[admin]

In the following To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. Suffolk County (NY) District Attorney Thomas J. Spota announced the arrests of 27 suspects [in three separate cases] thus far in an ongoing investigation of mortgage fraud that has found $9 million in fraudulent mortgages and equity thefts secured with non-existent and iverstated assets by scammers to obtain fraudulent mortgages.

To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.Suffolk County District Attorney Thomas J. Spota

Spota said prosecutors in the Mortgage Fraud Unit of the Economic Crimes Bureau have secured nine indictments this year and are currently working 30 mortgage fraud investigations[IMG]file:///C:/DOCUME~1/IANS~1.AML/LOCALS~1/Temp/moz-screenshot-2.jpg[/IMG].
“What we’re seeing in Suffolk County is an explosion of fraud involving , depending on the scheme, every fact of the mortgage process: from applicants to the mortgage brokers to bank employees to appraisers” Spota said.
Case One:
Arraigned in Suffolk County on a 13-count indictment today, Louis LaDonna of 98 Wagstaff Lane, West Islip, NY is charged with scheming to defraud lenders out of approximately two and a half million dollars from the late fall of 2006 through the spring of 2007. Judge James Hudson set bail for LaDonna at $75,000 cash or $250,00 bond.
LaDonna operating out of his home as LaDonna Properties, allegedly inflated the value of single family homes in West Islip, Lindenhurst and North Babylon and procured straw buyers with fake documentation overstating their incomes to qualify for no down payment mortgages. LaDonna’s buyers made two or three payments to the lender before walking away and leaving each home in foreclosure.
Case Two:
Marie Poulard, 50 of East Quogue and Frank Spindel, 49, of Miller Place were arrested by District Attorney detectives Monday and Tuesday, Decemeber 8 and 9 respectively, and charged with first degree grand larceny, a class B felony. According to District Attorney Spota the couple swindled a now defunct mortgage lender, American Brokers Conduit of Melville, NY into $1.2 million in loans (a first mortgage of $927,000 and a second of $247,000) to buy a 1.4 acre property in East Quogue with a pool and tennis court.
“The investigation has dfound Poulard and Spingel used a straw purchaser - a man who earned $20,000 a year parking cars in New York City - who filed false documentation with American Brokers Conduit mortgage company that he earned $23,000 a MONTH as a regional sales manager for a Lindenhurst company selling high end boats”, said Spota. The District Attorney noted Spindel was paid over $25,000 in commissions for the deal.
Case Three:
The mortgage fraud investigation also uncovered a scheme involving mortgage brokers John Tuozzo, 43, of Merrick and Steven Winick, 40, of Syosset and former Citibank employee Yvonne Rojas, 30, of Brentwood. Tuozzo and Winick are alleged to have used false documents provided by Rojas, including phony verifications of bank balances, to get clients qualified for mortgages. To date, DA Spota said,mortgage fraud unit detectives have found evidence involving Rojas in 96 fraudulent mortgage schemes and the issuance of false verifications of deposit for over a dozen different mortgage brokers. Rojas, Winick and Tuozzo are charged with falsifying business records in the first degree and issuing false financial statements.
[IMG]file:///C:/DOCUME~1/IANS~1.AML/LOCALS~1/Temp/moz-screenshot-1.jpg[/IMG]
[IMG]file:///C:/DOCUME~1/IANS~1.AML/LOCALS~1/Temp/moz-screenshot.jpg[/IMG]


To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. - To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. - To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. - To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.

[RNEileen]

How many more scandals like this will be exposed. Ponzi schemes, fraud, someone was asleep.