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Entries in Maryland (95)

Thursday, February 4, 2010 at 9:43 AM
9:43AM

Owner of Annapolis title company indicted in investment fraud case

DateThursday, February 4, 2010 at 9:43AM

David Wehrs owned Maryland Title and Escrow Company, Inc in Annapolis, and operated a small home remodeling company called Show-Me. He is alleged to have induced individuals to invest money through Maryland Title into a purported FDIC-insured money market fund that he guaranteed would pay monthly interest payments of 10.85%. Instead of depositing the money into an American Funds Fixed Rate Money Market as promised, he allegedly deposited investor funds into one of two bank accounts he controlled in the name of his title company.

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Print ArticlePrint Article | | | | AuthorThe Editor - Ian Shuter - ACFE, DMS
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Monday, February 1, 2010 at 4:51 PM
4:51PM

Bethesda woman pleads guilty in large scale flipping and tax evasion scheme

DateMonday, February 1, 2010 at 4:51PM

Minh-Vu Hoang, her husband and other family members purchased property at foreclosure auctions beginning in 1999, and resold some of the properties at a profit. Hoang and others deposited and withdrew money from an escrow account for the purchase and sale of properties, and transferred money from the escrow account to business entities they controlled in order to conceal Hoang’s financial interests in the properties. From 2000 to 2005, Hoang and others purchased and sold hundreds of foreclosure properties using the names of their agents or business entities to conceal their involvement in the purchase and sale of the properties, and thereby avoid taxes.

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Print ArticlePrint Article | | | | AuthorThe Editor - Ian Shuter - ACFE, DMS
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Friday, January 29, 2010 at 10:16 AM
10:16AM

Unlicensed Maryland mortgage broker sentenced in felony theft case

DateFriday, January 29, 2010 at 10:16AM

David Young Park, 43, the former president of Capital City Financial Group in Ellicott City, was sentenced Park to five years in jail with all but 18 months suspended and ordered to make restitution to the victim in the amount of $116,556. Park assisted the victim with the refinance of her home from which she intended to use the more than $100,000 in equity to purchase a commercial condo for her business. Park obtained the victim’s proceeds from the title company and used them for himself

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Print ArticlePrint Article | | | | AuthorThe Editor - Ian Shuter - ACFE, DMS
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Monday, December 28, 2009 at 11:30 AM
11:30AM

Two indicted in Maryland straw buyer fraud scheme allegations

DateMonday, December 28, 2009 at 11:30AM

A federal grand jury has indicted Dema Daiga, age 28, of College Park, Maryland and Oluseun Oshosanya, age 29, of Laurel, Maryland, for wire fraud and aggravated identity theft arising from a scheme to defraud a mortgage lending company of approximately $664,493, announced United States Attorney for the District of Maryland Rod J. Rosenstein.  The indictment was returned on December 2, 2009 and unsealed on December 23, 2009 upon the arrests of the defendants.  Daiga is scheduled to have his detention hearing today at 11:30 a.m. and Oshosanya is scheduled to have his initial appearance today at 2:30 p.m.

According to the 12 count indictment, Daiga worked at times as a mortgage loan broker and had assisted with property appraisals.  Oshosanya also worked in the mortgage lending field.  From August to December 16, 2008, the defendants allegedly recruited straw purchasers to apply for mortgages.  These straw purchasers lacked the income and assets to qualify as borrowers or make the monthly mortgage payments.  The defendants allegedly: filled out mortgage loan applications on behalf of the straw purchasers with false information about the straw purchasers’ employment histories, earnings and assets; provided telephone numbers that were under their control to any person calling to confirm the false information regarding the straw purchaser’s employment and earnings; generated fake monthly bank account statements to make it appear that the straw purchasers had sufficient assets to make the down payments, when instead, the defendants paid the down payments; on at least two occasions, used stolen information about another person’s identity to apply for mortgage loans; caused appraisals to be performed that inflated the property values; and instructed the title companies to send a substantial part of the loan proceeds to the defendants, or to businesses that they controlled.

