MFI-Miami Blog

Reverse Mortgage Solutions Fraud Victims Want Protections In Ditech Bankruptcy Chicago area mortgage broker scammed 125 Chicago area seniors in a reverse mortgage fraud scheme involving RMS. Victims of a Reverse Mortgage Solutions fraud scheme want their money and they want their voices heard. They are concerned that the bankruptcy of RMS’s parent company Ditech will nullify their settlement agreement. The case involved 125 African American families and about six different HECM lenders. The result cost these homeowners and the lenders $7 million and left a number of unwitting borrowers facing foreclosure. Three of those homeowners now have claims regarding their reverse mortgages with Reverse Mortgage Solutions. RMS is a Ditech subsidiary that either acted as the lender or servicer on the loans in the scheme. Two years ago, a Chicago loan officer was charged with defrauding elderly homeowners in a  reverse mortgage scam  by taking out reverse mortgages without their knowle

Ohio Man Steals $166,000 From Non-Verbal Blind Mother With Dementia To Buy Sex Dolls And Kiddie Porn A 59-year-old Ohio man named Shaun Joseph reportedly admitted to police that he stole $166,000 from his mother. Mrs. Joseph was a non-verbal blind dementia victim. He used the money to buy sex dolls and lingerie. He also purchased cell phones and a computer for watching kiddie porn. Dayton police were  granted a search warrant to search the home  of Shaun Joseph. Police found five silicone dolls with multiple heads and wigs. They also found one box of unopened lingerie and sex toys.  Police also found two laptop computers, a desktop computer, a television, and three cellphones. Read more at MFI-Miami

Notorious Miami Con Man George French Jones Gets 9 Years Of Clutching His Soap In Federal Prison Showers The federal judge last week sentenced a notorious Miami con man to nine years in prison. Notorious Miami Con Man George French Jones got busted for  using phony passports to take out $1.7 million in loans against two luxury homes in Fort Lauderdale. Jones’ mortgage fraud scheme is the latest in a long string of cons stretching from California to South Beach. Judge Scola also ordered Jones to pay $1.8 million in restitution. Jones’ most infamous scam happened in 2013 when Jones began offering wealthy people sold out season tickets for Miami Heat games. Some of Jones’ victims included former NFL players Charles Woodson and Jarvis Green. He also scammed Nick Cannon out of $15,000 for a share of the Atlanta Hawks. Cannon is a TV personality and former husband of singer Mariah Carey. Read more at MFI-Miami

Same-Sex Couples Face A Lending Discrimination Rate 75% More Often Than Straight Couples A new study from Iowa State University shows systematic lending discrimination against same-sex couples.  The study found same-sex couples who received a mortgage paid a 0.5% higher interest rate on average. The research was conducted by Iowa State University’s Ivy College of Business. It correlated data from 30 million mortgages across the US between 1990 and 2015. Researchers also found that same-sex couples were 73% more likely to be denied a mortgage when compared to mixed-sex couples. The study has raised questions about systemic LGBTI discrimination in the lending industry and the lack of protections for same-sex couples. The study also found no correlation between mortgage rejections and same-sex couples being high-risk borrowers. Read more at MFI-Miami

Detroit Drug Dealer Leaves The Lights On At Motel 6 Madison Heights For The Sex Trafficking Of Drug Addicts It appears  Scrapper the drug dealer  will leave the light on for you at the Motel 6 Northeast located in Madison Heights, Michigan. Aside from being a drug dealer, Scrapper thinks he’s a wannabe version of Fly Guy from  “I’m Gonna Git You Sucka” He uses vacant rooms at the Motel 6 property across from Oakland Mall to pimp out his drug addict customers to budget conscience Johns. Scrapper transports pretty white girls to the property and gives them drugs like heroin and crack. Once the girls are high as a kite, Scrapper brings in the Johns. The budget conscience Johns pay Scrapper upward toward $200 to have sex with these young women. Essentially, raping these women. The Motel 6 Northeast is an ideal place for Scrapper to operate his sex trafficking operation. He gets rooms for free and it’s only 6 miles from his base of operation in Detroit. It also turns out, S

How New York Homeowners Are Scoring Free Houses During Foreclosure Using New York’s Statute Of Limitations Law New York homeowners are using a legal tactic to score a free house during foreclosure. MFI-Miami and our partner law firms used to use a similar tactic in Florida. That was until the  Florida Supreme Court  stepped in with the  Bartram decision . Now we can only argue standing and the validity of the debt. The good news is that the New York State Courts are allowing homeowners to invoke the statute of limitations. Yes, this is a game changer for New York homeowners. New York homeowners facing foreclosure are beginning to invoke New York’s six-year statute of limitations law. The NYS statute of limitations begins when the homeowner receives the original notice of acceleration from their lender. The courts have ruled a lender must also send out a de-acceleration in order to initiate a second foreclosure action. Read more at MFI-Miami

