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Minnesota Real Estate Investment Partner Indicted for Allegedly Cheating Investors of $10M

Matthew Stoen, 35, Wayzata, Minnesota, and formerly of St. Charles and Chicago, Illinois, was indicted on federal charges alleging that he fraudulently obtained more than $10 million from more than 50 investors and lenders. The defendant was a founder of Stone Rose, LP, and effectively was its managing general partner. Stoen was charged with four counts of […]

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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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Minnesota Couple on Lam in Asia Face Prison for Mortgage Fraud

A former Shorewood, Minn., couple is headed for federal prison after more than a decade eluding authorities while living and doing business in Thailand and China. “I’ve been prosecuting for 15 years, and I’ve never had someone flee and remain on the lam for 12 years,” said Karen Schommer, an assistant U.S. Attorney. “It’s unusual.” […]

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Mortgage Fraud Spikes Before Stricter Rules Take Effect

By at least one measure, mortgage fraud was trending higher across the country in the third quarter of 2013 before tougher lending standards took effect this year. There was a 10.41 percent average increase throughout the country of possible fraudulent activity in loan applications between the second and third quarters of 2013, according to Kroll Factual Data, […]

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Defendants in Mortgage Relief Scam – $3.6 Million Settlement with FTC

A mortgage modification scam that took advantage of distressed consumers facing possible foreclosure has reached a $3.6 million settlement with the Federal Trade Commission. This settlement represents the FTC’s largest judgment to date against a purported mortgage assistance relief provider. As part of the settlement, the South Florida-based defendants will surrender their assets and be […]

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Taylor Bean, Home America Mortgage Settle $320 Million FCA Suit

Taylor Bean & Whitaker Mortgage Corp. and Home America Mortgage Inc. have agreed to pay over $320 million to settle a False Claims Act whistleblower lawsuit alleging they falsified mortgage applications to secure federally funded insurance for loans that ultimately defaulted, the plaintiffs’ attorneys announced on Monday. The complaint was filed in 2006 by former […]

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