Investors Charged With Real Estate Fraud
By admin | June 18, 2009
Investors Charged With Real Estate Fraud - Money News Story - KETV Omaha
Investors Charged With Real Estate Fraud
Gerald, Judith Williams Accused Of Falsifying Documents
OMAHA, Neb. — The United States Attorney’s Office said two Omaha real estate investors conspired to defraud mortgage lenders and title companies for their own personal gain.
The indictment alleged that Gerald and Judith Williams made false statements and produced fake documents over a 21-month period between January 2005 and October 2006.
Topics: REAL ESTATE FRAUD | No Comments »
IDENTIFICATIONS ON A SECTION 1031 EXCHANGE
By admin | June 18, 2009
Blog1031.com: IDENTIFICATIONS ON A SECTION 1031 EXCHANGE
IDENTIFICATIONS ON A SECTION 1031 EXCHANGE
One of our prospective clients asked a provoking question. After he closes on the sale of his relinquished property in a Section 1031 exchange, he understands that he only has 45 days to identify what he would like to purchase as his replacement property(ies). He read in our blog, that the 45 day identification period has no extensions (there are extensions, but only when given by the President of the United States, generally for those affected by disasters). What he wanted to know was could he fudge the date, in other words, could he give us an identification statement after the 45 days period had expired, but date it prior to the 45 day deadline?
Topics: REAL ESTATE FRAUD | No Comments »
Slowdown in SEZs
By admin | June 18, 2009
Slowdown in SEZs
Slowdown in SEZs
June 18, 2009
When the Board of Approval for special economic zones (SEZs) meets on Friday, liaison and corporate affairs executives will jostle for space in the narrow corridors on the ground floor of Udyog Bhavan, which houses the commerce department. In stark contrast to last year, however, few of them will be pushing proposals for new zones. Demand dynamics brought on by the global slowdown and persistent land acquisition problems are forcing developers to alter their plans.
As a result, almost half the proposals that the inter-ministerial panel headed by Commerce Secretary Rahul Khullar will consider have to do with extensions to acquire land or cancellations of these tax-free enclaves that were supposed to catapult India’s exports into the big league. Of the 58 SEZ proposals on the agenda, only two are for setting up new zones; 23 zones are applying for an extension of the validity period and two — from K Rajeha Universal — are seeking de-notification on the grounds that the economic downturn has resulted in lower demand. Then there is Mansarovar Industrial Development Corporation that has decided to expand the focus of its zone from handicrafts to information technology-enabled services (ITES), and to split the 131 hectare-zone.
“The developer
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Mortgage Fraud to Me - Liars Loans - Sellers “Contribution”
By admin | June 18, 2009
Confessions of a Realtor - Real Estate Whistleblower: Mortgage Fraud to Me - Liars Loans - Sellers “Contribution”
Mortgage Fraud to Me - Liars Loans - Sellers “Contribution”
Liars Loans they called them whereby you got to State Your Own income. These loans were Perfect for many consumers who could NOT otherwise afford a home. the Problem was they were Fraud but over looked on PURPOSE.
Sellers Contributions Contributed to FALSE Data in the MLS, Sellers Contribution was NOT consistently taken into affect in appraisals, in My Opinion. How could they be really, they were not really disclosed in the MLS, and NO ONE looks at the settlement statement to make sure everything is accurate. That would be asking to much of the VOICE OF REAL ESTATE.
So a Sellers contribution of vary money, and sometimes big money would mean that the purchase price was actually lower. This contributed HUGELY to overinflated real estate. Who cares, the Buyer got in, The Realtor got paid, the Seller got their money. So what is the Big Deal?
Topics: REAL ESTATE FRAUD | No Comments »
Investors Charged With Real Estate Fraud - Omaha News Story - KETV Omaha
By admin | June 18, 2009
Investors Charged With Real Estate Fraud - Omaha News Story - KETV Omaha
Investors Charged With Real Estate Fraud
Gerald, Judith Williams Accused Of Falsifying Documents
The indictment alleged that Gerald and Judith Williams made false statements and produced fake documents over a 21-month period between January 2005 and October 2006.
The documents, the indictment said, were used to get loans to purchase residential properties in the Deer Creek subdivision.
Topics: REAL ESTATE FRAUD | No Comments »
Philadelphia Man Sentenced for Mortgage Fraud and Identity Theft
By admin | June 18, 2009
Philadelphia Man Sentenced for Mortgage Fraud and Identity Theft | RealEstateRama U.S. States
Philadelphia Man Sentenced for Mortgage Fraud and Identity Theft
Posted by Pennsylvania RealEstateRama
June 17, 2009
PHILADELPHIA, PA June 16, 2009 - (RealEstateRama) - Mahn Huu Doan, a/k/a “Bruce Doan”, 40, of Philadelphia, was sentenced today to 151 months in prison for a massive mortgage fraud and identity theft scheme, announced United States Attorney Michael L. Levy. Doan, a self-described real estate investor, would purchase houses, using false or borrowed identities, using government insured loans which he secured using fraudulent information.
Topics: REAL ESTATE FRAUD | No Comments »
Lawyers for investors say some documents indicate that Ruth Madoff may not have known of her husband’s Ponzi scheme
By admin | June 18, 2009
Lawyers for investors say some documents indicate that Ruth Madoff may not have known of her husband’s Ponzi scheme — Newsday.com
Some files hint Ruth Madoff may not have known of fraud
BY ANTHONY M. DESTEFANO | anthony.destefano@newsday.com
9:18 PM EDT, June 17, 2009
What did Ruth Madoff know about her husband’s massive Ponzi scheme and when did she know it–
Court documents examined by Newsday suggest the wife of Bernard Madoff didn’t know for a period stretching beyond 2000 that he was running a fraud.
The records show Ruth Madoff was co-trustee, along with her sister, Joan Roman, of revocable trusts created by their parents, Saul and Sara Alpern, who died in 1999 and 1996, respectively.
Florida probate court records show that the assets of Sara Alpern’s trust were held by Bernard Madoff’s company, a fact some legal experts believe raises doubt that Ruth Madoff would have knowingly put her mother’s stocks and bonds at risk in a fraud.
Topics: REAL ESTATE FRAUD | No Comments »
Barwa Confirms It Loaned Money to Tannenbaum Company
By admin | June 18, 2009
Barwa Confirms It Loaned Money to Tannenbaum Company (Update1) - Bloomberg.com
Barwa Confirms It Loaned Money to Tannenbaum Company (Update1)
By Robert Tuttle
June 18 (Bloomberg) — Barwa Real Estate Co., Qatar’s second-largest property developer, said it had given a revolving credit facility to a company controlled by Barry Tannenbaum, who is being probed for what may be South Africa’s biggest fraud.
The loan facility was terminated after the company, Frankel Enterprises Ltd, was hurt by the global credit crisis, Barwa said today in a statement to the Doha bourse.
Barwa has taken steps to recover the “amounts provided for these transactions,” the company said. “The amount at stake is not material to the rest of the investments,” Barwa said, without giving further details.
Tannenbaum was accused last week by investors of running a 15 billion rand ($1.8 billion) Ponzi scheme. Investors including Sean Summers, the former chief executive officer of Pick n Pay Stores Ltd., say they have lost money. Tannenbaum called the claims “outrageous” in an e-mail from Sydney yesterday.
Barwa agreed in February to make a $40 million loan facility available to Frankel, according to contracts posted last week on the Web site of Johannesburg-based private investigator, Warren Goldblatt, who is working for some of the investors.
Topics: REAL ESTATE FRAUD | No Comments »
Conditional sentence for fraud against local realtor
By admin | June 18, 2009
Conditional sentence for fraud against local realtor - The Sudbury Star - Ontario, CA
Conditional sentence for fraud against local realtor
Posted By BOB VAILLANCOURT, THE SUDBURY STAR
A verbal battle of over who was hurting who was staged in a Sudbury courtroom Wednesday when a local real estate agent tried to tell a court how the personal theft of more than $10,000 of her money by a secretary affected her.