Infuriated Michigan Man Sues Parents For $86,000 For Tossing Large Porn Collection An infuriated  Michigan man  is seeking more than $86,000 in damages from his parents. He alleges his father allegedly threw out his large pornography collection. The man reportedly  moved into his parents ’ Grand Haven, Michigan home in October 2016. At the time, the unnamed man was going through a divorce. He brought with him a porn collection worth an estimated $29,000. The porn collector moved to Indiana within a year. As a result, he requested his parents deliver his belongings to him. The obliged minus the man’s porn stash. The man fired off an email to his parents. demanded that he be reunited with porn stash. As a result, his father allegedly wrote back admitting he that destroyed the son’s porn collection. The father also stated it was for his son’s own good. He expressed that it was his hope that his son, whose age wasn’t included in the r eport, would grow to one day appreciate wh

Former VP of Champion Porsche Charged in $2.2 Million Fraud Scheme Involving Non-Existent Rare Porsche Models Shiraaz Sookralli and his wife A former VP of Sales for Copans Motorsports d/b/a Champion Porsche was indicted for scamming over 30 Champion Porsche customers. Federal prosecutors  charged Shiraaz Sookralli with mail fraud and wire fraud. They also charged him with conspiracy and money laundering. The complaint states Sookralli opened a shell corporation in 2017. He used a name resembling Champion Porsche. Sookralli then opened a bank account in the shell corporation’s name. Sookralli then entered into bogus sales orders with customers for the unauthorized sales of non-existent or future exotic Porsche  911 GT3s  and  911 GT3 RSs .  As a result, he required deposits from his victims in the form of wire transfers or cash. He later deposited into his shell company’s bank account. The buyers relied on Sookralli’s longtime employment at Champion and his title as “Vic

Two Michigan Homes Of HGTV Star Nicole Curtis Face Foreclosure To Meet Unpaid Legal Bills A Michigan judge has ruled HGTV star  Nicole Curtis  is responsible for $32,438 in delinquent attorney fees.  Judge Denise Langford Morris ruled that two of her properties in suburban Detroit could be sold to pay the bill. Judge Morris affirmed an order she issued in February. The HGTV star owes the money to attorney Kurt Schnelz. Schnelz placed a lien on the homes. Curtis had no comment when reached by the  Detroit News on Tuesday . Curtis’ attorney stated he and his client would review their options including an appeal or simply pay the bill. James Rasor accused Schnelz of harassment: This is a very insubstantial amount and we aren’t worried about the (financial) repercussions. But there are some ethical concerns including the filing of these liens on property that is considerably more valuable. There was no reason to go after two of her properties, other than to harass her. I

Wall Street Bond Rating Agencies Gives Junk Bond Status To Detroit’s Quicken Loans Quicken Loans owner Dan Gilbert isn’t happy about Wall Street giving Quicken Loans a “Junk Bond” status. Wall Street Bond Rating Agencies have given Detroit-based Quicken Loans Junk Bond status. Yet, Quicken is enjoying strong profits. Quicken Loans is one of the city’s largest employers and the biggest revenue-generator in the business empire of Dan Gilbert. The reality in the finance world is much different. Quicken Loans is viewed as a risky business model. Its debt is commonly referred to as “junk”. Quicken’s debt is also considered too dangerous for some investors such as some pension funds. Many pension funds and money market funds are not allowed to buy junk bonds. The fundamental issue for Wall Street is the nature of its business as a non-bank mortgage lender. As a result, the rating agencies see a lender without any bank deposits high risk. Read more at MFI-Miami

Florida Millionaire Who Bought Private Island For $8 Million Caught Stealing Keurig Machine From Kmart A 59-year-old Florida millionaire was busted for stealing about $300 worth of items from a Kmart in Key West. Andrew Lippi made headlines recently after he purchased an island for $8 million. Andrew Lippi purchased a Keurig coffee machine and other items at the store in Key West. He later returned to get refunds except the containers did not contain the products. Lippi’s small-crime spree started on March 30 when he purchased the Keurig for about $160. He returned to the store the following day and gained a full refund. Employees discovered later that he had replaced the coffee machine with a basketball. Lippi returned to the store on April 4th. He bought a coffee maker and eight light bulbs for a total of just over $100. He returned all the items the same day. Employees discovered Lippi replaced that the coffee maker with a “much older” coffee maker. He had also replaced

CBS Employees Federal Credit Union Manager Arrested For Embezzling $40 Million  The  longtime manager  the CBS Employees Federal Credit Union has been arrested. Edward Rostohar charged with embezzling more than $40 million from his employer over the past 20 years. He also faces felony counts of bank fraud and aggravated identity theft. The National Credit Union Administration announced Friday that it has liquidated the  Credit Union  and shut down its operations. University Credit Union immediately assumed CBS Employees’ assets. Read more at MFI-Miami

