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Maryland / North Carolina Real Estate Developer Sentenced To Prison In Extortion Scheme

Daniel Ira Colton, 64, Annapolis, Maryland and Raleigh, North Carolina, was sentenced to two years in prison followed by three years of supervised release for conspiracy to commit extortion and to making false statements. Colton offered money, entertainment, mortgage payments, and monetary and in-kind campaign contributions to state and local government officials in exchange for […]

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Maryland Homebuilder Admits Defrauding Real Estate Investors of $22M

Patrick J. Belzner, a/k/a Patrick McCloskey, 45, Glen Arm, Maryland, pleaded guilty to a wire fraud conspiracy, wire fraud and tax evasion. Belzer admitted advising wealthy individuals and investment advisers that in order for the McCloskey Group to obtain loans for real estate projects, the loan broker required large sums of money be deposited in […]

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2 Maryland Residents Plead Guilty in Mortgage Fraud Scheme

Two Md. residents pleaded guilty Monday and Tuesday to conspiring to commit wire fraud in connection with a mortgage scheme involving the purchase of two properties located on North Patterson Park Avenue in Baltimore, Md. Authorities said the real estate agent Nsane Phanuel Ligate, 42, of Ashburn, Va. pleaded guilty Tuesday and his co-defendant Cane […]

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Maryland Woman Arrested on Loan Fraud Charges and Impeding Federal Investigation

Jeong Joon Moon, a/k/a Patrick Moon, 46, Germantown, Maryland, has been indicted on charges arising from a scheme to defraud financial institutions. Moon owned and operated JM Capital Solutions, Inc. and RNB Consulting, Inc., which were loan brokerage firms with offices located in Annandale and Springfield, Virginia. These firms specialized in securing loans for individuals […]

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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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Maryland Man Pleads Guilty in Two Mortgage Fraud Schemes

Mokorya Cosmas Wambura, age 45, of Takoma Park, Maryland pleaded guilty today to conspiring to commit wire fraud and aggravated identity theft arising from two separate residential mortgage fraud schemes. Wambura used other individuals’ identities and false income and credit information to induce lenders to provide home mortgage loans. The plea agreement was announced by […]

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