The Crown asked the court to allow realtor Shirley Long to read a victim impact statement detailing how theft by her former secretary, Nicole Dube, 31, had affected her.
But Dube’s lawyer, Louis Sola, argued the victim impact statement he was given was not done in the proper format and should be not be allowed.
Victim impact statements are not a vehicle for “offender-bashing,” nor should they contain any assertion as to the facts in the case or any recommendation for penalty, argued Sola.
However, assistant Crown attorney Roberta Bald argued Long should be able to show the depth of personal anguish and betrayal she suffered at the hands of Dube by detailing the extent she went to help the accused and the financial loss she suffered because of Dube, for which she had yet to be reimbursed.
But part of the reason there has been no restitution paid to date, said Sola is because of the actions of the victim.
Twice his client had an opportunity to join a local real estate firm as a sales representative. But twice that invitation was revoked after a call from Long.
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Locklear Electric files two new class actions over unsolicited faxes
By admin | June 18, 2009
Locklear Electric files two new class actions over unsolicited faxes | Madison/St. Clair Record
Locklear Electric files two new class actions over unsolicited faxes
6/18/2009 7:45 AM
By Kelly Holleran
Locklear Electric in Wood River
A Wood River electric company has filed two new separate class action lawsuits against a chiropractor’s office and a real estate company, alleging the office and company sent unsolicited faxes to it, causing a waste of paper and employee time.
Both complaints by Locklear Electric are nearly identical and were filed on the same day in Madison County Circuit Court. With these new suits, Locklear has now filed at least seven class action lawsuits over unsolicited faxes since February 2005.
In one of the complaints, Locklear Electric says it received a faxed advertisement from Theodore Lay and Norma Lay, doing business as Ted Lay Real Estate Agency, on June 13, 2006, without Locklear’s permission.
In the other lawsuit, Locklear says it received another faxed advertisement from Taylorville Chiropractic Clinic on Sept. 25, 2006.
At least 39 other businesses also received both faxes, Locklear claims.
The two new cases do not include a printed name of the attorney or attorneys representing Locklear. On the last pages of the filings, an attorney’s illegible signature appears as “one of plaintiff’s attorneys.”
Topics: REAL ESTATE FRAUD | No Comments »
Brooklyn Man Masqueraded As Dead Mother In Scam
By admin | June 18, 2009
North Country Gazette » Brooklyn Man Masqueraded As Dead Mother In Scam
Brooklyn Man Masqueraded As Dead Mother In Scam
Posted on Thursday, 18 of June , 2009 at 7:52 am
BROOKLYN—Two Brooklyn men have been charged in an elaborate fraud which included the theft of a Park Slope townhouse, Social Security benefits, and social service payments, and involved one of the men, Thomas Parkin, dressing up as his deceased, 77-year-old mother to further the scam.
A 47-count indictment has been returned against Parkin, 49, and Mhilton Rimolo, 47, including charges of first degree grand larceny, two counts of second degree grand larceny, fourth degree conspiracy, multiple counts of second degree forgery, first degree perjury and second degree criminal impersonsation
In the 1990s, Irene Prusik deeded her home, 492 6th Avenue, Park Slope, to her son, Thomas Parkin. At the time, Prusik, Parkin and Prusik’s other son lived in the building. Parkin was unable to maintain ownership, and in January 2003, the building was sold at foreclosure auction.
However, according to the indictment, after Prusik died, in September 2003, the two defendants began filing lawsuits against the new owner, Samir Chopra, in the now deceased Prusik’s name, alleging real estate fraud. They claimed that the deed Chopra had bought at auction was invalid and had actually been forged by Parkin, in the 1990s. The real owner, they claimed, was Irene Prusik.
The defendants received Prusik’s Social Security benefits every month for six years, totaling approximately $52,000, according to the indictment. They are also charged with receiving $65,000 in rental assistance from the city Human Resource Agency, claiming the deceased Irene Prusik was Parkin’s landlord and that he and his brother were unable to pay the rent because of a disability. Rimolo was listed as the property manager.
Prosecutors said to initiate the crime, Parkin and Rimolo doctored Prusik’s death certificate, providing a false Social Security Number and date of birth, which made it appear as though she were still alive, according to the indictment. In order to perpetuate the ruse, the defendants went as far as to dress Parkin up as his deceased mother, and visit the Department of Motor Vehicles to renew her driver’s license, where, incidentally, they were captured on surveillance video.
Topics: REAL ESTATE FRAUD | No Comments »
Celeb Real Estate Update: Leona Lewis Buys Mansion, Stephen Baldwin Loses One - BlackBook
By admin | June 18, 2009
Celeb Real Estate Update: Leona Lewis Buys Mansion, Stephen Baldwin Loses One - BlackBook
Celeb Real Estate Update: Leona Lewis Buys Mansion, Stephen Baldwin Loses One
By
Rohin Guha
June 17, 2009
imageThere comes a time in every young pop star’s life when, in order to be taken seriously, she must learn to date people who don’t terminate relationships through text-messages. She must accept her fate as a purveyor of mediocrity and be content with her millions, while thanking the media overlords for not sullying her good name. For Simon Cowell side-project Leona Lewis, that time is now. And it’s marked by that dubious rite of passage that most of us twenty-nothings will probably never experience: property ownership!
It’s true! Leona’s a big girl now. She’s eyeing a converted barn in the British countryside, priced at £1 million. It’s the perfect retreat to from the brutal pressures beleaguering anyone of such elite celebrity. Or from her very songs, the same ones Radio 1 insist on playing hourly. Like all respectable rich people, Lewis also owns property in London, with her boyfriend. And yes, SiCo does have the spare key. [Digital Spy]
For about roughly that same amount, but in London proper, Sienna Miller has put her 2-bedroom/3 bath up for sale. Not only is it near all restaurants and Madonna-accessible (at least when she tears through the Isles), but the house also comes fully equipped with its own Turkish bath and sauna. Sadly, the best case scenario, Miller even stands to lose about £200,000. [The Real Estalker]
Topics: Celeb News | No Comments »
USC: From rebels to family focus
By admin | June 18, 2009
USC: From rebels to family focus
A player in the 18th-century Whiskey Rebellion, town now among 10 best places in U.S. to live, magazine says
Thursday, June 18, 2009
By Zak Koeske
Super Bowl and Stanley Cup victories aside, the City of Champions has had plenty to celebrate this year outside the arena of professional sports. In the past month, Pittsburgh was chosen by the White House to host the G-20 summit in September and named the most livable city in the United States for 2009 by London-based weekly magazine The Economist.
The accolades continued to pour in last week as U.S. News & World Report designated Upper St. Clair as one of its “10 Best Places to Live,” an honor not lost on the community’s proud residents.
The news magazine’s “Best Places” ranking took into account affordability and economy. Albuquerque, N.M., was first.
“For something like that to [be ranked with] places like Austin, Texas, [ranked in the top 10 by U.S. News], it’s a big deal,” said Kristen McQuiston, of Upper St. Clair, while enjoying a weekday afternoon at the new Community Recreation Center with her two boys, Jackson and Josh.
Topics: Celeb News | No Comments »
Daily Sound — New witness surfaces in Hollywood murder trial
By admin | June 18, 2009
Daily Sound — New witness surfaces in Hollywood murder trial
New witness surfaces in Hollywood murder trial
By COLBY FRAZIER — June 18, 2009
A potential key witness took the stand yesterday in the Jesse James Hollywood capital murder trial and recounted for the first time how the defendant told him just hours before a 15-year-old boy was executed, allegedly at the behest of defendant, that the boy was going to be taken home.
The witness, Jerry Hollywood, is Jesse Hollywood’s real estate agent and 70-year-old second cousin.
