Mortgage broker convicted in $20M mortgage fraud scheme

NewsCrime + Public Safety. O.C. man convicted in mortgage fraud scheme. A federal jury found Momoud Aref Abaji, 34, guilty of multiple felony counts of bank fraud, wire fraud and tax evasion in connection to a scheme that resulted in a string of foreclosures and an estimated $9 million in losses.

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1600 investors in Diamond Mortgage Company and A.J. Obie, two firms with the same managers, lost approximately $50 million in what the Michigan Court of Appeals described as "the largest reported ‘Ponzi’ scheme in the history of the state". It led to the passage in 1987 of the Mortgage Brokers, Lenders, and Servicers Act.

The mortgage industry is synonymous with fraud. I remember the first day I started work as an These familiar schemes involve an offer that is presented to the borrower early-on as a means to entice Mortgage fraud can also hurt banks and lenders if fraudulent brokers or borrowers, or both.

Mortgage Fraud. The financial crisis that began in 2007 and 2008, especially the subprime loan collapse, created an enormous Various deceptive and fraudulent practices by mortgage lenders, mortgage brokers, and others contributed to the crisis, and more fraudulent schemes emerged to.

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NEW YORK – U.S. authorities charged 41 people in a suspected mortgage fraud scheme that cheated lenders out of more than $64 million on New York It is especially alarming when lawyers, loan officers and mortgage brokers treat their professional licenses as license to loot banks and profit from other.

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 · Kirk Brannan, a 65-year-old resident of Lake Jackson, was sent to prison for defrauding wells fargo and other lenders in a $5 million mortgage fraud scheme. brannan is an attorney and real estate broker. His late father was the first Mayor of Surfside, a coastal village to the south of.

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The owner of a Delaware County mortgage company has been charged with defrauding. Barnard orchestrated a "massive fraud scheme" in order to have access to a large pool of money to fund that.