California Real Estate Fraud Report

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17
Dec

Wisconsin Man Indicted for Mortgage Fraud, Short Sale Fraud

If anybody is wondering why the California Real Estate Fraud Report is publishing arrests and indictments in other states that involve short sale fraud, it is because I believe that in California, where short sale fraud is rampant, prosecutors are for the most part too timid to jump into this fray. The result is that the crime of short sale fraud is even more pervasive, thanks to prosecutorial timidity reluctance. I cannot leave out the resistance by bankers to report this crime for prosecution, which is a large part of the problem. This only emboldens the commission of this crime that threatens neighbors’ equity, the property tax base, the IRS and our economy-at-large.

Randez Long, a Milwaukee, Wisconsin man, has been indicted for his role in an alleged mortgage fraudshort sale fraud scheme, which included his mother and sister.

From 2005 until April 2008, Long is alleged to have used his multiple businesses to con banks and other lenders into approving loans that contained false, fraudulent information from the prospective borrowers (loan fraud, mortgage fraud). Long’s businesses included LM Management, LLC; RL & DL Properties, LLC; RA & BB Properties, LLC; SC & Long Properties, LLC; R & B Mortgage, LLC; Long and Reed Property Management, LLC; and Long Management, LLC. See a copy of the indictment. Two of the named banks were Countrywide Bank and Southport Bank .

The purchasers are alleged to have made few payments, pushing the properties very quickly into foreclosure. Randez Long then arranged with the lenders to do short sales but instead sold the properties to new buyers than the approved short sale listing prices by the lenders. In the meantime, he managed to receive new loans from different lenders, again using false documents, and skimmed the profits, earning a tidy $1 million for himself.

The prosecuting agency is the U.S. Attorney’s Office for the Eastern District of Wisconsin, headed by James. L. Santelle.

Here are the properties alleged to be part of his scam;

3132 North 25th Street, Milwaukee, Wisconsin;

3442 North 12th Street, Milwaukee, Wisconsin;

2310 West Keefe Avenue, Milwaukee, Wisconsin.

Read the original article in the Mortgage Fraud Blog.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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