Items Tagged with 'U.S. attorney's office'

ARTICLES

  • Federal authorities order sweeping overhaul of failing New York public housing

    NYCHA required to "fundamentally reform" its operations
    Federal authorities this week took a major step toward reforming and rehabilitating New York City's unsafe, unsanitary, and in some cases, illegal public housing. HUD, the Manhattan U.S. Attorney, and the EPA are taking more control of the NYCHA in an effort to remedy numerous problems, including lead paint, mold, pest infestations, broken heaters in the winter, and non-functioning elevators in New York's public housing.
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  • Former bassist for The Ataris admits to masterminding multi-million-dollar real estate scam

    Scheme defrauded more than 100,000 people
    The former bass player in The Ataris, a rock band that gained notoriety with a 2003 cover of Don Henley’s “The Boys of Summer,” admitted in court late last week that he spearheaded a massive real estate scam that defrauded more than 100,000 people nationwide out of more than $25 million.
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  • Mortgage company founder admits to defrauding Ginnie Mae out of $2.5 million

    Former president of Mortgage Security Inc. admits to diverting mortgage funds
    The founder and president of a defunct Massachusetts mortgage company pleaded guilty this week to defrauding Ginnie Mae out of approximately $2.5 million. Beginning in 2011, Robert Pena, the founder and president of Mortgage Security Inc., allegedly began diverting money that borrowers sent to MSI into private bank accounts, which he then used to pay for personal and business expenses.
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  • New Mexico man admits to embezzling nearly $1 million from real estate company

    Convinced investors to invest $1 million, spent $995,000 on himself and his wife
    A New Mexico man admitted in court that he and his wife spent all but $5,000 out of $1 million that investors gave to the pair under the guise of investing in a real estate company. According to court documents, Willis spent $995,000 of the victims’ $1 million instead of investing the funds as he told the investors he would.
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  • California man charged with running $20 million real estate Ponzi scheme

    Allegedly lied to investors about real estate deals
    A California man stands accused of bilking investors out of $20 million by running a real estate Ponzi scheme. According to court documents, Seth Depiano operated a Ponzi scheme that attracted real estate investors and convince them to give to him and the businesses he controlled, which included The Rental Group, U.S. Funding and Home Services, and Draymond Homes, more than $20 million.
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  • Former Nomura RMBS trader found guilty of securities, wire fraud conspiracy

    But found not guilty on six other counts
    Nearly two years ago, the SEC and the U.S. Attorney’s Office charged three former Nomura Securities residential mortgage-backed securities traders with fraud, alleging that they “repeatedly lied” to customers about the pricing information of mortgage bonds and defrauded customers out of millions of dollars. The three traders went on trial last month, and a jury handed down a verdict this week. All in all, only one was found guilty – and only on one charge.
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  • JPMorgan Chase officially reaches $53 million settlement for lending discrimination

    Wholesale lending brokers accused of charging higher rates to minorities
    Confirming reports that began to emerge last week, JPMorgan Chase officially reached a settlement with the Department of Justice over allegations that the bank’s brokers charged higher interest rates to minority borrowers than white borrowers in the run-up and during the financial crisis. Initial reports pegged the settlement amount at $55 million, but the actual settlement amount is slightly lower, checking in at $53 million.
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