Jerry Hollywood, who was apparently never contacted by prosecutors in this case, or authorities, other than the FBI during their hunt for the defendant, unearthed the crucial conversation between he and is cousin earlier this month.
Due to the late nature of the statement, which Jesse Hollywood’s attorney James Blatt hopes to get before the jury, Superior Court Judge Brian Hill held an evidentiary hearing outside the presence of the jury.
Jerry Hollywood took the stand just as he would have if the jury was there, and was questioned by both sides.
The bulk of Jerry Hollywood’s statements merely corroborated what is already known: that around the same time Jesse Hollywood kidnapped Nicholas Markowitz on Aug. 6, 2000, he was moving out of his West Hills home because of threats he was receiving from the victim’s older brother, Ben Markowitz.
In preparation for his move, Jerry Hollywood said his cousin contacted him in late July of 2000 to express interest in selling his home and purchasing a condominium on the beach in Malibu.
Jerry Hollywood said he remembered telling the defendant he’d see how much his home was worth, and what he could expect to pay for property in Malibu.
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Buying a house? Consider hiring a lawyer | Credit Real Estate
By admin | June 16, 2009
Buying a house? Consider hiring a lawyer | Credit Real Estate
Buying a house? Consider hiring a lawyer
Buy the most expensive that most people in your life is to live in the house. Besides being expensive and paying for decades, buying a house is one of the most complex people ever encounter. Despite the need for contracts involving bankers, city, province and region, and other taxes that the sale of land, or even most people consideradasder ll’assunzione a lawyer to assist in the purchase of a house. This is a pity, because the relatively small amount of money by hiring a lawyer can save thousands of dollars later.
How can a lawyer to save money? Verify that all the conditions of the transaction and documents to ensure everything is legal and proper. Most of the homes purchase Genson not bother to check the rules zonage or if the house or your neighbor property which is held on a neighbor. A lawyer can discuss these things with the tax and one of a series of small things that most customers do not even know what to think.
Now, in Texas, a number of houses that have lost their homes to foreclosure is involved in litigation against the company who sold their homes. The allegations, in this case it was suggested that the company has sold the ownership of these items:
Talk with cattive credit for buyers, previous bankruptcies and uniquely qualified for mortgages. Some of these loans that exceed the monthly payments by 50% of monthly income buyers. In summary, based on lending money to buyers know that the buyers could not pay.
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Learning About Arizona Home Mortgage Loan Rates
By admin | June 16, 2009
Learning About Arizona Home Mortgage Loan Rates | Realestate-xxl.com
Learning About Arizona Home Mortgage Loan Rates
16 Jun, 2009 Real Estate
by Matthew Sanz
When looking for the best Arizona home mortgage loan rates, it is good to know about the state’s system to better educate yourself about the top places and people to go to.
Figures and establishments that may aid you in mortgage loans:
- The Department of Financial Institutions - If you are seeking Arizona home mortgage loan rates the best place to start is the AZDFI. The AZDFI is a government establishment responsible for the support of consumers as well as the maintenance of economic growth through regulation and supervision of financial organizations in Arizona. Its website provides a list of licensed mortgage bankers and brokers.
- The Arizona State Banking Department - Protects the consumer by regulating and supervising licensed mortgage brokers in Arizona.
- The Mortgage Fraud Task Force - The Superintendent of Arizona is continuously working to deal with mortgage fraud in the state, where a Mortgage Fraud Task Force was established in 2006. This targets common fraud schemes like equity skimming and property flipping.
How to find the best Arizona home mortgage loan rates:
- Set the range of rates that you want - If you want the best rates find a mortgage broker. Mortgage brokers can have higher fees but are known to find better interest rates. If you want to save time look for a mortgage banker who can provide you direct approval.
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About Arizona Home Mortgage Loan Rates
By admin | June 16, 2009
Find Articles » About Arizona Home Mortgage Loan Rates
About Arizona Home Mortgage Loan Rates
16.06.2009 | Author: Matthew Sanz | Posted in Home & Family
by Matthew Sanz
When looking for the best Arizona home mortgage loan rates, it is good to know about the state’s system to better educate yourself about the top places and people to go to.
Figures and establishments that may aid you in mortgage loans:
- The Department of Financial Institutions - The best place to inquire about Arizona home mortgage loan rates the best place to start is the AZDFI. The AZDFI is a government establishment responsible for the support of consumers as well as the maintenance of economic growth through regulation and supervision of financial organizations in Arizona. Its website provides a list of licensed mortgage bankers and brokers.
- The Arizona State Banking Department - These people regulate and supervise licensed mortgage brokers in Arizona.
- Mortgage Fraud Task Force - The Superintendent of Arizona is continuously working to deal with mortgage fraud in the state, where a Mortgage Fraud Task Force was established in 2006. This targets common fraud schemes like equity skimming and property flipping.
How to find the best Arizona home mortgage loan rates:
- Identify the rate that you want - If you want the best rates find a mortgage broker. Mortgage brokers can have higher fees but are known to find better interest rates. If you want to save time look for a mortgage banker who can provide you direct approval.
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Booming Retail Sector in India
By admin | June 16, 2009
BharatBook.com : Business Market Research: Booming Retail Sector in India
Booming Retail Sector in India
India is one of the most attractive destinations for retailers from all across the globe. Thanks to the entry of corporate, changing consumer behavior & lifestyle, increasing influence of western culture and rising income, the Indian retail industry has seen phenomenal growth in the last five years (2001-2006) and organized retailing has finally emerged from the shadows of unorganized retailing and is contributing significantly to the growth of the overall retail sector, according to “Booming Retail Sector in India”, a new market research report. The research report helps the client to analyze the opportunities and factors that will make the Indian retail industry a success.
Topics: world Real Estate | No Comments »
What You Need To Know About Arizona Home Mortgage Loan Rates
By admin | June 16, 2009
What You Need To Know About Arizona Home Mortgage Loan Rates | Real Estate News Articles
What You Need To Know About Arizona Home Mortgage Loan Rates
Jun. 16th, 2009
in Real Estate
by Matthew Sanz
If you’re planning on moving to another state, the first thing you should consider is the state’s system. This applies to the Arizona state, and more so if want to find out about housing, loans and Arizona home mortgage loan rates.
Figures and establishments that may aid you in mortgage loans:
- The Department of Financial Institutions - If you want to know about home mortgage loan rates in Arizona, start with AZDFI. The AZDFI is a government establishment responsible for the support of consumers as well as the maintenance of economic growth through regulation and supervision of financial organizations in Arizona. Its website provides a list of licensed mortgage bankers and brokers.
- The Arizona State Banking Department - This department protects the consumer by regulating and supervising licensed mortgage brokers in Arizona.
- Mortgage Fraud Task Force - The Superintendent of Arizona is continuously working to deal with mortgage fraud in the state, where a Mortgage Fraud Task Force was established in 2006. This targets common fraud schemes like equity skimming and property flipping.
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Fortune Wins Landmark Case against Ayat (Page 1 of 1)
By admin | June 16, 2009
allAfrica.com: Ethiopia: Fortune Wins Landmark Case against Ayat (Page 1 of 1)
Ethiopia: Fortune Wins Landmark Case against Ayat
Abiy Wendifraw
Independent News & Media Plc (INMP), publishers and distributors of Fortune, a business English weekly, appeared victorious late last week in a landmark legal battle against Ayat Share Company, a pioneering and giant real estate developer in Ethiopia.
Commonly known by the paper’s name, Fortune, the private media company’s latest court victory is the third case it has won during the past one and half year. The charge by the real estate company was the highest ever civil lawsuit against Fortune. It was also the first multimillion Birr claim against a private media company in Ethiopia’s history.
The Eighth Civil Bench of the Federal High Court passed the historic judgement last Friday, June 12, 2009; setting all the defendants in this count, including the private media company, and five journalists free from the alleged libellous reporting they were accused of.
