North Carolina appraiser sentenced 2 years behind bars

R. Michael Gee of Mooresville, North Carolina, received a 24 months in prison sentenced, followed by 36 months of supervised release. He will have to repay also $3,563,125.27 in restitution for his crimes. Gee pleaded guilty in June of 2009 to in connection with his participation in a mortgage fraud scheme involving about $15 million in loans and more than 200 properties.

Mortgage Brokerage got Million Dollar Judgment

A mortgage brokerage, from Seattle, WA as been order by an Ada County, Idaho, judge to pay more than $1 million in penalties and restitution for violating Idaho laws relating to mortgage and financial fraud.

The district judge found that Access Mortgage had engaged in numerous violations of law, to include submitting a false mortgage loan application to a lender, violating an order previously issued against the company by the Department of Finance, misrepresenting information the company provided to the department, refusing to provide the department with information requested during an investigation of the company's activities in Idaho, originating mortgage loans in Idaho through unlicensed mortgage loan originators on 405 occasions throughout the state with concentrations in Boise and northern Idaho, and failing to provide an elderly Idaho couple with required notices concerning closing costs the couple would be incurring on a mortgage loan obtained for them by Access Mortgage. In a related order, the district judge found that the company's violations were "aggravated and serious."

The judgment included a permanent injunction against further violations of the Idaho Residential Mortgage Practices Act and the Idaho Financial Fraud Prevention Act. Moreover, the judgment included a penalty amount of $1,055,000 entered against Access Mortgage, and ordered the company to pay restitution in the amount of $27,322.18 on behalf of the Idaho couple injured by the company's violations.