Mortgage Fraud & the Illegal Property Flipping Scheme

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Mortgage Fraud & the Illegal Property Flipping Scheme

A Case Study of United States v. Quintero-Lopez

by Alexis C. Bell, CFE

 

Abstract

Mortgage fraud has been described as “a form of bank robbery where the bank is not even aware it has been robbed until months or years later.”  Within the United States, an estimated $14 billion (0.66% of all loans) in fraudulent loans were originated in 2009 alone.  In United States v. Quintero-Lopez, 15 defendants were indicted on 70 counts in the Southern District of Florida for a mortgage fraud scheme involving 16 fraudulent loans totaling $6 million in disbursements.  This case study examines over 3 ½ years of activity, incorporates a detailed risk assessment and highlights best practices for prevention, detection, and investigation.  The methodology of the scheme is detailed in a process flowchart, link analysis, and timeline of events. 

            Keywords: mortgage fraud, loan, risk assessment, investigation, economic crime 

Mortgage Fraud & the Illegal Property Flipping Scheme A Case Study of United States v. Quintero-Lopez by Alexis C. Bell, CFE Abstract Mortgage fraud has been described as “a form of bank robbery where the bank is not even
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