Wednesday, February 17, 2010 at 9:04AM Midland (TX) Police Department’s White Collar Division is in the final stages of an investigation involving several citizens who were defrauded by people who purchased residences from them under false pretences. Victims found out that the business was not making payments on mortgages as was their original agreement, placing them further into debt - a type of real estate fraud.
Tuesday, February 16, 2010 at 5:03PM According to the indictment, between November 2005 and December 2008, Jeremy Beadle purchased properties and resold them at higher prices based on fraudulent and inflated appraisals to individuals who were qualified for mortgages based on false loan applications. Rebecca Domecillo employed family members at Premier Mortgage Funding and also used family members, including her mother and daughter, as straw parties in real estate transactions she arranged.
Tuesday, February 16, 2010 at 11:12AM Rand and Ellani Berger operated All Credit Finance, which was a mortgage broker company that assisted borrowers obtain financing collateralized by real estate. The couple participated in a conspiracy in which they and other members of the conspiracy submitted fraudulent loan applications on behalf of borrowers that overstated their financial condition, and a series of fraudulent documents that supported those misrepresentations.
Friday, February 12, 2010 at 1:45PM Michael Ohayon and David Papera are accused of recruiting 13 straw buyers who used their good credit scores to obtain more than $19.6 million in fraudulent residential mortgage loans from Washington Mutual Bank, with no intention of making either down payments or mortgage payments on the properties. They allegedly told the straw buyers that an entity controlled by Ohayon and Papera would use the loan proceeds to make the down payments and mortgage payments.
Thursday, February 11, 2010 at 9:58PM Gaile Cates and Ayo Dineji Olaniyan admitted that they solicited and induced home buyers by promising to pay down payments, closing costs and provide cash back to the buyers after closing. In order to get the mortgage lenders to loan funds, the defendants conspired to submit false loan applications, falsely reported the existence and source of down payments and closing costs, and inflated the purchase prices of the homes.
Wednesday, February 10, 2010 at 5:20PM Eric W. Eliason is charged with crimes that occurred in connection with his business, Deaf and Hard of Hearing Mortgage Consultants. Complaints allege that the defendant took up-front money to assist hard of hearing victims in completing a loan modification of their home mortgage and that numerous representations were made to the homeowners that the modification was in process, and then that the modification was denied.
Tuesday, February 9, 2010 at 3:12PM Jason Eric Fischer admitted that he orchestrated a scheme to divert funds from the escrow account at Real Source Title, a company he jointly owned and managed. The funds should have been held for the sole purpose of closing residential real estate transactions. In truth, however, Fischer regularly withdrew escrow-account money to pay for personal and business expenses as well as fund prior company real estate transactions.
Tuesday, February 9, 2010 at 3:03PM Dawn Quiroga began soliciting investors for a business she called Buyers Solutions Marketing, LLC (BSM). She told investors that BSM was a down-payment-assistance program providing short-term, high interest loans for people to use as down payments and that their investments would fund the down payments in return for returns once the loans were repaid. She knew early on that the scheme would fail and failed to tell the investors while at the same time soliciting more funds.