February 17, 2012 |
Certain rules about managing money are fairly obvious, and among the most basic is this one: "Don't get in over your head. " But things that seem like a good idea at the time - buying a house, for instance - can go horribly wrong. For evidence of that, just look at the last six years of record foreclosures in this country, which can be attributed to factors as diverse as folks being duped into taking on bigger mortgages than they could afford and to the waves of layoffs announced during and after the Great Recession.
December 20, 2011 |
A Berks County judge ordered six former employees of a jailed mortgage broker to pay restitution of nearly $1.5 million to victims, mostly in Lancaster and Berks Counties, of a $28 million fraud from 2003 through September 2007. But the state Attorney General's Office, which filed the 2008 consumer-protection lawsuit against Wesley A. Snyder and his Berks County companies that resulted in this month's judgment, responded Friday with a posttrial motion asking Common Pleas Court Judge Albert A. Stallone to enter far larger judgments against the employees.
September 30, 2011 |
A former television evangelist who served prison time before starting a church in Chester County was charged Thursday by federal authorities with engaging in a $6.4 million mortgage-fraud scheme. Michael Wilkerson, 45, is pastor of the New Millennium Life Restoration Fellowship, with centers in Spring City and Phoenixville. He also owned the Agape Development Co., which said it developed real estate. According to an indictment returned Thursday, Wilkerson recruited several church members and their families to act as "straw" purchasers of houses in Schwenksville and Glenmoore.
September 29, 2011
Federal authorities charged a Montgomery County pastor and three others in an alleged $6.4 million mortgage fraud. The U.S. Attorney's office in Philadelphia said Thursday that Michael Wilkerson recruited at least five congregants of his New Millenium Life Restoration Fellowship, with locations in Phoenixville and Spring City, to act as straw buyers, who were paid $15,000 to participate in the scheme December 2006 to about August 2008....
August 26, 2011
In the Region Guilty plea entered in mortgage fraud John C. Lucidi Jr., a former mortgage broker for companies in West Chester and Newtown Square, pleaded guilty to a mortgage fraud that cost banks more than $7 million between May 2005 and October 2008, Zane David Memeger, United States attorney for the Eastern District of Pennsylvania, said Thursday. Lucidi, 30, of Las Vegas, allegedly found buyers for houses at inflated prices, helped them qualify for mortgages by supplying false information to lenders, and gave the buyers kickbacks at closing, typically between $30,000 and $50,000, prosecutors said.
July 15, 2011
Mortgage fraud alleged John C. Lucidi Jr., 30, of Las Vegas, who once worked in West Chester, was charged by the U.S. Attorney's Office yesterday in a $7-million mortgage scheme to defraud seven financial institutions. Authorities said Lucidi, who formerly worked as a mortgage broker for companies in West Chester and Newtown Square, found buyers, some of them family members, to buy homes - primarily in North Wildwood - for inflated prices in exchange for kickbacks of between $30,000 and $50,000 at closing.
July 14, 2011 |
A Las Vegas man who once worked in West Chester was charged today by the U.S. Attorney here in a $7-million mortgage fraud scheme. Authorities said John C. Lucidi Jr., 30, who formerly worked as a mortgage broker for companies in West Chester and Newtown Square, defrauded at least seven financial institutions as part of a scheme that lasted from May 2005 to October 2008. The court filing alleged that Lucidi found buyers, including family members, to purchase homes-primarily located in North Wildwood for inflated prices so that buyers could get kickbacks of of between $30,000 and $50,000 at closing.
May 27, 2011
The owner of Invictus Financial Group in Havertown was sentenced to 60 months in prison and ordered to pay restitution of $3.9 million for operating a real estate investment scheme that caused $6 million in losses to lenders, the U.S. Attorney's Office in Philadelphia said. Kirk H. Kirby, of Capital Heights, Md., pretended to be a licensed mortgage broker and ran what the government said was similar to a Ponzi scheme in 2006 and 2007. An accomplice, Sholanda Y. Johnson, of Philadelphia, was sentenced to 30 months and ordered to pay back $2.4 million.