Fraud & Investigations

By Some Counts All Time High/Recent Sting Biggest Ever

Posted on Sunday, August 15, 2010

Accoridng to Interthinx, fraud the 1st ΒΌ 2010 was up 4% from last quarter and 11% from last year. Arizona is the highest, CA was number 1 before. Migration from NV to AZ is suspected. NV is now 2nd. Fl 4th. Michigan 5th. Most common frauds include property valuation, employment/income, identity, and occupancy. All are up except occupancy.

A united task force just completed the largest in mortgage fraud sting in history. $2.3 bill losses were addressed in operaton stolemn dreams by the Financial Fraud Enforcement Task Force enacted by Obama last Novemebr including the FBI, US attorney, US Trustee Program, HUD, Treasury, FTC, IRS, and others. It included civil enforcement with state and local partners. $147 million has been recovered. Many of the scams trageted the elderly and immigrants. Another $178 million has been requestd for 2011 $19 more than this past year. The FBI has over 3000 other cases pending case, double 2008.

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