Legal Battle Brewing Between Fortis Property Group And Pizzarotti Over Leaning 58-Story Manhattan Skyscraper  Artist drawing of 1 Seaport when completed New York City is home to an eclectic mix of towers. The Bjarke Ingels Building  twists  and 100 Eleventh Avenue  curves.   Manhattan can add a leaning tower to its portfolio. However, this time the design isn’t deliberate. The skyscraper has been nicknamed the Leaning Tower of Pizzarotti. The contractor for the 58-story skyscraper sued the tower’s developer on March 22nd. The contractor, Pizzarotti claims a subcontractor discovered the building was tilting 3 inches north. Pizzarotti also alleges that the developer, Fortis Property Group allowed for the tower to be built on a shoddy foundation. Fortis Property Group said Pizzarotti filed the suit to distract from its inability to complete the project. Both parties said they have terminated their mutual contract. The shimmering glass structure will become downtown Manhattan’

Queens Foreclosures Skyrocket In First Three Months of 2019 Queens Foreclosures Skyrocket!  should be the headline of a recent report by Property Shark. Property Shark found that Queens is seeing a spike in foreclosures. Southeast Queens neighborhoods seem to be the hardest hit. PropertyShark recently released their  Residential Foreclosure Report for Q1 2019 . New York City saw a 5 percent decrease in first-time foreclosures. This followed the downward trend from the end of 2018. Yet, Queens saw the highest number of first-time foreclosures compared to the rest of the boroughs with 315 homes on the auction block. Queens foreclosure rates rose 25 percent compared to the fourth quarter of 2018. However, year-over-year foreclosure rates only rose 4 percent overall. Read more at MFI-Miami

Manhattan Real Estate In The Midst Of Its Longest Losing Streak In 30 Years Manhattan real estate seems to be plummeting faster than contestants on a Japanese game show! The Manhattan real estate market saw it’s worst quarter since the financial crisis. Total sales fell 3% in the first quarter according to the report by Douglas Elliman and Miller Samuel. It is the sixth straight quarter of declines. the last 18 months is the longest downturn in the three decades. The drop stems from a number of issues. Manhattan faces an oversupply of high-end apartments and a lack of foreign buyers. Also, the new federal tax law has hit real estate in high-tax states. Read more at MFI-Miami

Colombian Authorities Arrest Miami Social Media Influencer Jenny Ambuila And Her Parents For Money Laundering Colombian authorities have arrested a Miami social media influencer. Authorities allege Jenny Ambuila and her family have been operating a massive money laundering scheme. Ambuila flaunted designer bags and her red Lamborghini online and it got the attention of Colombian authorities. Colombia-born social media influencer lived a lavish lifestyle in Miami. She frequently posting her lavish lifestyle of clothes and European trips on Facebook and Instagram. Jenny Ambuila’s fairy tale lifestyle came to a bitter end on Friday. Colombian Police arrested her and her and her parents while they vacationed in Colombia. Prosecutors say her father Omar Ambuila worked as a mid-level customs officer at the Colombian seaport of Buenaventura. They claim he allegedly pocketed millions of dollars in exchange for letting untaxed goods pass into the country. Jenny Ambuila has also b

Joe Six-Packs And Trump Supporters Believe They Are Going To Be Millionaires By Investing In Iraqi Dinar Scam Every Joe Six-Pack seems to be jumping in on the Iraqi Dinar scam thinking they are going to become overnight millionaires. Unfortunately for these financially unsophisticated types, the Iraqi dinar “investment” opportunity is a scam. Plain and simple. It’s has been around since 2012 and its amazing people are still buying into it. Even celebrity financial advisor for idiots,  Dave Ramsey laughs at people  calling into his show asking about investing in the Iraqi Dinar scam. Scammers promise that millions of dollars in profits are virtually guaranteed. However, you must buy the dinars at today’s value of 1190 Dinars for a single US dollar.  The opportunity is pitched as a way to profit from a nearly worthless Iraqi dinar. Scammers claim the dinar will increase after the US government and the Iraqi government remonetize it “any day now.” Unfortunately for the une

Mueller Investigation Turns Into A Money Maker For The Federal Government with A 600% ROI The Robert Mueller investigation into President Trump’s alleged collusion with Russia has become a money maker for taxpayers. The investigation has cost just over $25 million through the end of 2018 according to  CNBC . The Mueller investigation began in May 2017. It was started to investigate President Trump’s presidential campaign alleged collusion with Russia.  The investigation has already paid for itself. As of December, the investigation has netted $48 million in penalties and tax fines from the more than 100 criminal charges filed by the government. The Mueller investigation has also netted an estimated $120 million since January.  Former Trump Campaign Chair Paul Manafort was sentenced for conspiracy and obstruction of justice in September.  Manafort agreed to forfeit assets that amount to between $42 million and $46 million, including about $22 million in property as part of