By KIMBERLEY HAAS A Los Angeles broker convicted of defrauding lenders to obtain more than $8 million in mortgage loans has been sentenced to five years and four months in prison. Alex Ashod Dadourian, 61, was a licensed mortgage loan broker whose company, Success Funding, doing business as Pride Funding, was located in Northridge, California….
By KIMBERLEY HAAS A real estate developer has been sentenced to four years in prison for his involvement in a mortgage fraud scheme involving at least two dozen loan transactions totaling $6.5 million. The actions of George Kritopoulos, 50, resulted in more than $3.8 million in losses to lenders, according to authorities at the United…
Mortgage fraud risk dropped 7.5% YOY in Q2 2022, with one in 131 mortgage applications containing instances of fraud, CoreLogic reported. In contrast, Q2 2021 saw fraud in 1 in 120 applications. Mortgage fraud is defined as the deliberate act of lying or omitting information that is used by an underwriter or lender to fund,…
The nephew of a New York real estate mogul has pleaded guilty to a misdemeanor charge in a mortgage fraud case involving $167 million. Kevin Morgan, former vice president of Morgan Management and Morgan Communities, pleaded guilty to bank larceny on Tuesday. Morgan admitted to submitting false documents to ESL Federal Credit Union for a…
A California man has pleaded guilty to wire fraud in connection with a foreclosure rescue scam that took at least $5 million from distressed homeowners. Sergio Lorenzo Rodriguez admitted to one count of wire fraud, according to the Department of Justice. This offense carries a maximum sentence of 20 years in prison and a maximum…
By KIMBERLEY HAAS People who were victimized by what investigators have called the biggest Ponzi scheme in New Hampshire history can apply for compensation. In a news release, officials from the state’s Department of Justice announced that victims of Financial Resources Mortgage, Inc., and CL&M, Inc., can start filing applications to seek compensation from the…
Good Morning! Today is Monday, January 10. A fire in a Bronx apartment building killed at least nineteen people. Russian forces have surrounded Ukraine on three sides as diplomats meet in Geneva for talks. “Power of the Dog” and “Succession” won top honors at the Golden Globes, which did not air this year due to criticism…
Mortgage fraud rose 37.2% year-over-year (YOY) through Q2, reaching pre-pandemic levels, according to CoreLogic’s latest Mortgage Fraud Report. The increases are artificially high given the significant drop in fraud during 2020, which was driven by jumps in traditionally low-risk refinances. The current level mimics mid-2019. “Refinance opportunities that surged lending volumes during the pandemic may…
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