Topics: REAL ESTATE FRAUD, world Real Estate | No Comments »
Former Southwest Exchange chief accepts plea deal
By admin | June 16, 2009
Las Vegas Business Press :: News : Former Southwest Exchange chief accepts plea deal
Former Southwest Exchange chief accepts plea deal
BY JOHN G. EDWARDS
LAS VEGAS REVIEW-JOURNAL
Donald McGhan, 75, the former chairman of a financial company that failed while owing $95 million to real estate investors, pleaded guilty in federal court on June 8 to four counts of wire fraud. His guilty plea agreement calls for a prison term of eight to 10 years.
U.S. District Judge Philip Pro will announce his decision whether to accept the plea agreement at McGhan’s sentencing in September. If Pro rejects the agreement, the prosecution or defense could demand a jury trial.
The maximum sentence for wire fraud is 20 years in prison and a $250,000 fine.
LAS VEGAS REVIEW-JOURNAL
Donald McGhan, left, walks toward federal court on June 8 with attorney Mark Dzarnoski. McGhan, the former chairman of Southwest Exchange, will serve eight to 10 years in prison as part of a plea deal.
eRJ House ads
Defense attorney Dominic Gentile declined to comment on the guilty plea after the hearing, although he said the federal case is independent of a state felony charge against McGhan. McGhan is charged in state court with being an unlawful intermediary in a tax-free exchange. He is expected to plead guilty to the state complaint on June 22.
Topics: REAL ESTATE FRAUD | No Comments »
Law.com - Insurer Blames N.J. Lawyer for Blot on Title
By admin | June 16, 2009
Law.com - Insurer Blames N.J. Lawyer for Blot on Title
Insurer Blames N.J. Lawyer for Blot on Title
Suit shows that rubber-stamping title commitments can be dangerous
Henry Gottlieb
New Jersey Law Journal
June 16, 2009
A venerable title insurance company has done something unusual in New Jersey, and lawyers aren’t likely to applaud.
Chicago Title Insurance Co. filed a malpractice claim against a homebuyer’s attorney, saying he acted without diligence and owes a piece of the $300,000 the company paid to save a policyholder’s home.
The Bergen County suit charged Albert Birchwale, of Basile, Birchwale & Pellino in Ridgefield, N.J., failed to investigate a previous sale in the chain of ownership to make sure there was no potential federal estate tax lien.
Veteran real estate lawyers say that they’ve heard of suits by title insurers against lawyers who weren’t diligent but that this is the first they know of to allege an attorney failed to research previous sales in the property’s history — a job usually thought to be the role of title professionals.
Chicago Title, founded in 1849, is part of a conglomerate with 30 percent of the national title insurance market.
Topics: REAL ESTATE FRAUD | No Comments »
Fraud lawsuit filed against Heritage Oaks Bank and Stewart Title on Cal Coast News
By admin | June 16, 2009
Fraud lawsuit filed against Heritage Oaks Bank and Stewart Title on Cal Coast News
Fraud lawsuit filed against Heritage Oaks Bank and Stewart Title
Posted: Monday, June 15, 2009 8:28 pm
By KAREN VELIE
Investors have filed a lawsuit alleging Stewart Title and Heritage Oaks Bank (HOB) aided and abetted and/or conspired with Hurst Financial Inc. (HFI) in defrauding hundreds of seniors through illegal investment schemes.
The suit filed by more than 300 investors against Stewart Title, HOB, and HFI lists eight complaints including conspiracy, fraud, financial elder abuse, and negligence. Investors are seeking punitive as well as compensatory damages.
Late last month, the FBI seized assets of (HFI) President Jay Miller’s home because of allegations of racketeering, money laundering, and wire fraud, according to a seizure warrant. The suit alleges HFI could not have engaged in a “Ponzi scheme” without the “joint effort, cooperation, and planning” of Stewart Title.
San Diego based attorneys Steven Sanchez and David Noonan, of the law firm of Kirby Noonan Lance and Hodge, claim that Stewart Title, working alongside HFI, siphoned money from investor loans to place in the pockets of HFI principles Miller and his daughter Courtney Brard. Sanchez cites examples of the title company creating false escrows, falsely closing active escrows, and illegally filing clean title reports before placing additional loans on already encumbered properties.
In addition, Stewart Title failed to notify investors when they discovered the fraudulent dealings following an internal audit and interviews that were spurred by numerous lawsuits and allegations of illegal activity.
According to the lawsuit, “As a result of those internal interviews and audit, the Stewart Title defendants closed the local offices. Yet the Stewart Title defendants never disclosed to the plaintiffs and other parties to the fraudulent escrows that they had been defrauded.”
Topics: REAL ESTATE FRAUD | No Comments »
Courthouse News Service
By admin | June 16, 2009
Courthouse News Service
Father & Son Accused of Bank Fraud
By JOE HARRIS
ShareThis
ST. LOUIS (CN) - A father and son were indicted on federal charges of bank fraud and money laundering. Gary Rickert, 64, and Brian Rickert, 29, face five felony counts of bank fraud, three felony counts of money laundering and forfeiture. Prosecutors say the scheme covered nearly three years, affected five banks and involved commercial loans of nearly $5 million.
The Rickerts operated Real Estate Management Services, which sought to develop residences in high-end suburbs, court documents state. To get financing for the developments, the Rickerts allegedly submitted phony tax returns, sales contracts and financial statements.
Topics: REAL ESTATE FRAUD | No Comments »
Barwa Forces Tannenbaum Contracts to Be Removed From Web Site
By admin | June 16, 2009
Barwa Forces Tannenbaum Contracts to Be Removed From Web Site - Bloomberg.com
Barwa Forces Tannenbaum Contracts to Be Removed From Web Site
By Renee Bonorchis
June 16 (Bloomberg) — Barwa Real Estate Co.’s contracts with Barry Tannenbaum, the businessman under investigation for South Africa’s biggest fraud, were pulled from the Internet after pressure from the Qatari developer’s attorneys.
The contracts were posted last week on the Web site of Johannesburg-based private investigator Warren Goldblatt, who is working for investors who accused Tannenbaum of defrauding them of as much as 15 billion rand ($1.9 billion) in an international Ponzi scheme.
Barwa’s lawyers, Dewey & LeBoeuf LLP, sent a letter to Goldblatt’s company last week demanding the contracts be removed from the Web site within 48 hours because of copyright concerns, Goldblatt said in a phone interview from Johannesburg. Dewey & LeBoeuf has offices in Doha, Qatar, where Barwa is based.
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Pattaya Today Newspaper - Real Estate recovery?
By admin | June 16, 2009
Pattaya Today Newspaper - Real Estate recovery?
by Peter Lloyd
I HAVE been an avid reader of global real estate articles this trip, because I have to sell some of my own in London.
There was one article about British buyers of overseas property running into ‘significant difficulty’, with the usual shocking examples of fraud, naivety, risky investments and greed from emerging markets around the world none from Thailand however, with grim photos of newly-poor investors lamenting huge losses.
Then there was a very interesting article in a UK Sunday newspaper which listed Thailand as having the world’s third highest price rises in the first 3 months of this year recording a 2.7% increase Jersey and Finland with 5.6% and 4% increases were above Thailand. I don’t know how they got their statistics, but let’s assume there is some proof to justify them, however they were collated.
Worst performer was Dubai, with a 40% drop in prices, followed by Singapore with 16%, although Ireland didn’t feature in this article, and I know for a fact that the Irish real estate market has been hit very badly, with prices collapsing dramatically. Another survey I read reported US real estate prices down nearly 20% over the year.
