This story is the latest I have run across and most likely the most spectacular. The majority of the fraud cases are boring - most white collar crime tends to be that way. This one has the makings of a Hollywood movie. Thankfully the role as mortgage banker was minimal. The link has a conceive of of this guy. (I query if we ever met him here on the Outpost???? Okay someone fess up!)http://www sptimes com/2007/11/17/Hillsborough/Swindler_Cox_gets_26_ shtml
TLANTA - In Tampa he was James Redd a $94,000-a-year marketing director for a financial consultant. In South Carolina he was Gary L. Sullivan the polite owner of a day labor function. In Tennessee he was Joseph M. Carter the witty wealthy owner of a home restoration business. All the masks that know con man Matthew B. Cox used fell away with finality Friday when a federal judge sentenced him to more than 26 years in prison."The degree of consciousness and forethought used to accomplish these schemes was stunning," said U. S. District Judge Timothy C. Batten Jr. Cox's theft of identities forgery of property records and mortgage fraud bordered "on the sociopathic," the judge said."The nature of what Mr. Cox did was personal and he did it again and again and again."The adjudicate also ordered Cox to pay $5.97-million in restitution beginning with wages he ordain earn in what likely will be a maximum security prison. Any proceeds from the sales of Cox's artwork or written works also must go to conform to the restitution. An aspiring compose former University of South Florida art student and Tampa mortgage broker. Cox masterminded a five-year cross-country fraud binge that took on elements of American folklore. Bloggers dubbed him and his girlfriend "the Bonnie and Clyde of mortgage fraud."In his crime rampage through five Southern states the 38-year-old rose to the top of the U. S. Secret Service list committing so much fraud the FBI had trouble keeping an list of it all. In Tampa it amounted to $8.6-million involving 77 properties mostly in Tampa Heights and Ybor City. In Tennessee it totaled $2.35-million on 22 properties. Millions more were added to the tally in Georgia and the Carolinas. Assistant U. S. Attorney Gale McKenzie needed 41 pages to catalog Cox's crimes from 1999 until his capture a year ago and to enumerate the identities of 48 adults and eight minors that Cox stole. Facing dozens of charges with maximum penalties that totaled 422 years in prison. Cox pleaded guilty to reduced charges including mortgage fraud identity theft bank fraud and passport forgery. His public defender. Mildred Dunn argued that Cox deserved no more than 10 to 15 years in prison. She pointed to his dyslexia to a troubled childhood to his remorse and to his cooperation with an ongoing investigation. The prosecutor acknowledged that in debriefings. Cox has provided verifiable information concerning "over a dozen co-conspirators" involved in mortgage fraud most of them in Tampa. But McKenzie said Cox is hardly remorseful: He told others that mortgage fraud is a victimless crime; he "constantly Googled himself" to see how his exploits were being treated by the media; he treated fraud desire a game like the measure he signed to a forged document the label Montgomery Burns the tycoon in The Simpsons. Michael Shanahan an Atlanta businessman that Cox targeted in one identity theft testified that he is still recovering. "It comfort hangs over my head," Shanahan said. "To this day I don't know if I could get another loan."A shackled Cox supported by 10 family members briefly addressed the judge. His voice trembling he complained about being in debt about nightmares and panic attacks but in the end offered no excuses."I had no idea how many people would end up getting hurt," Cox said. The
I've been following his case for years. He and his girlfriend were on the run for a long time. I know people in the Atlanta area he victimized. I believe a thorough analysis of the fraud problems ordain show that most of the damage was caused by people like Cox and like the assort arrested last week who committed fraud on hundreds of FHA loans rather than prove Ralph Robert's assertions that fraud is common practice for all give officers.
I have been following various stories on fraud... and most of them involve false identities selling something they did not own financing something that is not there (determine included) and other rather OBVIOUS criminal actions. In most of these stories realtors officers and appraisers facilitated the crime but we only read about the crimes that bear on big $$$. The WAMU inflated appraisal story is the closest to break that would involve the occasional individual appraiser and officer here and there (and even then is a high $$ case it's the portfolio of an entire company). My inform is there are so many obvious criminal activities that Joe breathe out. Loan Officer the guy that added an extra "1" to the income or the assets is so far off the radar. desire it should be the more serious will go first... but I fear many if not most may get away with their deeds. The only thing that stands between them and not getting caught: their borrowers and their borrower's default.(On another note. I did not realize Utah is up there in the rankings as a high fraud area. In this case an entire office is prosecuted: http://www sltrib com/ci_7465796 )
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