgage broker was sentenced Thursday to five years in prison for a mortgage fraud scam. The defendants also recruited at least seven other people to act as straw owners in order to.

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