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Loan Fraud

NATIONAL
September 22, 2005 | From Times Wire Reports
A former envoy for Afghanistan's deposed Taliban leadership who pleaded guilty to cheating on his taxes and lying on a bank loan application has been sentenced to two months behind bars. Noorullah Zadran, once a top spokesman for the Taliban in the United States, pleaded guilty June 17 to federal charges in U.S. District Court in Manhattan. Zadran also was fined $5,000 on Tuesday and ordered to serve three years of supervised release, the Justice Department said.
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NATIONAL
December 1, 2004 | From Associated Press
Car buyers beware: The Supreme Court said Tuesday that people misled about auto loans could not use a federal law to receive significant damages. When Congress passed the Truth in Lending Act 36 years ago, it decided to let consumers sue dishonest lenders for damages of $100 to $1,000. The law has been revised several times since then, but the Supreme Court ruled 8 to 1 that the damage caps would remain. The case was watched by consumer groups because of its potentially sweeping effect.
BUSINESS
September 5, 2003 | David Rosenzweig, Times Staff Writer
The former chief executive of now-defunct stereo maker Craig Consumer Electronics Inc. was convicted by a federal jury in Los Angeles on Thursday of inflating the company's assets and receivables to obtain a $40-million line of credit from a consortium of banks. After a two-month trial, Richard I.
BUSINESS
August 5, 2003 | From Reuters
Two of the three former Dynegy Inc. executives who had denied illegally hiding a $300-million loan under a scheme dubbed Project Alpha will change their pleas, federal prosecutors said Monday. Gene Shannon Foster, former tax vice president for Houston-based Dynegy, and accounting manager Helen Christine Sharkey had pleaded not guilty at a July 1 hearing to federal charges of criminal conspiracy, securities fraud, mail fraud and wire fraud.
BUSINESS
June 26, 2003 | Bonnie Harris, Times Staff Writer
Thirteen Southern California residents have been charged with obtaining more than $24 million in fraudulent home loans insured by the federal government that resulted in at least $12 million in losses, the U.S. attorney's office said Wednesday. Five of the defendants, who operated as a group, have pleaded guilty to wire fraud charges for helping unqualified buyers get federally guaranteed home loans that were set aside for low-income applicants.
WORLD
June 3, 2003 | Sam Howe Verhovek, Times Staff Writer
One of China's richest and most flamboyant businessmen is being detained for alleged loan fraud, becoming the latest executive to run afoul of a central government that alternately celebrates and cracks down on the country's highest-flying moguls. Zhou Zhengyi, a 41-year-old Shanghai native who rose from selling noodles and underwear on the streets to No.
CALIFORNIA | LOCAL
April 29, 2003 | From Times Staff Reports
A La Crescenta woman who worked as a loan officer at a Southern California credit union was sentenced Monday to two years in prison for taking out 17 bogus loans that caused the firm to lose more than $200,000. Ibell Abellon, a former loan officer for Southland Credit Union, was sentenced by U.S. District Judge J. Spencer Letts and also ordered to pay $237,429 in restitution. Abellon, 39, pleaded guilty in December to four counts of bank fraud.
BUSINESS
July 30, 2002 | From Bloomberg News
First Alliance Corp. customers who claim Prudential Financial Inc. and Wachovia Corp.'s First Union helped the mortgage lender deceive them must add more specifics to their lawsuit, a federal judge ruled Monday. At a hearing in Santa Ana, Judge David O. Carter told the plaintiff's attorney, Richard Scruggs, to submit a new complaint that details how the First Alliance mortgage customers learned of the fraud they claim was committed by Prudential and First Union.
CALIFORNIA | LOCAL
January 24, 2002 | From Times Staff Reports
A Camarillo title examiner who fraudulently obtained construction loans for her own home has been sentenced to two years in state prison, prosecutors said. Karen Dribble, a former Oxnard resident also known as Karen Whirlow, pleaded guilty to two counts of grand theft last month. Prosecutors say Dribble misrepresented her position with Fidelity National Title Co. to obtain two construction loans.
BUSINESS
March 7, 2001
BYL Bancorp, the holding company for BYL Bank Group, said Tuesday that it must repurchase allegedly fraudulent mortgage loans originated by nonemployees and sold to investors, resulting in a first-quarter charge of as much as $1.7 million. The alleged fraud was complex and involved more than 30 persons, including at least 13 businesses run by developers, real estate agents, appraisers, brokers and others, the Orange-based company said in a press release.
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