Laws
DEFENDANT INDICTED IN $20 MILLION MORTGAGE FRAUD SCHEME
October 27, 2008 Posted by New York RealEstateRama
BROOKLYN, N.Y. - October 27, 2008 - (RealEstateRama) — An indictment was unsealed this afternoon in Brooklyn federal court charging Osmond Decoteau, 48, with wire fraud for masterminding a scheme to defraud mortgage lenders and banks of more than $20 million in connection with the sale of several properties located in Brooklyn and Florida, announced U.S. Attorney […]
MORTGAGE BROKER PLEADS GUILTY IN MULTIMILLION DOLLAR MORTGAGE FRAUD SCHEME
October 25, 2008 Posted by New York RealEstateRama
New York, NY - October 23, 2008 - (RealEstateRama) — MICHAEL J. GARCIA, the United States Attorney for the Southern District of New York, announced that JOSEPH PAPERNY pleaded guilty today before United States District Judge RICHARD J. HOLWELL in Manhattan federal court to participating in a multimillion-dollar subprime mortgage fraud scheme. According to the […]
THREE PLEAD GUILTY IN MULTIMILLION DOLLAR MORTGAGE FRAUD SCHEME
October 11, 2008 Posted by New York RealEstateRama
New York, NY - October 11, 2008 - (RealEstateRama) — MICHAEL J. GARCIA, the United States Attorney for the Southern District of New York, announced that GARRI ZHIGUN and his mother GALINA ZHIGUN, operators of mortgage brokerage firm AGA Capital NY, Inc. (”AGA Capital”), and MARYANN FURMAN, an employee of AGA Capital, pleaded guilty today […]
LEADER OF FORECLOSURE RESCUE SCHEME SENTENCED TO 10 YEARS IN PRISON
October 6, 2008 Posted by New York RealEstateRama
New York, NY - October 6, 2008 - (RealEstateRama) — MICHAEL J. GARCIA, the United States Attorney for the Southern District of New York, announced that MAURICE McDOWALL was sentenced yesterday by United States District Judge ROBERT P. PATTERSON to ten years in prison for his participation in a wide-ranging home foreclosure rescue scheme, which […]
Debt Obligations Were Backed by Fixed-Income Assets, Including Subprime Mortgages
September 4, 2008 Posted by New York RealEstateRama
Brooklyn, NY - September 3, 2008 - (RealEstateRama) — A superseding indictment was unsealed today in federal court in Brooklyn charging JULIAN TZOLOV and ERIC BUTLER, former brokers at Credit Suisse Securities (USA) LLC (“Credit Suisse”) with conspiracy, securities fraud, and wire fraud. The superseding indictment alleges that the defendants schemed to obtain higher sales […]
SEC Charges Two Wall Street Brokers in $1 Billion Subprime-Related Auction Rate Securities Fraud
September 4, 2008 Posted by New York RealEstateRama
September 3, 2008 - (RealEstateRama) — The Securities and Exchange Commission today charged two Wall Street brokers with defrauding their customers when making more than $1 billion in unauthorized purchases of subprime-related auction rate securities. The SEC’s Division of Enforcement in 2007 formed a subprime working group, which is aggressively investigating possible fraud, market manipulation, […]
“Circuit Breaker” Legislation Provides $1.7 Billion In Property Tax Relief
August 30, 2008 Posted by New York RealEstateRama
New York, NY - August 19, 2008 - (RealEstateRama) — Taking strong action to address a flagging state economy and impending budget deficits, Assembly Speaker Sheldon Silver, Assembly Ways and Means Committee Chair Herman D. Farrell and Assembly Committee on Real Property Taxation Chair Sandra Galef announced today that the Assembly passed legislation capping the […]
New York REALTORS hail new law to protect earned real estate commissions
August 23, 2008 Posted by New York RealEstateRama
Albany, NY - August 8, 2008 - (RealEstateRama) — New York’s REALTORS today applaud Gov. David Paterson for signing into law a long overdue measure to make sure real estate practitioners have a fair chance to recover earned but unpaid real estate commissions (A.7519A/S.4874). The Commission Escrow Act provides that when a contractually agreed upon commission has […]
Measure signed into law to prohibit all sex offenders from real estate licensure
August 23, 2008 Posted by New York RealEstateRama
Albany, NY - August 7, 2008 - (RealEstateRama) — New York’s REALTORS® today commend Gov. David Paterson for signing a measure into law that will preclude all convicted sex offenders from obtaining a real estate license (A.1269/S.1531). Under the parameters of the new law, any convicted sex offender will be barred from holding a real estate license, and […]
Cuomo announces agreement with Western NY real estate management company for violating fair housing laws
August 19, 2008 Posted by New York RealEstateRama
BUFFALO, N.Y. - August 4, 2008 - (RealEstateRama) — Attorney General Andrew M. Cuomo today announced his office has stopped a Western New York real estate management company from denying housing to potential tenants because they receive government housing subsidies, including Section 8.