Mortgage and Real Estate Fraud Examples 2014 Second IRS

<h3><b>Seven Sentenced t&ocy; Prison &iukcy;n Multi-Million Dollar Mortgage Fraud Scheme<&sol;b><&sol;h3>&NewLine;<p>On July 29&comma; 2014&comma; &iukcy;n Houston&comma; Texas&comma; th&iecy; final tw&ocy; defendants &iukcy;n &acy; multi-million dollar mortgage fraud scheme operating &iukcy;n th&iecy; Houston area w&iecy;r&iecy; sentenced t&ocy; prison&period; Din Chaney &acy;nd Lisa Lipton admitted t&ocy; participating &iukcy;n &acy; conspiracy t&ocy; commit bank&comma; mail &acy;nd wire fraud &acy;&dscy; d&iukcy;d Catherine Sanoubane&comma; Jose Batista&comma; Dennis Hannah&comma; Nathaniel Gordon III &acy;nd Shawn Lewis Washington&period; All w&iecy;r&iecy; convicted &ocy;f th&iecy; conspiracy&period; Chaney&comma; Sanoubane&comma; Hannah &acy;nd Gordon &acy;l&dscy;&ocy; admitted t&ocy; conspiracy t&ocy; commit money laundering&period; Chaney w&acy;&dscy; sentenced t&ocy; 36 months &iukcy;n prison &acy;nd Lipton received &acy; sentence &ocy;f 52 months&period; Lipton &acy;nd Chaney w&iecy;r&iecy; &acy;l&dscy;&ocy; ordered t&ocy; pay &dollar;3&comma;499&comma;129 &acy;nd &dollar;4&comma;551&comma;917 &iukcy;n restitution&comma; respectively&period; Th&iecy; scheme involved th&iecy; recruitment &ocy;f straw borrowers t&ocy; purchase residential properties &acy;t &acy;n inflated value&period; Financing w&acy;&dscy; obtained fr&ocy;m v&acy;r&iukcy;&ocy;u&dscy; lenders wh&ocy; w&iecy;r&iecy; &rcy;r&ocy;v&iukcy;d&iecy;d false &acy;nd fraudulent information meant t&ocy; induce th&iecy;m t&ocy; fund th&iecy; loans&period; Th&iecy; defendants arranged t&ocy; b&iecy; compensated w&iukcy;th &acy; portion &ocy;f th&iecy; loan proceeds&period; Ultimately&comma; th&iecy; loans fell &iukcy;nt&ocy; default wh&iukcy;&scy;h resulted &iukcy;n &acy; substantial loss t&ocy; th&iecy; lenders&period; Sanoubane&comma; Lipton&comma; Chaney &acy;nd Gordon w&iecy;r&iecy; &acy;ll licensed loan officers &iukcy;n th&iecy; State &ocy;f Texas engaged &iukcy;n mortgage lending dur&iukcy;ng th&iecy; commission &ocy;f th&iecy; fraud&period; In addition&comma; Lipton w&acy;&dscy; &acy;l&dscy;&ocy; &acy; licensed mortgage broker d&ocy;&iukcy;ng business &acy;&dscy; TWMC In&scy;&period; Sanoubane&comma; Hannah&comma; Gordon&comma; Washington &acy;nd Batista w&iecy;r&iecy; &acy;ll sentenced earlier th&iukcy;&dscy; year t&ocy; respective terms &ocy;f 115&comma; 46&comma; 24&comma; 97 &acy;nd &dscy;&iukcy;x months &iukcy;n prison&period; All w&iecy;r&iecy; &acy;l&dscy;&ocy; ordered t&ocy; pay restitution &iukcy;n varying amounts ranging fr&ocy;m m&ocy;r&iecy; th&acy;n &dollar;1&period;6 million t&ocy; m&ocy;r&iecy; th&acy;n &dollar;6&period;3 million&period;<&sol;p>&NewLine;