Five of six Baltimore properties purchased under this scheme swiftly went into default, resulting in a loss to a Beltsville mortgage lending company of approximately $664,493.

Both defendants face a maximum sentence of 20 years in prison and a $250,000 fine for wire fraud; and a mandatory minimum sentence of two years in prison for aggravated identity theft in addition to any sentence imposed for the wire fraud.


An indictment is not a finding of guilt.  An individual charged by indictment is presumed innocent unless and until proven guilty at some later criminal proceedings. 

United States Attorney Rod J. Rosenstein thanked the Federal Bureau of Investigation and the U.S. Secret Service for their investigative work.  Mr. Rosenstein commended Assistant United States Attorney Jefferson M. Gray, who is prosecuting the case.

Print ArticlePrint Article | | | | AuthorThe Editor - Ian Shuter - ACFE, DMS
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Thursday, December 10, 2009 at 2:22 PM
2:22PM

Maryland Mortgage Fraud Task Force holds press conference - updates

DateThursday, December 10, 2009 at 2:22PM

Maryland Mortgage Fraud Task Force members highlighted their progress and plans in a press conference today, [Press Release] including the filing of criminal, civil, and regulatory actions against more than 250 individuals and companies in 2009.

U.S. Attorney Rod J. Rosenstein said, “The Mortgage Fraud Task Force, established in 2009, aims to punish past offenders and deter future violations. Local, state and federal regulatory and investigative agencies are working together to identify mortgage fraud schemes and pursue the various enforcement tools available to our partner agencies. More than 50 individuals and businesses have been charged with criminal mortgage fraud offenses in federal and state courts this year, and many of them have been convicted and sent to prison. Partner agencies also have filed civil and administrative actions to shut down unlawful schemes. With the additional resources now devoted to mortgage fraud, we expect even more cases to be prosecuted in 2010. Our priorities include pursuing mortgage brokers, lawyers, accountants, appraisers and other professionals who generate fraudulent loans as well as con artists who market fraudulent ‘foreclosure rescue’ and ‘loan modification’ services.”

“The FBI is committed to collaboration with our Mortgage Fraud Task Force partners in order to detect, investigate, and prosecute criminals who perpetrate mortgage fraud in Maryland,” said FBI Special Agent in Charge Richard A. McFeely.

“I am pleased that the Federal Deposit Insurance Corporation (FDIC) Office of Inspector General can play a role in helping to ensure the integrity of the financial services and housing industries. To this end, we have joined our law enforcement and Inspector General community colleagues to participate in the Maryland Mortgage Fraud Task Force,” said Jon T. Rymer, Inspector General, Federal Deposit Insurance Corporation. “In doing so, we leverage the resources needed to successfully combat mortgage fraud and rid the industry of those seeking to undermine the soundness of financial institutions and stability of our nation’s housing market. I congratulate the task force on today’s announcement, which demonstrates the government’s unflagging efforts to see that justice is served.”

Please note that for ease of indexing and reading search results the Recently Filed Cases which make up the rest of this announcement have been given their own entries -  click the link to read them or browse the Journal entries just prior to this one.

Print ArticlePrint Article | | | | AuthorThe Editor - Ian Shuter - ACFE, DMS
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2:19PM

Maryland title company owner indicted - accused of diverting mortgage proceeds

DateThursday, December 10, 2009 at 2:19PM

A federal grand jury has indicted Daniel E. Fink Jr., age 43, of Baltimore, for wire fraud and money laundering. Fink owned and operated Homemaxx Title & Escrow LLC (Homemaxx), a title company that conducted residential real estate closings with offices in Middle River and Parkville, Maryland. From February 2003 to July 2004, Fink is alleged to have caused Homemaxx to fail to pay outstanding first mortgages on real estate transactions or to record deeds in the real estate records of local and state governments.

