November 26th, 2010 at 11:37am
A federal grand jury has indicted Monica Elizabeth Frommer, 33, on charges of 12 counts of bank fraud, loan fraud, wire fraud, and making unlawful monetary transactions. According to the indictment, Frommer submitted stated income loan applications to National City Bank and Washington Mutual Bank from 2004 through 2007, indicating that she and her husband earned almost $50,000 per month. She also is alleged to have submitted falsified bank records to confirm their assets, and as a result, was funded almost $2 million in mortgage loans.
If convicted of all the charges, Frommer could face up to 290 years in federal prison.
Read the full article in the National Mortgage Professional.
March 25th, 2010 at 10:22am
Deputy District Attorney W.R. McKenzie, who is a prosecuter of real estate fraud with the Stanislaus County District Attorney’s office, says the D.A. is moving away from prosecuting people who took out “liar’s loans” and setting its sights instead on con artists who victimize people in real estate investment scams and other real estate fraud schemes.
Here are some of the cases that have been prosecuted by the Stanislaus County D.A.:
- Bounthavy Manivong, convicted of stealing $1 million from roughly 35 victims who believed they were investing in properties purchased by Manivong.
- Hector Leonel Picart, sentenced to four years in prison for stealing $18,500 from an elderly victim.
- Selena Corral, who pleaded no contest to one count of grand theft.
- David George and Lorna Martin forged documents to take out fraudulent loans at a brokerage where they worked.
Read the full article in the Modesto Bee.
