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XCC Cage Fighting Matthew Flynn XCC Cage Fight Owner Flynn Rips off Banks for Millions Internet
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Law enforcement officials highlight districts work in combating mortgage fraud in U.S.
Tuesday, June 28, 2011
By DAVE PHILLIPS
Of The Oakland Press
On an annual basis, we know more money is stolen at the nip of a pen than the barrel of a gun, Oakland County Assistant Prosecutor Paul Walton said Tuesday.
He made the statement during a press conference about mortgage fraud at the U.S. Attorneys Office in Downtown Detroit.
Several law enforcement officials spoke at the press conference, detailing progress made as part of Operation Stolen Dreams, a nationwide sweep targeting mortgage fraud that was enacted a year ago.
The financial solvency of all of our counties is at risk with this type of mortgage fraud, Walton said.
Our goal in Oakland County is, not only do we hold those that have committed these criminal acts accountable, but we also try to seek restitution for the victim in the most efficient and effective way we know possible.
Walton said that goal worked to perfection with a recent case, in which a home builder was robbing Peter to pay Paul.
He was building houses, taking mortgage money and shifting it from one house to another, Walton said. He did this under the guise of trying to build a community. We not only identified the crime but also processed the crime to the effect that we think well be able to get total restitution for the victims.
U.S. Attorney Barbara McQuade said Michigan has one of the highest rates of mortgage fraud in the country.
(Michigan) is one of five states that together make up half of all foreclosures in the country, she said.
Mortgage fraud leads to foreclosures. Empty homes create havens for criminal activity. Ive heard that for every foreclosure in a neighborhood, your property value goes down by one percent.
Walton said certain areas of Oakland County have higher foreclosure rates, perhaps indicating higher amounts of mortgage fraud.
I know there are a number of foreclosures in Pontiac, he said. There are a number of foreclosures in the south end of the county as well. Some of them, during the course of our investigation we are learning, may be the product of some mortgage fraud. We have a number of cases out of the Southfield area as well. It seems to be demographically located in areas where you would see a higher turnover in homes.
Officials announced Tuesday that more than 1,500 defendants have been involved in Operation Stolen Dreams. A total of 525 arrests and 191 civil enforcement actions have taken place because of the operation, and more than $196 million has been recovered.
The operation was in effect from March until June of 2010. Since the end of the operation, 30 people have either pleaded guilty or were found guilty. Prison sentences in some cases have reached as high as nine years, and civil forfeitures of more than $1.5 million have been imposed.
The U.S. Attorneys Office has continued to litigate cases, with 22 new defendants being charged in cases that involve a combined many millions of dollars of alleged loss, according to a press release.
Two major Oakland County cases that have been brought since the end of the operation were detailed in the press release.
In one, Robert Hance, a former loan officer with Fifth Third Bank, was indicted in April on charges that he paid straw buyers a fee to serve as mortgage loan applicants to purchase real property which the conspirators wanted to develop.
Mortgage loan applications containing false information pertaining to the income and assets of the straw buyers were submitted to Fifth Third by Hance for approval, the press release states.
The total amount of fraud attributable to Hance is estimated to be (more than) $8 million.
Also in Oakland County, Matthew Flynn, along with co-conspirators, was accused of recruiting people with good credit histories and high credit scores to act as straw buyers, despite having no intentions on being the true owners of the properties involved.
Flynn and others would submit false mortgage loan applications to Flagstar Bank, grossly inflating the income and net worth of the straw buyers, the release states.
The total amount of loss to Flagstar Bank as a result of Flynns actions is estimated to be $4.75 million.
Contact staff writer Dave Phillips at 248-745-4631 or [email protected]. Follow him on Twitter @dave_phillips1
Tuesday, June 28, 2011
By DAVE PHILLIPS
Of The Oakland Press
On an annual basis, we know more money is stolen at the nip of a pen than the barrel of a gun, Oakland County Assistant Prosecutor Paul Walton said Tuesday.
He made the statement during a press conference about mortgage fraud at the U.S. Attorneys Office in Downtown Detroit.
Several law enforcement officials spoke at the press conference, detailing progress made as part of Operation Stolen Dreams, a nationwide sweep targeting mortgage fraud that was enacted a year ago.
The financial solvency of all of our counties is at risk with this type of mortgage fraud, Walton said.
Our goal in Oakland County is, not only do we hold those that have committed these criminal acts accountable, but we also try to seek restitution for the victim in the most efficient and effective way we know possible.
Walton said that goal worked to perfection with a recent case, in which a home builder was robbing Peter to pay Paul.
He was building houses, taking mortgage money and shifting it from one house to another, Walton said. He did this under the guise of trying to build a community. We not only identified the crime but also processed the crime to the effect that we think well be able to get total restitution for the victims.
U.S. Attorney Barbara McQuade said Michigan has one of the highest rates of mortgage fraud in the country.
(Michigan) is one of five states that together make up half of all foreclosures in the country, she said.
Mortgage fraud leads to foreclosures. Empty homes create havens for criminal activity. Ive heard that for every foreclosure in a neighborhood, your property value goes down by one percent.
Walton said certain areas of Oakland County have higher foreclosure rates, perhaps indicating higher amounts of mortgage fraud.
I know there are a number of foreclosures in Pontiac, he said. There are a number of foreclosures in the south end of the county as well. Some of them, during the course of our investigation we are learning, may be the product of some mortgage fraud. We have a number of cases out of the Southfield area as well. It seems to be demographically located in areas where you would see a higher turnover in homes.
Officials announced Tuesday that more than 1,500 defendants have been involved in Operation Stolen Dreams. A total of 525 arrests and 191 civil enforcement actions have taken place because of the operation, and more than $196 million has been recovered.
The operation was in effect from March until June of 2010. Since the end of the operation, 30 people have either pleaded guilty or were found guilty. Prison sentences in some cases have reached as high as nine years, and civil forfeitures of more than $1.5 million have been imposed.
The U.S. Attorneys Office has continued to litigate cases, with 22 new defendants being charged in cases that involve a combined many millions of dollars of alleged loss, according to a press release.
Two major Oakland County cases that have been brought since the end of the operation were detailed in the press release.
In one, Robert Hance, a former loan officer with Fifth Third Bank, was indicted in April on charges that he paid straw buyers a fee to serve as mortgage loan applicants to purchase real property which the conspirators wanted to develop.
Mortgage loan applications containing false information pertaining to the income and assets of the straw buyers were submitted to Fifth Third by Hance for approval, the press release states.
The total amount of fraud attributable to Hance is estimated to be (more than) $8 million.
Also in Oakland County, Matthew Flynn, along with co-conspirators, was accused of recruiting people with good credit histories and high credit scores to act as straw buyers, despite having no intentions on being the true owners of the properties involved.
Flynn and others would submit false mortgage loan applications to Flagstar Bank, grossly inflating the income and net worth of the straw buyers, the release states.
The total amount of loss to Flagstar Bank as a result of Flynns actions is estimated to be $4.75 million.
Contact staff writer Dave Phillips at 248-745-4631 or [email protected]. Follow him on Twitter @dave_phillips1