[Press Release]

Fink allegedly transferred substantial amounts of money from a Homemaxx escrow account into other Homemaxx accounts, as well as to accounts not associated with Homemaxx, and used the money intended to be disbursed pursuant to a HUD-1 for personal expenditures unrelated to real estate transactions. In connection with a particular real estate refinancing transaction by one of his customers, Fink diverted funds from the escrow account and then used the proceeds of his fraud scheme to purchase a new 2004 CLK Mercedes. As a result of this scheme, Fink is alleged to have defrauded lenders and homeowners of more than $500,000. The indictment seeks the forfeiture of this amount.

Fink faces a maximum sentence of 20 years in prison and a $250,000 fine for each of the three counts of wire fraud and 10 years in prison and a $1 million fine for money laundering. Fink is a fugitive.

An indictment is not a finding of guilt. An individual charged by indictment is presumed innocent unless and until proven guilty at some later criminal proceedings.

Print ArticlePrint Article | | | | AuthorThe Editor - Ian Shuter - ACFE, DMS
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2:15PM

Two loan officers indicted in Maryland mortgage fraud allegations

DateThursday, December 10, 2009 at 2:15PM

After an investigation conducted by the U.S. Department of Housing and Urban Development - Office of Inspector General, the Federal Bureau of Investigation and the Maryland Department of Labor, Licensing and Regulation - Division of Financial Regulation, a federal indictment was returned on December 8, 2009 against two loan officers employed at a mortgage brokerage in Annapolis, Maryland.

[Press Release]

From April 2006 to February 2009, James William Fox II, age 39, of Crofton, Maryland, and James Hooper Dan age 45, of Annapolis, Maryland are alleged to have identified potential victims who were unable to make the mortgage loan payments on their homes. Instead of “rescuing”the victims from foreclosure as promised, the defendants allegedly obtained new mortgage loans in their own names or in the names of “straw purchasers” at even higher monthly mortgage payments than the victims had originally been paying, stripped the properties of equity, falsified information on loan applications and failed to make the mortgage payments on behalf of the victim sellers as promised.

The properties were located in Waldorf, Capitol Heights, Baltimore, Silver Spring, Pasadena and Hagerstown, Maryland, as well as Glen Rock, Pennsylvania and Chesterfield, Virginia. As a result of the fraud scheme, Fox and Dan allegedly caused lenders to lose over $1.7 million in fraudulently obtained mortgage loans and caused the individual victims to lose over $650,000 in equity in their homes. The indictment seeks the forfeiture of the total loss of $2,350,000.

Dan and Fox face a maximum sentence of 20 years in prison for conspiracy to commit wire fraud and 20 years in prison for wire fraud.

Print ArticlePrint Article | | | | AuthorThe Editor - Ian Shuter - ACFE, DMS
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2:10PM

Baltimore mortgage broker charged with theft of proceeds from refinance

DateThursday, December 10, 2009 at 2:10PM

On December 8, 2009, the Maryland Attorney General’s Office charged David Young Park, age 43, the former President of Capital City Financial Group in Ellicott City, with theft in Baltimore County Circuit Court. In June of 2007, Park was allegedly working as a mortgage broker and assisted the victim with the refinance of her home. The victim intended to use the more than $100,000 in equity to purchase a commercial condo for her business. Following settlement, Park allegedly obtained the victim’s proceeds from the title company without the victim’s knowledge, deposited them into his escrow account and spent the money on various personal and business expenses over the course of two weeks.

Felony theft is punishable in Maryland by a maximum sentence of 15 years incarceration and a $25,000 fine. Originally referred by the Maryland Department of Labor, Licensing and Regulation - Division of Financial Regulation, the investigation was conducted by the Attorney General’s Criminal Division and the Maryland State Police. A criminal charge is merely an accusation of wrongdoing and the defendant is presumed innocent unless the State proves his guilt beyond a reasonable doubt.

The information was released in the attached press release

Print ArticlePrint Article | | | | AuthorThe Editor - Ian Shuter - ACFE, DMS
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The information reproduced here has been obtained from various public sources and has been compiled as a service to those interested in the area of mortgage fraud. The accuracy of the information has not been independently verified and as a result, no negative inferences about individuals referenced in the information or their involvement in any scheme to participate in mortgage fraud should be concluded as a result.