September 8, 1989 |
Mortgage broker Ferdinand L. "Frenchy" Risco suggested to a federal judge yesterday that a three-year prison term for swindling 16 poor Philadelphians out of $52,275 would be sufficient punishment for him. U.S. District Judge Louis Pollak agreed. In imposing the sentence, Pollak rejected the prosecution's recommendation for a longer term. The judge also declined to fine Risco, saying that would hinder him from making restitution to his victims. Risco told the judge he'd made "some mistakes," but wasn't "as dangerous or bad" as the prosecutor made him out to be. Assistant U.S. Attorney Tina Williams Gabbrielli said Risco has two prior fraud convictions, had been dodging his taxes for several years, and is "a consummate con artist" who has "lived a life of trickery and deceit.
October 18, 2008 |
The state Attorney General's Office has charged seven South Jersey residents with collecting unemployment benefits while they had jobs. They were among 14 people statewide who were indicted on charges of stealing a combined $253,331 from the state's unemployment insurance trust fund between 2001 and 2005. Those indicted on third-degree charges of theft by deception: Michelle Washington of Sicklerville, who the state alleges collected about $15,000 while she was working as the manager of a nursing home in West Windsor, N.J. Washington, 43, is now the manager of the Branch Village section of Camden's housing authority.
November 6, 1992 |
Home-mortgage refinancers, equity-line borrowers and home buyers and sellers will get important new consumer protections when they apply for a loan beginning next month. The fiscal 1993 federal housing bill, signed into law late last month by President Bush, closes two legal loopholes that have denied some consumers accurate disclosures about mortgage terms. Under the law, a huge segment of the home-finance market - refinancings, home equity loans and lines of credit - will for the first time be subject to federal disclosure and anti-kickback rules.
July 18, 2010 |
An acquaintance told me that he was taking an offer to modify his mortgage, and that changing his loan from a 30-year to a 15-year fixed rate would cost him just $800. I make it a habit not to pry into the financial affairs of friends, but I was astounded by this one's use of the word modify , since it's become synonymous with desperate borrowers. Permanently modifying a loan can forestall foreclosure, which is a good thing. But the downside is it affects your credit detrimentally.
July 3, 2005 |
It's a mystery worthy of Hollywood: In February, $4 million suddenly appeared in the checking account of a suspended Philadelphia lawyer. Who wired it? And why? Is it, as Homeland Security officials in Dallas allege, an effort to launder money? Could it be, as a federal prosecutor in Philadelphia suspects, part of some complex international criminal fraud? Or is it, as the lawyer insists, all quite innocent - simply a surprise investment from an old client who wants to help him make major motion pictures?
April 20, 2010 |
In the beginning, the six-story, 10-unit condo project at 257-59 N. Second St. was to be called Blu, for the color of its exterior panels. Architect Jay Tackett was hired by 257-59 Development L.L.C., and "they even built a scale model of it and had pictures of what the units would look like," said Realtor/mortgage broker Fred Glick, the original listing agent. But completing the project was a hurdle the developer - hamstrung, observers say, by a general contractor who went out of business midstream - couldn't clear.
October 14, 1988 |
We plan to sell our home next month, and we must get top dollar for it. What suggestions do you have to make our home sell for the highest price, as we can't afford to remodel it before selling? The cheapest and most profitable home improvement is fresh paint. Paint your home inside and outside to make it sparkle. Most homes can be painted for a few hundred dollars if you do it yourself. But the return in extra dollars can be thousands. In addition, your freshly painted home will probably sell much faster than if you don't paint it. The next profitable improvement to make at practically zero cost is to clean up your home and yard.
July 2, 2008 |
A former Bucks County prosecutor who had pleaded guilty to stealing mortgage payments, writing bad checks, and forging a judge's signature was sentenced to prison by a Delaware County Court judge yesterday. Joseph James Scafidi, 53, of Warminster, was sentenced to serve 18 to 36 months in state prison and five years on probation, ordered to pay $42,000 in restitution to the homeowners, and forbidden to work in the mortgage or any other financial business. Scafidi, who was working as a mortgage broker when he was arrested, also pleaded guilty yesterday to new charges, including perjury.
September 8, 1989 |
Ferdinand "Frenchy" Risco, a mortgage broker who was convicted of bilking poor Philadelphians out of money due them from sheriff's sales of their homes, was sentenced yesterday to three years in prison. U.S. District Judge Louis H. Pollak also ordered Risco to pay restitution to 16 victims who were defrauded of $52,275 between August 1985 and January 1986 by Risco and his partner, Reginald D. Lundy Sr., a former real estate broker who had pleaded guilty and testified for the prosecution.
July 22, 1992 |
A federal judge in Philadelphia yesterday entered an $18.7 million civil judgment against several area businessmen and their associates for engaging in fraudulent mortgage transactions on residential properties. U.S. District Judge Norma L. Shapiro found that the defendants had defrauded MortgageLinq Corp., of Voorhees, N.J., and the Federal Home Loan Mortgage Co. of more than $7 million. After deducting nearly $800,000, the estimated proceeds of mortgage foreclosures, the judge found the defendants liable for trebled damages, $18.7 million, under provisions of the federal Racketeer Influenced and Corrupt Organizations Act. Shapiro said the mortgage scams were devised in 1990 and 1991 by three businessmen, Richard Gottfried and his father, Leonard, both of Wynnewood, and Donald Steerman, of Atlantic City.