Fraud News Archives 2003
Investors Duped With Mortgages in Las Vegas Case
The SEC has cracked down on what they describe as a $48 million real estate Ponzi scheme operating out of Nevada — with Global Express Securities, Connie Farris, and Dawn Reese named as defendents.
Lenders Settle With HUD for Aiding in Fraud Scheme
Litchfield Financial and Developer Finance, which lent money to developers accused of running a sham land scheme, have reached settlements with the federal government that could save borrowers as much as $38 million.
Developers Duped in NYC Scheme
Avram “Avi” Lebor, president of MKD Capital, has plead guilty in a scheme to defraud developers seeking to obtain financing for development projects.
Feud Among Fraudsters Leads to Murder
Samer Fawaz and Bashir Farraj are accused of murdering Raed Al-Farrah in a case that has led to the breakup of an alleged Detroit-area mortgage scam that has been under investigation by federal authorities.
Yacht Sold in Case Where Ginnie Suffered Single Biggest Loss
James Edward McLean Jr, wife & another couple convicted in $30 million fraudulent North Carolina mortgage scheme.
Oregon Warns of Canadian Mortgage Scam
Homeowners are subject to a new phone scam involving New Life Financial Credit Union of Canada, which offers to refinance properties at low interest rates, Oregon state officials recently warned.
Mother, 2 Sons Plead Guilty to $2.2 Million Mortgage Scam
Brenda Beckwith and sons Jamichael and Jabbar Watts pled guilty to federal charges of fraudulently selling 20 homes in a $2.2 million mortgage scam.
Elian Gonzalez Relatives’ Home Among Properties Financed in Mortgage Broker Fraud Scheme
The Miami house purchased by relatives of Elian Gonzalez after the boy was snatched in a daring and infamous raid by federal agents is caught up in an alleged south Florida mortgage fraud ring, where mortgage broker Jacqueline Nunes is accused in a case that allegedly netted defendants $800k.
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