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Omega Trust & Trading Ltd. was an American company that engaged in prime bank fraud from 1994 to 2000. [1]: 135–136 The organization was created by retired electrician Clyde Hood, who presented it as an offshore investment program offering complex financial instruments with a payout of 50-to-1 or more.
The FBI opened 1,210 mortgage fraud cases in 2007, which are nearly triple the number of new cases in 2003, according to USA Today. Convictions, which totaled 123 in 2006, were up to 260 in 2007.
The Resolution Trust Corporation was established in 1989 by the Financial Institutions Reform Recovery and Enforcement Act (FIRREA), and it was overhauled in 1991. [3] In addition to privatizing, and maximizing the recovery from the disposition of, the assets of failed S&Ls, FIRREA also included three specific goals designed to channel the resources of the RTC toward particular societal groups.
A Milwaukee Housing Authority program that's been deemed a fraud risk will be operated by an outside vendor under a new federal government mandate.. The authority has issued a request for ...
The first major thrifts to go were in Ohio and Maryland in 1985. That March, Home State Savings Bank of Cincinnati, Ohio collapsed after a depositor run triggered by news that it had lost $540 million in a securities scam. Not insured by the federal government via FSLIC, it was instead insured by a private state insurance program.
JoAnn Johnson Davis, who manages that program, pleaded guilty in May 2023 to defrauding the U.S. Department of Housing and Urban Development (HUD) out of over $200,000 while working as the Housing ...
Faced with a desperate financial situation, one of the largest owners of affordable housing on skid row is trying to transfer all its buildings. ... using funding from Proposition HHH, the $1.2 ...
Laura Pendergest-Holt (born July 23, 1973) is a convicted Ponzi scheme perpetrator, financier, and former chief investment officer of Stanford Financial Group, who was charged with a civil charge of fraud on February 17, 2009. [1]