Wednesday, September 14, 2005
A year ago, CNN wrote here that the FBI was issuing warnings of "rampant fraud in the mortgage industry." The Washington Post reported here that "FBI Director Robert S. Mueller III testified . . . at a Senate Intelligence hearing that 550 investigations of mortgage fraud were conducted in fiscal 2004, compared with 102 in 2001." A year later it would appear that mortgage fraud still remains a concern.
For example, this week the US Attorneys' Office for the Southern District of Texas issued a press release here telling of the indictment of an individual "for his role in a multi-million dollar mortgage fraud scheme allegedly executed in the Houston area since 2002." The criminal statutes being used to prosecute the alleged crimes in this case are wire fraud, mail fraud, bank fraud, and making a monetary transaction with criminally derived property.
The Atlanta Business Chronicle reported here that in June of this year the U.S. Attorneys Office "indicted 11 Atlantans and eight other people in an alleged mortgage fraud scheme." In the Norther District of Georgia, a thirty year sentence was recently issued on a case related to mortgage fraud. here.