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American Chronicle | The NBA’s Growing Global Appeal
By admin | June 13, 2009
American Chronicle | The NBA’s Growing Global Appeal
The NBA’s Growing Global Appeal
June 12, 2009
By Rick Horrow and Karla Swatek
1. NBA Goes [Even More] Global for PlayoffsThe NBA, as we’ve often noted, works hard to maintain global awareness. This week, the league’s global ties strengthen once more as the NBA explores a marketing and media rights relationship with the English Premier League, arguably the only sports league more popular around the globe than the NBA. According to the Financial Times, NBA and EPL representatives have met in London to “discuss how they might work together,” and also have “compared notes on their respective media rights strategies — particularly in Asia.”
Closer to home, the league is working hard to give global media representatives unprecedented access to players and coaches during the NBA Playoffs. More than 250 international journalists were present in Los Angeles, and more are expected in Orlando this week, according to the NBA. A trailer at Staples Center provided television feeds to 215 countries in 42 languages — for the first time, Finals games are available to fans in the Middle East in Arabic on Al Jazeera. In Mexico, they are available on a free TV channel for the first time since 2005.
In the Orlando Magic locker room, reporters from Turkey interview Hedo Turkoglu while French reporters across the room do the same with Mickael Pietrus. Down the hall, Los Angeles Lakers center Pau Gasol routinely does a full session with Spanish language media reps after he completes one in English; in April, the Lakers attracted more than 50,000 Latin fans to an event called Fiesta Lakers at the Los Angeles Convention Center, and are planning a second event next year. In all, roughly 20% of the NBA’s current players are foreign-born — and many more are on the way.
Topics: Celeb News | No Comments »
Hangin’ in the Hamptons
By admin | June 13, 2009
Hangin’ in the Hamptons
What’s happening this weekend in the Hamptons
“The Tonight Show With Conan O’Brien” band leader Max Weinberg’s 1957 Corvette will be on the block at the Hamptons Auto Classic Auction in Bridgehampton. Previews begin at 2 p.m. today at the Hayground School on Mitchell Lane. The cocktail reception begins at 5:30 p.m., while the auction begins at noon Saturday, with gates opening at 8 a.m. …
Tonight at the Georgica Restaurant & Lounge in East Hampton, The New York Post’s Paula Froelich will celebrate the release of her new book “Mercury in Retrograde: A Novel” (Atria, $24) starting at 7 p.m. Invited guests include Howard Stern and Beth Ostrosky Stern and Russell Simmons …
This weekend, the Montauk Yacht Club and Resort is celebrating its 80th anniversary all weekend in style. Swingin’ Saturday looks to be the most ripe for celeb sightings with a “Burger Bash” hosted by celebrity chef, and Billy Joel’s wife, Katie Lee Joel, starting at 11:30 a.m. on the Great Lawn. Celeb offspring will enjoy family friendly lawn games such as volleyball, and “Brady Bunch”-esque potato sack races will be played. The party goes retro when the sun goes down with the “Roaring ’20s Anniversary Bash” beginning at 8 p.m. on the Great Lawn. Expect live jazz, dancing under the stars and a ’20s style faux-casino with black jack, poker, roulette and craps …
At 12:30 p.m. at Savanna’s in Southampton, Beth Ostrosky Stern will host the launch of BODHI bags’ limited edition Animal-Friendly collection. All profits from the sale of the clutches, totes, hobos, dog carriers and more will benefit Stern’s favorite charity — the North Shore Animal League. Invited guests include Kelly Killoren Bensimon of “The Real Housewives of New York City” and Jodi Applegate of News 12 …
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Stephen Baldwin — My House Needs to be Saved | TMZ.com
By admin | June 13, 2009
Stephen Baldwin — My House Needs to be Saved | TMZ.com
Stephen Baldwin — My House Needs to be Saved
Posted Jun 12th 2009 12:25PM by TMZ Staff
Stephen BaldwinUnless Stephen Baldwin’s charity on “I’m a Celebrity, Get Me Out of Here” is called the “Keep Stephen Baldwin from Losing His House to Foreclosure
Org.” — dude is gonna lose his digs on the auction block.
According to documents, Stephen and his wife are more than $824,000 behind in payments on their Rockland County, NY home — although they only paid $515,000 for it in 1997.
Topics: Celeb News | No Comments »
The Real Estalker: More Celebrity Real Estate Foreclosure News
By admin | June 13, 2009
The Real Estalker: More Celebrity Real Estate Foreclosure News
More Celebrity Real Estate Foreclosure News
Yesterday Your Mama prattled on about Real Housewife of Orange County Jeana Keough who was reported to be in default on at least one of her four properties and seeking a loan modification from her lender on the $1,300,000 mortgage she carried on her primary residence in Coto de Caza. Not long after our little discussion we heard from Miss Kitty Glitter who kindly linked Your Mama over to the latest OC Register article about the beleaguered real estate broker’s real estate woes.
Well puppies, not only did the reality tee-vee starring property purveyor rather bizarrely thank OC Register writer Mark Eades for making her aware of the Notice of Default(s), but she also thanked a bunch of other men for helping her to successfully complete a loan modification.
She went on to give updates about her trio of spoiled children and then mentioned at the very tail end of her letter that she will “probably sell the house.” According to Miz Keough, the house (shown above) measures “8,500 square feet with a guest house on a 1.2 acre with 6 garages.” She also claims “her $6.5 million house is now worth $5 million.”
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the contrarian - IRAN SPEAKS | Gather
By admin | June 13, 2009
the contrarian - IRAN SPEAKS | Gather
the contrarian - IRAN SPEAKS
June 12, 2009 08:01 PM EDT
views: 142 | rating: 10/10 (4 votes) | comments: 12
Mahmoud Ahmadinejad has taken an early lead in today’s Iranian election which featured four candidates running for the office of president. With 47% of the ballots counted, the incumbent president is reported to have received 68% of the vote.
Not surprisingly, the Iranian State News Agency reported that Ahmadinejad has, in fact, won the election with a majority of the votes.
However, the principal challenger, Mir-Hossein Mousavi, disputes that contention, saying that he has won in a landslide. One of his aides put the figure at 65%. Mousavi also claimed widespread voting irregularities.
Out of all this, only one thing is clear at this time. Iran has just conducted a veritable democratic orgy with as much as 75% of the electorate casting votes. And, this has fallen on the heels of an election in Lebanon in which Hezbollah, often referred to as Iran’s proxy, took a clear beating.
In the event that no candidate receives a simple majority of more than 50% of the votes cast in the Iranian election, there will be a runoff election on June 19. If the above numbers are correct, Ahmadinejad has captured 32% of the total vote so far and Mousavi 15%.
Topics: Celeb News, good stuff | No Comments »
Poker ace Annie Duke keeps emotions at bay
By admin | June 13, 2009
Poker ace Annie Duke keeps emotions at bay - News - ReviewJournal.com
Poker ace Annie Duke keeps emotions at bay
Appearance on ‘Celebrity Apprentice’ brought her a new legion of fans
By HOWARD STUTZ
LAS VEGAS REVIEW-JOURNAL
Annie Duke plays during this year’s special 40th annual No-Limit Hold’em $40,000 Tournament at the Rio. The event draws some of the biggest names in poker.
“You can’t let your emotions dictate your actions,” Duke said. “You will always lose. In poker and business, you see people reacting with emotion. It’s important not to react to something, but to plan your next move.”
Duke, 43, is arguably one of the most successful female poker players on the circuit, and she is popular among poker fans. She’s been playing in the World Series of Poker since 1994 and has cashed in 37 events, earning more than $1.13 million through this year’s tournament at the Rio.
In 2004, Duke won an Omaha High-Low event for her first World Series of Poker champion’s bracelet.
Her best finish in the tournament’s $10,000 buy-in no-limit hold’em Main Event was in 2000 when she placed 10th and won $52,160.
“I’ll probably play in about 15 or 20 events at the World Series,” Duke said. “It’s a long haul.”
Duke drafted a new legion of fans and followers as a contestant on the recently concluded television series “The Celebrity Apprentice.” She was one of 16 personalities trying to raise money for charity while trying not be fired by the host, billionaire real estate developer Donald Trump.
