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Tag: foreclosure

FBI Agent in Prison for Mortgage Fraud; Goes From American Dream to American Nightmare

By Danny Fenster
ticklethewire.com

A former FBI agent has watched his life go from the American dream to the American nightmare, reports the Los Angeles Times.

Darin McAllister was a preacher in southern LA before working for the LAPD. From there he moved onto the FBI, working undercover in LA and then Tennessee, the Times reports. He called his career “my American Dream,” reports the LA Times. McAllister is now in a Kentucky federal prison, however, in what he calls “my American nightmare.”

McAllister is serving a four-year sentence stemming from a Justice Department investigation into mortgage fraud.

McAllister joined the LAPD just months before the Rodney King beating in March of 1991, as police were recruiting members of the African-American community for leadership roles, from churches in particular.

He was hired by the FBI in 1996 for undercover work .”I looked at the bureau as being the premier law enforcement agency,” he said. “I considered them the best.”

He was transferred to Nashville in 2003, where he bought duplexes, painted them and put up new drywall, then rented them out. But when the market soured, McAllister started losing tenants and falling behind on his mortgage loans. That’s when McAllister began to illegally inflate his earnings on mortgage papers.

To read more click here.

 

Five Arrested in Foreclosure Bidding Conspiracy

By Danny Fenster
ticklethewire.com

Creativity is one thing that never seems to be lacking when it comes to housing fraud, a pervasive problem.

The latest: Five men have been charged in an FBI probe into bid rigging on foreclosed homes at public auction in northern California, a local ABC affiliate reported on Tuesday.

A federal grand jury returned indictments on the men with charges including bid rigging and conspiracy to commit mail fraud on December 7th.

The indictment alleges that between September 2008 and October 2009 the men “entered into and engaged in a combination and conspiracy to suppress and restrain competition by rigging bids to obtain selected properties offered at public auctions in San Joaquin County,” according to the report.

More specifically, the station reported that the “men agreed not to publicly bid against each other then held private auctions amongst themselves and divided the profits, according to Assistant United States Attorney Russell Carlberg.”

To read more click here.

Detroit U.S. Atty. Indicts Ex-NBA Player in Fraud Case

nba-logo_1By Allan Lengel
ticklethewire.com

The U.S. Attorney’s Office in Detroit has indicted ex-NBA player Jay Vincent who played with Magic Johnson at Michigan State University in an alleged $2 million Internet employment scam, the Associated Press reported.

Authorities alleged that Vincent, 51, and Athony Portee, 53, both of Lansing, Mi., bilked jobseekers out of 20,000 job seekers out of $2 million.

The indictment alleges that between 2006 and 2009 the two men concocted defrauded people seeking jobs inspecting foreclosed homes through their company Foreclosure Bank Inspection Co., AP reported

The company charged each applicant $149 for liability insurance and $89 for a background check, but they hired no one to perform inspections and pocketed the money.

Vincent played on the NCAA championship at Michigan State with Magic Johnson in 1979 and later went on to play in the NBA on a number of teams including Dallas, Washington, Denver, San Antonio and the Los Angeles Lakers. He ended his career in Philadelphia in 1990, AP reported.

His attorney Charles Ford told AP Vincent is “a legitimate businessman” and is cooperating with the probe.