In recent news, 12 Arizona residents have been indicted for involvement in multi-million dollar mortgage fraud schemes. The defendants have been charged with numerous white collar crimes, including various counts of conspiracy, conspiracy to commit wire fraud, wire fraud, aggravated identity theft, and money laundering, as well as conspiracy to commit transactional money laundering. It was determined that mortgage fraud played a huge role in the collapse of Arizona’s economy and real estate market, so it’s safe to say that federal investigators are not going to show much leniency towards defendants accused of this criminal offense.
Archive for the ‘Mortage Fraud’ Category
For an individual to secure the best possible defense in court against charges for fraud, they should look for a Phoenix fraud attorney with experience as a former Arizona prosecutor. This experience can prove invaluable for a defendant accused of fraud because a former prosecutor may know some key people within Arizona’s criminal justice system, and these connections will make it much easier for the defense to negotiate with the prosecution.
Possible penalties for Arizona fraud crimes can include a jail sentence for up to 10 years, hefty fines and restitution. If convicted of a fraud crime such as mortgage fraud, bank fraud, wire fraud or credit card fraud, the punishments handed down from a judge will usually vary depending on the amount stolen and the scope of the crime. In addition, first time offenders are almost always treated differently than individuals with a past criminal record. Judges and prosecutors oftentimes show greater leniency towards first time offenders. When it comes to defendants with a history of involvement in white collar criminal offenses, judges and prosecutors may be extremely strict. Therefore, it is important for individuals with criminal records to consult with a Phoenix white collar crimes attorney if they think that they are under investigation or have been arrested for fraud.
Under Arizona law and Federal law, fraud is considered to be one of the most serious types of white collar criminal offenses. The act of fraud occurs when an individual acquires money or property by deceiving another individual. Instances of fraud are generally classified according to the nature of the offense. The following list includes some of the most common types of fraud crimes committed by individuals in Arizona: Bank fraud Credit card fraud Identity theft Insurance fraud Mail fraud Mortgage fraud Securities fraud and insider trading Wire fraud If you’ve been accused of fraud in Arizona court or Federal
For those involved in Arizona’s mortgage-backed securities market, I hope you were listening when Obama spoke about the mortgage fraud task force during his State of the Union address. Now that government officials have increased their focus on mortgage fraud, practices that were once commonplace at the time of transaction, could now fall under scrutiny and suspicion. As a result of the plummeting housing market, it also wouldn’t be very surprising if authorities look to states like Arizona first when hunting down fraudulent real estate activity.
As a result of the recent economic downturn, instances of mortgage fraud and real estate fraud have increased throughout Maricopa Country. Last Monday, two men involved in an Arizona mortgage fraud case pled guilty to one count of money laundering. According to the U.S. Attorney, the men fraudulently obtained $15 million in loans to finance the purchase of 26 Arizona properties. It was reported that the men applied for loans using false reports of income, assets and occupancy statements between August 2006 and May 2007.
When a person completes a real estate transaction that they perceived to be legitimate, it can come as a huge shock if they are suddenly accused of criminal mortgage fraud in Arizona. Even if a person is not necessarily aware that their actions were illegal at the time they obtained the mortgage, they can still be charged with fraud. Mortgage fraud can come in many different forms, and the potential consequences if convicted depend greatly on the circumstances of the case. According to Arizona law (A.R.S. 13-2320), a person commits residential mortgage fraud if they:
Mortgage fraud is a big deal, and authorities throughout Arizona are cracking down on anyone associated with illegal real estate transactions. Recently, there was a case involving mansions located in Scottsdale and Paradise Valley valued over $1 million. According to an article in the Phoenix Business Journal, the three men involved in this case pled guilty to charges of conspiracy to commit wire fraud. While all three men were sentenced to Federal prison, two of them received 27-month sentences and the other received a 30-month sentence.
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