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Archive for the ‘FRAUD’ Category

REVERSE MORTGAGE FRAUD SCHEMES ON THE RISE

Posted by elderlawyers on August 15, 2011

Reverse mortgages are the most common mortgage fraud scheme reported to authorities.  Fannie Mae reported reverse mortgage fraud schemes included asset misrepresentation, occupancy fraud and identity theft.

The FBI, in its recent report, has confirmed that mortgage fraud is on the rise.  Click HERE to download the FBI’s 2010 Mortgage Fraud Report.

The FBI’s report states, “Mortgage fraud schemes are particularly resilient, and they readily adapt to economic changes and modifications in lending practices.”

The FBI has investigated mortgage fraud cases against licensed/registered and non-licensed/registered mortgage brokers, lenders, appraisers, underwriters, accountants, real estate agents, settlement attorneys, land developers, investors, builders, bank account representatives, and trust account representatives.

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Arizona, California, Florida, Georgia, Illinois, Maryland, Michigan, Nevada, New Jersey, New York and Texas had the highest reported mortgage fraud claims in 2010.

Burke, Harvey and Frankowski, LLC protects the rights of consumers, including seniors.  The elderly are often the most at risk population for fraud, especially reverse mortgage scams.  If you or a loved one have been the victim of fraud, contact Burke, Harvey and Frankowski, LLC for a free case review.

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Trooper Talk: Protect yourself from identity theft

Posted by elderlawyers on August 2, 2011

Trooper Talk: Protect yourself from identity theft | MLive.com.

For more information about how to protect and defend your identity, go to www.itsyourcreditreport.com

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NURSING HOME RESIDENT DEFRAUDED OF LIFE SAVINGS

Posted by elderlawyers on August 1, 2011

Jacqueline Bozeman of Wilmington was charged with identity theft, theft from a senior citizen and second-degree forgery, according to Andrew Koch at WGMD.com.  After pleading guilty to three felony counts, Bozeman is going to prison to begin serving a six month sentence and one year of probation.  Bozeman was also ordered to pay restitution for over $25,000 to the elderly victim.  She is also barred from unlawful contact with the senior citizen she cared for at the Arbors at New Castle.

The 69 year-old victim was a resident a Medicaid certified nursing facility, the Arbors at new Castle.  The elderly victim saved her entire life to be able to afford her care.  The Department of Justice Medicaid Fraud Control Unit Special Investigator and an Officer from the New Castle County Police Department performed the investigation into the fraud case.  The investigation concluded Bozman took from the victim’s bank accounts to pay for her drug habit.  The investigation also found fraudulent credit card accounts opened in the victim’s name.

FULL STORY

A regular review of the victim’s credit report would have tipped her, or her family members, off to the fraudulent accounts.  Under federal law, consumers have a right to a free annual credit report.  Consumers also have a right to a free credit report if they believe they are a victim of fraud or identity theft.  Order your free credit report regularly.  If you are responsible for an elderly family member you should do the same using a simple power of attorney and request credit reports from Equifax, Experian and Trans Union.  For more information, go to www.itsyourcreditreport.com

FOR ONLINE ASSISTANCE USE THE CONTACT FORM BELOW:

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SENIORS AT RISK FOR INVESTMENT FRAUD & SCAMS

Posted by elderlawyers on July 25, 2011

According to the North American Securities Administrator’s Association (NASAA), seniors are the most vulnerable investors.  Seniors are a viable target for financial predators.  Why?  According to Money magazine, the average household led by those 75 and over has a net worth of $638,000. Secondly, seniors’ ability to understand complex financial transactions lessens with age.  Thirdly, seniors tend to be more open to sales pitches because they have time to take the sales calls or go to lunch meetings.

Here’s the pitch:

(1) Let me buy you lunch.  How about a free meal at a local restaurant, hotel or community center?  Sounds great, right?

(2) Don’t worry! Agents use the power of persuasion and overcome seniors’ fears about investing money.

(3)  Do you want a new best friend?  Want to meet every week and talk about the good ‘ol days?  Agents will be there, but don’t ask about their commissions!

(4) I can get you ___ %.  Seniors fill in the blank with the return they want and guess what?  The agent will promise high returns, sometimes double-digit returns.

Saveandinvest.org, a project of the FINRA Education Foundation, has identified risk-factors that are associated with victims of financial fraud:

1.  Ownership of high-risk investments, such as penny stocks.

2.  Seniors who do not contact due diligence on agents.  For example, does the agent have any disciplinary records?

3.  Attended “free lunch” seminar(s).

4.  Called 1-800 numbers in response to a financial product offer.

5.  Have not signed up for “Do not call” list.

6.  They read their junk mail.

7.  They do not have a formal financial plan in place.

8.  Listen to the latest financial tips rather than seek professional advice.

9.  Have recently suffered a serious financial set back, such as serious illness or death of a family member.

10.  They live far from family members and do not have a broad range of local friends.

In addition to FINRA’s risk factors, I would add, seniors who have failed to opt-out of firm offers of credit and insurance ( aka promotional offers) may be at risk.  Consumers have the right to permanently opt out of promotional offers with all three nationwide consumer reporting agencies, Equifax, Experian and Trans Union. Click HERE to opt out of all three credit bureaus firm offers of credit and insurance.

HAVE YOU OR A FAMILY MEMBER PAID TOO MUCH FOR A FINANCIAL PRODUCT OR PURCHASED A PRODUCT THAT MAKES NO SENSE? CONTACT CONSUMER FRAUD ATTORNEY MICAH ADKINS FOR A FREE CONSULTATION.

FOR ONLINE ASSISTANCE USE THE CONTACT FORM BELOW:

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