Topics: Celeb News | No Comments »
Stephen Baldwin set to lose home to real estate foreclosure
By admin | June 13, 2009
Stephen Baldwin set to lose home to real estate foreclosure
Stephen Baldwin set to lose home to real estate foreclosure
By Chris Parry, Vancouver SunJune 12, 2009Be the first to post a comment
Actor Stephen Baldwin is about to lose his abode.
The Baldwin brother had paid $515,000 for a 1.4-acre home north of New York City in 1997, but owes $824,000 on the mortgage today.
He had reportedly attempted to sell the property in 2006.
Baldwin and his wife Kennya are in default to Bankers Trust Company, and their property will be auctioned in a public sale to recover funds on June 24.
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Corruptocrat Chris Dodd caught lying again
By admin | June 13, 2009
Michelle Malkin » Corruptocrat Chris Dodd caught lying again
Corruptocrat Chris Dodd caught lying again
By Michelle Malkin
Chris Dodd’s cottage in Ireland, a joint purchase facilitated by crony contributor and convicted insider trader Edward Downe, is magical.
Watch it magically appreciate:
A new appraisal more than doubles the value of U.S. Sen. Christopher Dodd’s Irish cottage, a vacation home that is the subject of an ethics complaint by a conservative group that questions if it was really a gift.
The property is valued at 470,000 euros, or about $660,000, on a financial disclosure report provided to The Associated Press on Friday by Dodd’s office. The previous year’s report valued the seaside home, located in County Galway, at between $100,001 and $250,000.
Dodd spokesman Bryan DeAngelis said the Connecticut senator and his wife decided to have the property appraised because they felt it was time to update the information for Dodd’s financial disclosure report to the Senate.
“The value of the cottage — or of Irish real estate, generally — isn’t something that the Dodds have thought much about,” DeAngelis said in a statement. “However, questions have been raised and they recognize that it’s important to make a good faith effort at valuation for the Senate financial disclosures.”
Topics: REAL ESTATE FRAUD | No Comments »
Maldrobe Warfunctions - Fraud is relative
By admin | June 13, 2009
Maldrobe Warfunctions - Fraud is relative
Fraud is relative
To steal a Presidential election in the United States, the vote has to be damn close to begin with. And then maybe, maybe you can steal it. But fake a healthy margin? Like a 10% margin? No dice. The exit polling would be enough to get you caned. And the state-by-state patchwork of election laws mean that you couldn’t undo a national landslide without tipping your hand. The best you can do is steal a swing state or two.
To steal an election in Iran, all you have to do is cut off phone and text messaging service and anything else that might get the word out that you stole the election.
Topics: REAL ESTATE FRAUD | No Comments »
Ogun State Land Scare! Government Blackmails Estate Developers, Land Owners
By admin | June 13, 2009
Ogun State Land Scare! Government Blackmails Estate Developers, Land Owners - Fortune and Class
Ogun State Land Scare! Government Blackmails Estate Developers, Land Owners
Jun 13th, 2009 | By Editor-in-Chief | Category: Business News
Who is smiling now?
Who is smiling now?
Last Monday, 8 June, 2009, the Ogun State Bureau of Lands and Survey, under the insignia of the State Government, had caused the publication of what it described as a “Final Warning” ostensibly directing the attention of individuals and corporate bodies to activities of estate developers and promoters in about 14 locations in the state where real estate development seems to be intense. The Bureau of Lands and Survey described the activities of the estate developers as illegal.
The second of such publication in two weeks, the last of the same half page public notice, did get the attention of the target population it was intended for; a hail of panic seized the community of estate developers and subscribers to the former virgin lands belonging to Ogun State but which have found new attraction in value because of their proximity to Lagos State. As affected estate developers became restless, so were subscribers, they became distressed.
Fortune&Class Weekly independent cross-checks, however, revealed that the State’s Bureau of Lands and Survey alarming publication was merely a desperate attempt to blackmail estate developers to come forward to make payment for registering and processing the Certificates of Occupancy. This, according to a source in the Office of the Director-General of the Bureau of Lands and Survey was to raise direly needed revenue for the state government.
Topics: REAL ESTATE FRAUD | No Comments »
Mortgage nightmare | HVCC appraisal regulation
By admin | June 13, 2009
Mortgage nightmare | HVCC appraisal regulation
Mortgage nightmare
June 12, 2:34 PM
If you thought the low rates and tax incentives would quell the storm in the Mortgage and Real Estate market, think again. With the implementation May 1, 2009 of the Home Valuation Code of Conduct (HVCC) regulations, loan officers and realtors are no longer allowed to communicate directly with appraisers. Orders must be routed through third party companies.
The legislation was introduced by New York Attorney General, Andrew Cuomo. It was designed to decrease the likelihood of appraisal fraud by removing the individual most inclined to push for inflated value (the loan officer/realtor). This program severed communication with the appraiser. Whereas that may sound logical, the reality is that the extra layer of bureaucracy increases cost, slows down the loan process, decreases customer service and creates an increased potential for miscommunication
Topics: REAL ESTATE FRAUD | No Comments »
Three arrested on theft, fraud charges
By admin | June 13, 2009
Three arrested on theft, fraud charges - DailyBulletin.com
Three arrested on theft, fraud charges
Created: 06/12/2009 04:14:32 PM PDT
RANCHO CUCAMONGA - A 51-year-old man has been arrested on suspicion of real estate fraud.
Richard Nazabal, 51, was arrested without incident on on June 4 at his house in Rancho Cucamonga, according to the San Bernardino County Real Estate Fraud Prosecution Unit of the District Attorney’s Office.
Nazabal’s wife, Desiree Wilcox Nazabal, is wanted, and a $2.5 million warrant has been issued for her arrest, according to a district attorney’s news release.
From 2006 to 2008, the Nazabals solicited funds from several people to invest in several houses in the Inland Empire area, prosecutors said.
The Nazabals told the victims the houses would be renovated and resold at a profit. More than 25 investors gave more than $2.5 million to the couple.
Topics: REAL ESTATE FRAUD | No Comments »
Sour housing market breeds fraud
By admin | June 13, 2009
INT: Sour housing market breeds fraud
Sour housing market breeds fraud
INLAND EMPIRE–As housing become more unaffordable, new dimensions of real estate fraud are surfacing.
A Rancho Cucamonga real estate agent and has been ensnared in a scheme that defrauded scores of people.
Prosecutors say that for nearly two years, Richard Nazabal ran a home renovation scheme in which he got more than $2.5 million from investors. Nazabal never bought the homes and used the money for personal gain.
Topics: REAL ESTATE FRAUD | No Comments »
The Still Over-Leveraged Consumer | The Big Picture
By admin | June 10, 2009
The Still Over-Leveraged Consumer | The Big Picture
The Still Over-Leveraged Consumer
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By Barry Ritholtz - June 9th, 2009, 6:53AM
One of the primary reasons I am not a big believer in the green shoots thesis is due to the fragile financial condition of the Consumer.
Despite spending less time at the mall, throttling back consumption, and increasing their savings rate, the US consumer still finds themselves with too much debt and too little savings. Even worse (at least for the economy), they lack the income or the equity to fund their previous lifestyles.
In my opinion, consumer spending remains an unhealthy ~68% of the economy. While this is down from a peak of ~71%, it is way up from the 63% of the 1950s. The difference over that period has been the massive increase in revolving credit and accessible secure lending (2nd mortgages, HELOCs, etc.).
“Despite recent frugality, consumers have barely dented their debt load. The Federal Reserve will offer a fresh peek at that mountain on Thursday, when it releases its “flow of funds” data for the first quarter.
