Mortgage News

Derek Davis, aka Terry McCullough, 62, Sacramento, California, entered a guilty plea before United States District Judge Edward J. Garcia to mail fraud and structuring currency transactions with a financial institution to evade Currency Transaction Reports (CTR) in connection with his role in a widespread mortgage fraud scheme involving the purchase of numerous real properties in Sacramento, El Dorado and Placer Counties, California. The losses caused by Davis’s conduct exceed $2,500,000. …

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Original post by default@goarticles.com (Sadhana Dhanyal)

Milton Retana, 43, Norwalk, California was indicted on December 12, 2008, on seven counts of mail fraud, one count of wire fraud, and one count of making a false statement to federal law enforcement agents. Retana owned and operated Best Diamond Funding, a real estate brokerage and mortgage lending company, was arrested on federal charges for allegedly running an investment fraud scheme that lured more than 2,000 victims into investing more than $62 …

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Original post by default@goarticles.com (Jimmy Chan)

Cheryl Hernandez Camus pleaded guilty to mail fraud and wire fraud in connection with a real estate investment scheme.

Camus, 36, Concord, California, was indicted by a federal Grand Jury on April 8, 2008. She was charged with five counts of wire fraud and two counts of mail fraud. Under the plea agreement, Camus pled guilty to all counts of the indictment.

In pleading guilty, Camus admitted to …

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Original post by default@goarticles.com (Daniel Collins)

Anthony Vargas, 34, was arrested by investigators from the San Bernardino County District Attorney’s Real Estate Fraud Unit at his office in Rancho Cucamonga, California. Vargas is a Real Estate Agent for Prudential California Realty and markets himself to the public as ”Anthony The Realtor.”

In February 2008, Vargas fraudulently acquired a property in Rancho Cucamonga that belonged to an elderly Rancho Cucamonga couple. Vargas completed a …

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Original post by default@goarticles.com (Arek Zbikowski)

Rafael Santiago and Angel Armendariz pled guilty in federal court in San Diego to conspiring to commit wire fraud. On November 13, 2008, co-defendants Abner Betech, Said Betech, and Aviva Betech pled guilty to conspiring to commit wire fraud as well. These five individuals entered their guilty pleas before United States District Judge Thomas J. Whelan.

According to court documents, Rafael Santiago, Abner Betech, Said Betech, …

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Original post by default@goarticles.com (Roy Primm)

Jose Serrano, 45, Stockton, California, was sentenced to 15 months in prison and ordered to pay more than $219,000 in restitution to Washington Mutual Bank in connection with his role in a mortgage fraud scheme involving the purchase of numerous residential properties in the Stockton, California area between 2003 and 2005.&nbsp

According to Assistant United States Attorney Matthew Stegman, who prosecuted the case, the investigation has also resulted in charges against …

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Original post by default@goarticles.com (Kate Ford)

The Securities and Exchange Commission charged five Los Angeles-area brokers, Guillermo Haro, Kederio Ainsworth, Jesus Gutierrez, Gabriel Paredes and Angel Romo, with securities fraud, alleging that they put their customers at risk by refinancing their homes with subprime mortgages that they could not afford in order to fraudulently sell them unsuitable securities. The SEC alleges that the five registered representatives, who worked for World Group Securities Inc., paid themselves high commissions …

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Original post by default@goarticles.com (Ernesto Maitim)

Derek Davis aka Terry McCullough, 62, Sacramento, California, and Dino Rosetti, 39, Roseville, California, with mail fraud and making false statements in loan documents. Davis was separately charged with attempting to cause a financial institution to fail to file a currency transaction report, and Rosetti was separately charged with engaging in a monetary transaction in criminally derived property in an amount greater than $10,000.

Rosetti was arrested by …

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Original post by default@goarticles.com (William Perry)