June 17, 2010
New Mortgage Fraud Indictment--Eastern District of California
The Eastern District U.S. attorney in Sacramemnto, California, announced yesterday the unsealing of a 48 count indictment charging 10 defendants with conspiracy to commit mortgage fraud, mail fraud, and making false statements in mortgage applications to federally insured banks. Click here to see the U.S. Department of Justice press release.
This indictment is the result of investigation by the Financial Fraud Enforcement Task Force. It demonstrates the continued focus by the federal government on prosecuting mortgage related offenses.
Posted by Tim Warriner at 11:44 AM
May 12, 2010
Sacramento Area Mortgage Fraud Investigations
With the financial crisis underway, Sacramento has become a hotbed for mortgage fraud investigations. Our local United States Attorney's Office is actively investigating mortage fraud. The U.S. Justice Department has formed more than 40 mortgage-fraud task forces nationwide as prosecutors and investigators struggle with a flood of mortgage-related cases. The FBI reports that its mortgage-fraud caseload has more than doubled in three years to about 1,600 investigations. About 200 FBI agents are assigned to the cases, up from 120 a year ago. The cases are also investigated by Treasury Department agents and California Department of Real Estate investigators. Click here to view the United States Department of Justice press release concerning these investigations.
The cases are charged as conspiracies under 18 U.S.C. 371, alleging bank fraud, wire fraud, mail fraud, and money laundering. The cases are complex and document intensive. It is essential to retain a qualified federal defense attorney if contacted by law enforcement, or if there is any concern that an investigation is under way. Please contact me if you have any concerns about a possible investigation, or if you have been contacted by law enforcement. Keep in mind that many persons considered "witnesses" potentially face exposure to criminal prosecution, so retaining counsel is of utmost importance.
Posted by Tim Warriner at 11:13 AM
NPR Segment on Mortgage Fraud: Complicity of Lenders
The Great Pool of Money is a terrific and entertaining commentary on the mortgage crisis. The piece suggests the complicity of the lending institutions in causing the crisis. As an attorney representing mortgage fraud defendants, the piece suggests a line of cross examination: the lending institutions encouraged the practices that caused the bad loans in an effort to sell more mortgage backed securities. The hour long segment was aired on the NPR program, This American Life. A shorter version of the segment is also available. Click here to listen to this wonderful NPR segment.
Posted by Tim Warriner at 07:18 AM