Topics: REAL ESTATE FRAUD | No Comments »
Contribution by the Prime Minister on the Bahamas 2009-2010 Budget
By admin | June 10, 2009
thebahamasweekly.com - Contribution by the Prime Minister on the Bahamas 2009-2010 Budget
Contribution by the Prime Minister on the Bahamas 2009-2010 Budget
Jun 8, 2009 - 6:43:52 PM
Contribution by
Rt. Hon. Hubert A. Ingraham
Prime Minister
on the 2009-2010 Budget
Monday, 8 June, 2009
Mr. Speaker,
The Constitution mandates that the Government present an annual budget in Parliament and that it be passed by both Houses of Parliament.
The Budget Debate, scheduled to start on Wednesday of last week, is commencing today. The time-frame of our debate will need to take account of the necessity for the passage of the Budget and the related Bills and the coming into force of the new Budget on 1 July, 2009.
Twelve days ago today, I had the honour of presenting the 2009/10 Budget.
I wish to acknowledge the dedication and support of countless public officers throughout the public service and very particularly in the Ministry of Finance, the Attorney General’s Office, the Office of the Prime Minister and the Cabinet Office who laboured long and hard and late into the night to complete the preparation of this year’s Budget presentation.
This is the first Budget exercise in a great many years in which Mr. Edgar Hall, the holder of the post of Budget Director, did not participate. Mr. Hall, who spent 40 years in the Budget Unit of the Ministry of Finance, retired in January this year.
Topics: world Real Estate | No Comments »
Hyderabad firm gets Malaysian contract
By admin | June 10, 2009
Hyderabad firm gets Malaysian contract
Hyderabad firm gets Malaysian contract
Ians
June 9th, 2009
HYDERABAD - City-based technology solutions provider Infotech Enterprises will put in place a system to streamline work processes for a Malaysian power utility, the company said Tuesday.
The multi-million-dollar contract to implement the enterprise GIS information system - which can streamline work processes, integrate data and systems, and reduce duplication of effort and data - has been awarded by engineering solutions provider inCONTROL Tech (iTEC), also of Malaysia.
Topics: world Real Estate | No Comments »
Billionaire Tax Felon Says UBS Lied in Pledge to Report to IRS - Bloomberg.com
By admin | June 10, 2009
Billionaire Tax Felon Says UBS Lied in Pledge to Report to IRS - Bloomberg.com
Billionaire Tax Felon Says UBS Lied in Pledge to Report to IRS
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By David Voreacos
June 8 (Bloomberg) — California billionaire Igor Olenicoff had already invested $200 million with UBS AG in 2001 when his Swiss bankers ushered him to an underground vault in Geneva.
Olenicoff, a real estate developer with a taste for yachts and Russian art, saw floor upon floor of safe-deposit boxes. His private banker, Bradley Birkenfeld, and a colleague showed Olenicoff his own space for valuables.
“They said, ‘Whatever you want — corporate stock, cash, gold, silver — put it in here,’” says Olenicoff, 66, at the Newport Beach, California, headquarters of Olen Properties Corp., the company he founded in 1973. “It was that aura of legitimacy and secrecy. They say, ‘We’re the world’s largest wealth manager,’ so how do you question?”
Birkenfeld, 44, had spent years wooing Olenicoff, visiting his homes in Laguna Beach, California, and Lighthouse Point, Florida; cruising on his 147-foot (45-meter) yacht to Mayan ruins in Honduras; and flying on his Cessna Citation II jet.
Four years later, both men are admitted felons. Since December 2007, the billionaire and his banker have pleaded guilty to tax crimes.
The court cases open a door on the normally secretive world of dummy companies, offshore havens and phony financial filings that wealthy Americans often use to avoid paying U.S. taxes. President Barack Obama has proposed to end such tax breaks for U.S.-based multinational corporations and individuals within a decade.
Topics: REAL ESTATE FRAUD | No Comments »
DA eyes ‘mortgage modification’ firms | eyes, firms, modification - Local News - Victorville Daily Press
By admin | June 10, 2009
DA eyes ‘mortgage modification’ firms | eyes, firms, modification - Local News - Victorville Daily Press
DA eyes ‘mortgage modification’ firms
June 8, 2009 - 8:34 AM
PATRICK THATCHER Staff Writer
VICTORVILLE • Mortgage modification — reducing monthly payments, interest rate and sometimes even the principal balance — sounds like the answer to a prayer for many homeowners in a financial pinch.
But very often mortgage modification firms over promise and under deliver, according to government watchdog agencies.
Homeowners should watch out for any firm requesting a large up-front payment, according to the San Bernardino County District Attorney’s Real Estate Fraud Prosecution unit.
The High Desert is a prime target for loan modification scams because it has a large number of new developments, according to Larry Roberts, lead deputy district attorney of the real estate fraud unit.
A copy of the registration forms may be found at http://ag.ca.gov/register.php under the “Foreclosure Consultant Registry.”
To read the full story, see Monday’s edition of the Daily Press. Call now to take advantage of our subscription special, 12 weeks for $25.23 (regular price is 12 weeks for $37.85). To subscribe to the Daily Press, call 241-7755 or click here.
Topics: REAL ESTATE FRAUD | No Comments »
Co-owner of Paso Robles-based Real Property Lenders files for bankruptcy - Business - San Luis Obispo
By admin | June 10, 2009
Co-owner of Paso Robles-based Real Property Lenders files for bankruptcy
Co-owner of defunct Real Property Lenders and her business partner face five civil suits, a criminal probe and allegations of fraud
Tamara Jordan, a mortgage broker and co-owner of Paso Robles-based Real Property Lenders, has filed for Chapter 7 bankruptcy, along with her husband, Donald Jordan.
The Jordans’ Santa Barbara bankruptcy attorney, William Beall, said the failure of the firm—which pooled investors’ money into real-estate-backed loans — as well as the cost of defending herself against numerous lawsuits against the company, made the bankruptcy inevitable.
Tamara Jordan and her business partner, Rod Jarmin, have been jointly accused in five civil lawsuits, alleging fraud in their Real Property Lenders activities. The county District Attorney’s Office says Real Property Lenders is under criminal investigation as well.
The departments of Real Estate and Corporations have also accused them of substantial misdealings and fraud. In some instances, the company allegedly resorted to a Ponzi scheme, using new investors’ money to make interest payments to its earlier investors, said Tom Pool, spokesman for the Department of Real Estate.
The Jordans could not be reached for comment.
Real Property Lenders had more than 250 investors in $55 million worth of real estate loans, according to its 2007 filings with the Department of Corporations. The Jordans state their assets as $438,882 and liabilities at $429,297, according to bankruptcy documents. They have also listed more than 70 Real Property corporate investors holding unsecured claims.
Some of those creditors named are organizations, such as the North County Humane Society, which invested $75,000, according to its director, Kayce Daniels, in a January interview with The Tribune.
One individual listed is real estate developer Anatol Jordan, 89, of Shell Beach. He said he invested about $1.25 million collectively with a number of lenders now in trouble: Real Property Lenders, Hurst Financial, Estate Financial and 21st Century Financial.
All have shut down amid accusations of fraud by state regulators. The executives of Estate Financial, which also went bankrupt, are in jail, charged with numerous felonies relating to alleged fraud in their lending business.
Topics: REAL ESTATE FRAUD | No Comments »
Former Southwest Exchange boss accepts plea deal - Business - ReviewJournal.com
By admin | June 10, 2009
Former Southwest Exchange boss accepts plea deal - Business - ReviewJournal.com
Former Southwest Exchange boss accepts plea deal
By JOHN G. EDWARDS
LAS VEGAS REVIEW-JOURNAL
Donald McGhan, left, Monday talks to attorney Mark Dzarnoski as they head to federal court, where the former Southwest Exchange boss pleaded guilty to four counts of wire fraud in a plea deal.
Photo by Duane Prokop.
Donald McGhan, 75, the former chairman of a financial company that failed while owing $95 million to real estate investors, pleaded guilty in federal court Monday to four counts of wire fraud. His guilty plea agreement calls for a prison term of eight to 10 years.
