Miami Judge Sentences Mortgage Fraud Ringleader to Prison A long-running mortgage fraud scheme conned several Miami-area banks out of close to $50 million, and now the mortgage fraud ringleader has finally been sentenced to prison. On Tuesday, September 30th, US District Judge K. Michael Moore sentenced Domenico Rabuffo, 78, to 27 years in prison as the mortgage fraud ringleader fraud scam. Three other people convicted in Rabuffo’s trial will be sentenced on October 30th. For Rabuffo, this is life in prison. After being indicted in … [Read more...]
Supreme Court Clarifies Mortgage Fraud Restitution
May 12, 2014 by Leave a Comment
Supreme Court Sets Down Rules for Mortgage Fraud Calculations and Restitution On Monday, May 5th, the Supreme Court clarified rules for how restitution is calculated in mortgage fraud cases. In a unanimous decision, the justices agreed that restitution to a bank that has been defrauded must be calculated on the value of the property when the property is sold, not the value of the property when it has been foreclosed upon. The decision centers on a case of a fraudulent loan application for two houses in WIsconsin, for $470,000, filed by … [Read more...]
Two Convicted on Federal Mortgage Fraud Charges
April 29, 2014 by Leave a Comment
Former Countrywide Loan Officer and Former Corrections Officer Convicted on Mortgage Fraud Charges On Friday, April 18th, two men were convicted for their roles in an extensive mortgage fraud scheme that included the fraudulent purchase of over 40 properties in New Haven, Connecticut. Andrew Constantinou, of Unionville, Connecticut, and Jacques Kelly, of Poughkeepsie, New York, were convicted on all federal charges after a three-week trial, including conspiracy to commit mail, wire, and bank fraud. The jury also found Kelly guilty of one … [Read more...]
7 Floridians Arrested for NC Mortgage Fraud Scheme
January 16, 2014 by Leave a Comment
Mortgage Fraud Scheme Leads to Arrest of 7 Florida Residents Seven Florida residents have been arrested in connection with a mortgage fraud scheme based in a remote development near Cashiers, NC. Federal mortgage fraud charges against the seven defendants include conspiracy to commit bank fraud and wire fraud and multiple bank fraud offenses. Reportedly, the ring leaders of the mortgage fraud scheme are Domenic Rabuffo, 77, from Miami, and his ex-wife Mae Rabuffo, 74, of Fort Lauderdale. Also indicted are Raymond E. Olivier, 52, and Curtis … [Read more...]
Carolinas Mortgage Fraud Leader Sentenced to 6 Months, $2 Million Fine
October 21, 2013 by Leave a Comment
Mortgage Fraud Ringleader Receives 6 Months in Prison and $2 Million Fine The ringleader of one of the biggest mortgage fraud schemes in the Carolinas was sentenced on Thursday, October 17th, to 6 months in prison with a $2 million fine. Mark Dain, CEO of Total Realty Management, must pay TD Bank (formerly Carolina First) in Myrtle Beach for seven fraudulent loans his company obtained for Georgetown residents of the Craven’s Grant neighborhood. The site along Winyah Bay was supposed to have 292 homes, but none of the lots were developed and … [Read more...]
