Two Foreclosure Crooks Plead Guilty
Legal Topics | 2008/06/05 16:13
Two men pleaded guilty Tuesday to defrauding homeowners in a "foreclosure rescue" scam that netted the criminals titles to more than 80 houses, more than $20 million in fraudulently acquired home equity loans and $1.4 million in fees, federal prosecutors.

Maurice McDowall, 49, faces up to 30 years in prison for conspiracy to commit bank fraud and wire fraud, plus a fine of twice his ill-gotten gains. McDowall directed the illegal operation, the U.S. Attorney's Office said.

Aleksander Lipkin, 29, faces the same sentence on the same charge. He was a mortgage broker who coordinated the submission of fraudulent information to lenders. Lipkin also pleaded guilty to another charge of defrauding subprime mortgage lenders.

One other defendant has pleaded guilty in U.S. v. McDowall and three more await trial. Four have pleaded guilty in U.S. v. Lipkin, and 22 await trial.

As is often the case in mortgage rescue scams, the men offered to "help" distressed homeowners by refinancing, selling the homes to straw buyers who would apply for a new mortgage, which they would use to pay off the old debt, and then resell the house to the victims.

But McDowall and Lipkin sometimes failed to make even a single payment on the loans; in nearly all the others they eventually stopped making payments and defaulted, cashing out the property. In some cases, they just stole the houses by forging homeowners' signatures transferring the property, prosecutors said.

"As a result, the distresses homeowners lost the titles to their homes and faced eviction, the straw buyers owed the lenders hundreds of thousands of dollars that they were unable to repay, and the lenders suffered losses from the defaulted loans," the U.S. Attorney's Office said.


[PREV] [1] ..[2487][2488][2489][2490][2491][2492][2493][2494][2495].. [2607] [NEXT]
All
Headline Legal News
Legal Topics
Legal Business
Attorney News
Court News
Court Watch
Areas of Focus
Legal Interview
Opinions
Minnesota Supreme Court defers ru..
Australia’s High Court intervene..
Supreme Court hanging up phone, b..
Consumer Protection Law Attorney ..
Court rules Catholic school wrong..
Maryland’s highest court reviewi..
Judge blocks photography ban in G..
Consumer Protection Law Attorney ..
Judge tells prison to seize Nassa..
US moves to cut backlog of asylum..
Holocaust researchers in Poland w..
Federal judge leaves CDC eviction..
Trusted Advisors – Brownlie Hans..
Court tosses ruling against Penns..
Order: Mississippi judges have di..
Starting Up: The Balanced Approach
West African court to rule on Ven..
Biden’s new evictions moratorium..
Men ordered to pay back $2.4M in ..
How to Make Calls to Action Works




St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Chicago Truck Drivers Lawyer
Chicago Workers' Comp Attorneys
www.krol-law.com
Bar Association Website Design
Bar Association Member Management
www.lawpromo.com
Indianapolis, IN Personal Injury Law Firm
Indian Personal Injury Attorneys
www.williamspiatt.com
New York Dental Malpractice Attorney
DUI Lawyer
dentalmalpracticenewyork.com
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
www.dirussolaw.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
Oak Lawn IL bankruptcy attorneys
credit card debt lawyer
bankruptcylawchicago.com
   Legal Resource
Headline Legal News for You to Reach America's Best Legal Professionals. The latest legal news and information - Law Firm, Lawyer and Legal Professional news in the Media.
 
 
 
Copyright © ClickTheLaw.com. All Rights Reserved. Legal Marketing Blog. The content contained on the web site has been prepared by Click The Law. as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. By using the www.clickthelaw.com you agree to be bound by these Terms & Conditions.

Affordable Legal Web Designby Law Promo