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US Supreme Court Rules on Mortgage Fraud Restitution Calculations

WASHINGTON (AP) — The U.S. Supreme Court has clarified how restitution must be computed in mortgage fraud cases. The justices in a unanimous decision Monday said that restitution to a bank that has been defrauded must be calculated based on the value of property when it is actually sold, and not the earlier date on […]

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Mortgage Fraud Fugitive Ronnie Duke Captured – Then Assaults Prosecutor

DETROIT, MI — A Fenton man convicted of what prosecutors called the largest mortgage fraud in state history is accused of attacking a federal prosecutor after he was apprehended by U.S. Marshals for failing to show up and serve his prison sentence. Ronnie Edward Duke was in court Monday, Feb. 24, following his arrest by […]

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Michigan Man Admits Helping Girlfriend Qualify for Mortgage with Fake Documents

Gari-Mark Thomas, 38, Michigan, formerly of Norwalk, Connecticut, waived his right to indictment and pleaded guilty before U.S. Magistrate Judge Thomas P. Smith in Hartford to one count of conspiracy to defraud the Federal Housing Authority through a mortgage fraud scheme. According to court documents and statements made in court, in March 2008, Thomas, while serving […]

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Justice Dept. Says Bank of America Should Be Fined $2.1 billion For Mortgage Fraud

The United States government is now seeking $2.1 billion in fines from Bank of America for selling fraudulent loans that precipitated the Great Recession, more than double the amount it initially sought last year. Back in November, the Department of Justice asked a US district judge to levy about $863 million in penalties on Bank of America […]

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$27M Investment Fraud Preyed on Retirees

Many of the alleged victims of two Calgary men accused of orchestrating a $27-million fraud were retirees who lost their life savings, claims one former investor. Jon Edmunds is among 84 investors involved in a lawsuit against Ken Fowler. An arrest warrant was issued for Fowler on Monday, along with his alleged accomplice Douglas Schneider. They are accused of selling fraudulent […]

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Idaho Woman Gets 10 Years For Fraud

A former Bend developer walked out of a federal courtroom on Wednesday facing 10 years in prison, the longest sentence meted out in a wide-­ranging mortgage fraud scheme that rocked the Central Oregon real estate market in the wake of the Great Recession. Shannon Egeland, 39, who now lives in Idaho, must report to authorities […]

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