Mortgage Fraud Posted by michael.luzzi - View Profile October 14, 2008 14:51:11
Another Argent Exec Sent to Federal Prison For Fraud 
The number of former mortgage executives entering the federal penitentiary system expanded once more with the entrance of Samuel Green, an ex-manager for Argent Mortgage Co., who began his nine-year prison sentence for a $13 million fraud scheme which already has one of his old colleagues serving an 18-year sentence.
The 61-year-old was sentenced to nine years in federal prison after being convicted of operating a multi-million dollar fraud scheme through the submission of more than ten dozen loans to his own company.
Charged with racketeering and conspiracy to commit racketeering, Green was found guilty by a Polk County, Florida jury on Aug. 28 for a mortgage fraud operation across four counties in Florida.
The charges were the result of a three-year investigation which began when a number of complaints were filed about incomplete or substandard construction work being performed by construction companies affiliated with Scott Almeida.
According to investigators, the group passed out fliers in low-income neighborhoods to target poor and uneducated minorities living in ramshackle homes in need of repair.
Almeida and the others allegedly convinced their victims on fixed incomes to a home loan to finance home improvement projects.
Most of the projects were never started, and very few of them were ever completed, say investigators.
Almeida and others secured mortgages for the homeowners by submitting fraudulent documents to Argent Mortgage Company.
As a manager for Argent, Green approved or oversaw the approval of the fraudulent loan applications, as did former Argent Vice President Orson Benn.
Investigators say the organized criminal operation submitted nearly 130 loans to Argent that were funded for approximately $13 million.
In October 2007, Almeida was sentenced to 10 years in prison after pleaded guilty on charges of racketeering, conspiracy to commit racketeering, seven counts of grand theft and six counts of obtaining a mortgage by false representation.
Benn was convicted by a jury in July and sentenced in September to 18 years in prison.
Argent Mortgage, which was acquired by Citigroup Inc. in August 2007, cooperated with investigators and provided information and documents to support the investigation.
Courtesy of MortgageLedger
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