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Otis
Certified Residential
Joined: 11 Aug 2007
Posts: 2899
Location: High and Dry
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 Posted: Sat Jul 05, 2008 10:43 am Post subject: Mortgage broker pleads guilty to fraud - Appraiser too! |
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http://www.burlingtonfreepress.com:80/apps/pbcs.dll/article?AID=/20080704/NEWS02/807040312/1009/NEWS01 | Quote: | The owner of a defunct South Burlington mortgage brokerage who defrauded more than 200 home loan customers of nearly $1 million pleaded guilty this week to a federal wire fraud charge, the U.S. Attorney's Office said.
Richard Shumway, 51, of Brewerton, N.Y., will be sentenced Nov. 3. U.S District Judge William Sessions continued Shumway's release on conditions.
All Shumway's victims in the federal case lived in New York. The federal charges stem from Shumway's activities after he lost his Vermont brokerage license for similar transgressions, Assistant U.S. Attorney Gregory Waples said Thursday.
Shumway's scheme was to arrange for inflated real estate appraisals for the properties he brokered. As a result, buyers sought -- and banks granted -- larger than necessary loans.
Shumway then helped himself to some of the extra proceeds of each loan.
<snip>
One of Shumway's accomplices, real estate appraiser Gerald Mullaney of the Albany, N.Y., area has pleaded guilty to bank fraud. He is awaiting sentencing.
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_________________
Don't believe everything you think 
What are they SMOKING?<<Link
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Jim Plante
Certified Residential
Joined: 11 Aug 2007
Posts: 1584
Location: Selmer, TN
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| Posted: Sat Jul 05, 2008 11:21 am Post subject: |
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Glad the Feds have adopted my scheme for cleaning up the appraisal industry. Jail the bastards!
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Jim Plante
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Steve Owen
Certified General
Joined: 14 Aug 2007
Posts: 1935
Location: Joplin, Missouri
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| Posted: Sat Jul 05, 2008 8:34 pm Post subject: |
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| Quote: | | ...real estate appraiser Gerald Mullaney of the Albany, N.Y., area has pleaded guilty (emphasis added) to bank fraud. He is awaiting sentencing. |
SCUM!
_________________
I haven't a particle of confidence in a man who has no redeeming petty vices.
- Mark Twain, a Biography
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