Jeff Ostrowski
Alexandra Clough
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Mortgage scammers indicted in McMansion scheme
A grand jury last week indicted three people accused of running a scheme to inflate the values of high-end homes, borrow more than the homes were worth, pocket the proceeds and let the houses go into foreclosure.
Berry Louidort and Ralph Michel (aka Ralph Duverneau) were indicted on 14 charges each, including conspiracy to commit bank fraud, false credit applications, mail fraud and money laundering. Mortgage broker Lauren Jasky, of Compass Mortgage Services in Boca Raton, was indicted on one count of conspiracy to commit bank fraud, two counts of false credit applications and one count of mail fraud.
The three were arrested last month. The feds want $6.5 million in kickbacks received by Louidort and Michel, plus Louidort’s black 2008 Mercedes and Michel’s white 2007 Range Rover. See the indictment here.
Permalink | Comments (9) | Post your comment | Categories: Jeff Ostrowski
Comments
By Get in the Game
May 12, 2008 11:52 AM | Link to this
Lying rides upon debt’s back.
These stories are only beginning…
By Nicole
May 12, 2008 1:16 PM | Link to this
What about the cadillac’s that they have, and those houses what’s going to happen to that.
By Nicole
May 12, 2008 1:18 PM | Link to this
What about the cadillac’s that they have, and those houses what’s going to happen to that.
By BigDaddy63
May 13, 2008 8:44 AM | Link to this
Jeff, South Florida’s housing boom was built on fraud. Everyone knows it. It’s a matter of how deep the authorities in charge want to dig.
Regardless, prices will fall back to 1999 levels by 2009.
By BigDaddy63
May 13, 2008 8:45 AM | Link to this
Jeff, South Florida’s housing boom was built on fraud. Everyone knows it. It’s a matter of how deep the authorities in charge want to dig.
Regardless, prices will fall back to 1999 levels by 2009.
By Curious
May 13, 2008 4:50 PM | Link to this
Actually the foundations were fraud, greed, and ignorance.
When a large group of predatory smart people hook up with an equivalent number of unprincipled fraudulent lessers to take advantage of a large pool of greedy ignorants with a buck or two, this is what happens.
Big fish eat little fish.
Now the dumb-bunny beady-eyed liberals are saying, “We can’t let this happen. The problem is too big. We must do something to save the innocent and the children.”
What a crock!
Again, big fish eat little fish.
That’s the way the system works. Some live and some die, and the sun (Mother Nature) rises beautifully the next day – completely unconcerned.
Read‘em and weep, tough shitsky, etc.
IMHO, some folks were just raised wrong and seem to think that they can do whatever they want without enalty. The reality lesson can be very hard. But again, learn it or get out of the way. Not many others really care all that much.
Or, join a church or some such altruistic organization that provides all-forgiving coping crutches and captivating visions of a mythical happy happy la-la-land.
Cheers!
By Phara
May 20, 2008 11:13 AM | Link to this
This comment is for Nicole, How do you know about what they have, do you play a role in this? oh yeah by the way Shut the f**k up!
By Phara
May 20, 2008 11:15 AM | Link to this
This comment is for Nicole, How do you know about what they have, do you play a role in this? oh yeah by the way Shut the f**k up!
By Phara
May 20, 2008 11:16 AM | Link to this
This comment is for Nicole, How do you know about what they have, do you play a role in this? oh yeah by the way Shut the f**k up!