U.S. District Judge Philip Pro did not decide whether to accept the guilty plea and the penalty as outlined in the agreement but said he will make that decision at McGhan’s sentencing in September. If Pro rejects the agreement, the prosecution or defense could demand a jury trial.
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Pro said the maximum sentence for wire fraud is 20 years in prison and a $250,000 fine.
Defense attorney Dominic Gentile declined to comment on the guilty plea after the hearing, although he said the federal case is independent of a state felony charge against McGhan. McGhan is charged in state court with being an unlawful intermediary in a tax-free exchange. He is expected to plead guilty to the state complaint on June 22.
A Clark County grand jury also indicted McGhan’s daughter, Nikki Pomeroy, on 11 counts of embezzlement and 11 counts of being an unlawful intermediary. The criminal case against Pomeroy remains pending.
McGhan and Pomeroy were executives at Henderson-based Southwest Exchange, which served as an intermediary, or accommodator, for real estate investors who wanted to delay taxes on gains from the sale of properties. Under the Internal Revenue Code, real estate investors may postpone paying taxes on property sales if they rely on an intermediary to take possession of the proceeds and use the money to buy another property.
Southwest Exchange was responsible for $95 million in cash from 122 investors when it closed in late January 2007.
Topics: REAL ESTATE FRAUD | No Comments »
Hilco Real Estate Names Chicago-Area Investor as Stalking Horse Bidder on Wextrust Property in Elmhurst, Illinois
By admin | June 10, 2009
Hilco Real Estate Names Chicago-Area Investor as Stalking Horse Bidder on Wextrust Property in Elmhurst, Illinois
Hilco Real Estate Names Chicago-Area Investor as Stalking Horse Bidder on Wextrust Property in Elmhurst, Illinois
June 18th Set As Deadline For Submission of Competing Bids
NORTHBROOK, lll.–(BUSINESS WIRE)–Hilco Real Estate has reached an agreement with a local investor to sell a 17,000 square foot mixed-use building located at 116 N. York Road in Elmhurst. This is one of 33 properties being marketed by Hilco Real Estate as part of the Wextrust Capital Portfolio disposition. In September, 2008, Wextrust executives were charged with fraud for operating a ponzi-like scheme. Since then, the company has been in receivership, under the guidance of Timothy J. Coleman.
The sale process being run by Hilco Real Estate requires that public notice be given for a period of 10 days to allow other potential buyers an opportunity to submit higher and better offers. Interested parties must submit offers on the approved form contract, which is available on the Hilco Real Estate website at www.hilcorealestate.com/wextrust. A submission deadline of June 18 has been set. Currently, a $3.2 million minimum bid is required to be considered competitive. The deal also contemplates the assumption of approximately $2.8 million in CMBS debt.
“This is the first of what we expect to be several successful sales of Wextrust assets,” said Neil Aaronson, CEO of Hilco Real Estate. He added, “This property, like others in the portfolio, has an A location and nationally-recognized tenants.”
Topics: REAL ESTATE FRAUD | No Comments »
Stanford asks judge to reject real estate sale plan | Business | Chron.com - Houston Chronicle
By admin | June 10, 2009
Stanford asks judge to reject real estate sale plan | Business | Chron.com - Houston Chronicle
Stanford asks judge to reject real estate sale plan
Bloomberg News
June 9, 2009, 8:14AM
R. Allen Stanford, accused of swindling investors in an $8 billion Ponzi scheme, asked the judge overseeing his civil fraud case to reject a receiver’s plan to sell the Texas financier’s properties before he’s been tried.
Stanford, two associates and three affiliated companies were sued Feb. 17 by the U.S. Securities and Exchange Commission on allegations they defrauded investors through the sale of bogus certificates of deposit by Antigua-based Stanford International Bank.
“If at a trial on the merits, the defendants succeed, it will be a hollow victory,” Ruth Brewer Schuster, Stanford’s civil lawyer, said in papers filed late yesterday in Dallas federal court.
Stanford, 59 and sole shareholder of the Stanford Financial Group of companies, has denied all wrongdoing.
U.S. District Judge David Godbey of Dallas froze all of the Stanford defendants’ corporate and personal assets and placed them under the control of Dallas receiver Ralph Janvey, pending the outcome of the SEC suit. Last month, Janvey asked court permission to auction more than 50 parcels of real estate in Texas, Mississippi, Tennessee and the Caribbean that are owned by various Stanford defendants.
Both Stanford and an investors’ advocate filed court papers yesterday objecting to Janvey’s plans for auctioning the properties. They claim the plan provides inadequate details, is too expensive and won’t likely realize maximum value for the receivership estate.
“At a minimum, the receiver should be ordered to provide a list of the properties in question, their location and owner, and the reasons why he believes it is necessary to sell any of the properties in advance of any final adjudication by this court,” Schuster said in Stanford’s filing.
Topics: REAL ESTATE FRAUD | No Comments »
With Elvis-themed casino out, lenders want Strip property
By admin | June 10, 2009
With Elvis-themed casino out, lenders want Strip property
With Elvis-themed casino out, lenders want Strip property
8 June 2009
By Our Partners at the Las Vegas Sun
LAS VEGAS, Nevada — Lenders are moving to seize control of a key piece of real estate on the Las Vegas Strip after plans fell through for an Elvis Presley-themed casino resort there.
Three first-lien lenders filed a lawsuit Friday in Clark County District Court against entities controlled by FX Real Estate and Entertainment Inc. of New York, which is in default on two loans for $475 million for the property southeast of the corner of Harmon Avenue and Las Vegas Boulevard, across the Strip from the CityCenter complex.
The lenders say that even though foreclosure proceedings are under way and the banks have been collecting rent from small businesses on the site, FX continues to maintain possession or control of the land.
The lenders’ agent “believes that the fees and expenses which borrower and/or its related entities are currently charging the first lien lenders for managing the real property are excessive and disproportionate to those customarily paid in Clark County,” charged the lawsuit.
The lenders are asking the court to appoint a receiver to take control of the land.
It appears the lenders and investors will take huge losses on the property. The first lien lenders say they are owed $259 million on their $280 million loan, but FX has recently estimated the property is worth only about $219 million.
In the foreclosure, the second-lien holders — believed to be a syndicate of 70 or more lenders — may recover nothing on their $195 million loan against the property.
And the rents being collected by the lenders are insufficient to satisfy interest due on the loan or to reduce the principal amount due, the lawsuit said.
The value of the land has fallen as the recession has reduced valuations in the hotel and gaming industries and commercial real estate financing has dried up.
The banks suing the FX entities Friday were Landesbank Baden-Wurttemberg, Deutsche Hypothekenbank and Munchener Hypothekenbank eG. FX officials couldn’t immediately be reached for comment.
Topics: Celeb News | No Comments »
The ‘Twittersphere’ on Realtors | Real Estate and Technology News for Agents, Brokers and Investors
By admin | June 8, 2009
The ‘Twittersphere’ on Realtors | Real Estate and Technology News for Agents, Brokers and Investors | Inman News
The ‘Twittersphere’ on Realtors
By Daniel Rothamel, Inman Community Manager, Monday, June 8, 2009.
Once the playground of uber-geeks and the most technologically connected, Twitter has now gone mainstream. It seems like you can’t go a day without hearing a celebrity or news organization or regular person reference their Twitter name. That wasn’t the case just a few short years ago.
As the popularity of Twitter has increased, so has the conversation around just about any topic you can possibly imagine — everything from politics to sports; from the weather to what my cat ate; anything and everything — including Realtors. Below is a search of Twitter posts, or “tweets,” for the term “Realtor” (using the Twitter desktop application Tweetie for Mac). For those of you who think that Twitter is solely populated by ego-centric, attention-deprived quips about mundane details from pedestrian lives, you may want to check this out:
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