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'via Blog this'ST. PAUL — A 37-year-old Ellendale man was sentenced Thursday in U.S. District Court on charges stemming from a mortgage fraud scheme that resulted in losses of at least $18 million for mortgage lenders.
Michael Anthony Prieskorn was sentenced by Judge Paul A. Magnuson to 72 months in prison on one count of conspiracy to commit wire fraud and one count of engaging in an illegal monetary transaction.
The scheme allegedly involved the purchase of approximately 70 residential properties in Florida and Minnesota between December 2006 and April 2007, according to the U.S. Attorney's Office.
In his plea agreement, Prieskorn admitted he and others conspired to obtain mortgage loan
proceeds by luring buyers to purchase properties. In return, Prieskorn promised the buyers
$5,000 for every property purchased.
He also promised to make all mortgage payments and pay all other bills associated with the properties for a specific term, after which, he would sell the properties at no cost to the original buyers or “investors.”
Prieskorn maintained that the mortgage loans were risk-free to investors, knowing all the while the 20 investors were responsible for the loans.
Following the closing of these real estate transactions, many investors defaulted on their mortgage loans and were forced into short sales or foreclosure. Prieskorn admitted receiving at least $1 million in gross receipts as a result of the scam, according to the U.S. Attorney's Office.
Prieskorn was indicted on January 20,
trial is scheduled for July 9.
Information from: Chattanooga Times Free Press,http://www.timesfreepress.com 2010, and pleaded guilty on March 23, 2010.
Dobson's attorney, Chris Townley, said his client plans to fight the charges.
Both men are indicted on 12 counts, including conspiracy to commit wire fraud and money laundering and fraud against a financial institution. Court documents allege that fraudulent transactions took place in Tennessee, Georgia, Florida, Virginia and California.
Gott's court-appointed attorney, John McDougal, declined to comment. Dobson's attorney, Chris Townley, said his client plans to fight the charges.
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Information from: Chattanooga Times Free Press,http://www.timesfreepress.com 2010, and pleaded guilty on March 23, 2010.
| Sacramento Bee By Claudia Buck Anticipating a fresh wave of mortgage fraud scams, a group of law enforcement, state government and real estate officials Friday warned struggling homeowners to be wary. "We want to sound a warning about the rise in predators. |
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| LoanSafe (Source: Jennifer Bjorhus Star Tribune, Minneapolis (MCT) — A man indicted for running one of the state's larger mortgage fraud schemes was sentenced Thursday to six years in prison. Michael Prieskorn, 37, formerly of Minnesota and now living in ... |
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| San Jose Mercury News By Sam Richards Four people involved in a mortgage loan fraud scheme centered in Central Contra Costa County were sentenced to federal prison Thursday. In federal court in San Jose, the US Department of Justice said Friday that Ronald Nelson, 76, ... |
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| Yuma Sun It may sound strange to some Arizonans that their attorney general would announce this week that he would defend in court a state action regarding a mortgage fraud settlement even though he believes it is wrong. This disputed issue involves the passage ... | ||
| LoanSafe (MCT) — Two Marion County, Tenn., men have been charged in a mortgage fraud scheme that prosecutors say ran for at least two years, totaled $45 million in losses and involved victims in five states. Joshua Dobson, 34, of Kimball, Tenn., and Paul Gott ... | ||
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| Zacks.com ... to HUD that it was in compliance with the regulations for its eligibility to the Direct Endorsement Lender Program, and this included a conduction of full review of all early payment defaults, since early payment defaults signal mortgage fraud. | ||
| MarketWatch (press release) "Our Real Estate Fraud Unit is on the front lines of preventing and prosecuting mortgage fraud crimes. If someone believes they may have been a victim of real estate fraud, or for information on how to avoid becoming a victim, we encourage them to ... | ||
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| Sacramento Bee (blog) William E. Baker of Chico was sentenced to 18 months in prison today, in connection with a mortgage fraud scheme in 2007, the US Attorney in Sacramento announced. Baker inflated sales prices of five homes to secure large loans and then used the money ... | ||
| The Mercury Mortgage fraud and predatory lending practices spurred many states to toughen the qualifications for mortgage loan originators. Yet loopholes still allowed many individuals to originate loans without being properly licensed or trained. |
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| By By John Welbes jwelbes@pioneerpress.com Michael Prieskorn, who was behind one of the largest mortgage schemes to be prosecuted in Minnesota in the wake of the housing bubble collapse, was sentenced this week to six years in prison. News | ||
| By By Sam Richards Contra Costa Times Real estate agents, residential care facilities owners obtained $20 million in fraudulent loans to buy businesses. Concord | ||
| By Josh Flory From the AP: Two Tennessee men have been charged in a mortgage fraud scheme that prosecutors say totaled $45 million in losses and involved victims in five states. A report in the Chattanooga Times. Property Scope | ||
| By John Balazs William E. Baker of Chico was sentenced to 18 months in prison today, in connection with a mortgage fraud scheme in 2007, the U.S. Attorney in Sacramento announced. Baker inflated sales prices of five homes to secure large loans and then ... Eastern District of California Blog | ||
| By David Dayen This real estate grab through mortgage fraud is a case in point: a lot of talk and kabuki, but no real action (see eric schneiderman). It's amazing how the 0 can pronounce Bradley Manning as guilty without a trial, but says that the mortgage fraud ... Firedoglake |
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| From Yahoo! Finance: Federal authorities say seven people have been indicted in a mortgage loan fraud scheme worth more than $8.8 million.Federal ... | ||
| Real estate agents, residential care facilities owners obtained $20 million in fraudulent loans to buy businesses. | ||
| Chicago News, Chicago Weather, Chicago Politics, Chicago Investigations | FOX Chicago News | WFLD Television | myFoxChicago.com, More from ... | ||
| Responding to a requirement in the Dodd-Frank Act that it review, and if appropriate, amend, the federal sentencing guidelines for mortgage fraud, the U.S. ... |
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| Sacramento Bee It was part of a statewide campaign to draw attention to mortgage fraud. "We want to sound a warning about the rise in predators … who are ripping off homeowners. It's an alarming trend," said LeFrancis Arnold, president of the California Association ... | |
| Central Valley Business Times Mr. Baker pleaded guilty to mail fraud for his involvement in a massive mortgage fraud scheme. According to court documents, he falsified the sales prices of five homes he developed and sold in Chico in 2007. Mr. Baker wrote kickback checks of ... | |
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| Orlando Sentinel A Weston man pleaded guilty in a mortgage fraud scheme that has sent more than 30 people to prison in the past five years, said US Attorney Wifredo A. Ferrer. Juan Carlos Rodriguez, 52, a real estate agent and mortgage broker, pleaded guilty in federal |
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| Orlando Sentinel On Friday, Boca Raton police announced the arrest of Dieuvil, 38, on 13 counts of first-degree grand theft, four counts of grand theft, obtaining property by false representation, and 17 counts of mortgage fraud. Dieuvil, whose address is listed in the ... |
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