Feds bring more charges in mortgage fraud case

Boston Business Journal on March 30, 2012 released the following:

“by Eric Convey

Federal prosecutors Thursday charged a Roslindale paralegal with unlawful monetary transactions and bank fraud for her alleged role in a straw-buyer scheme involving residential properties in Boston.

Prosecutors allege Rebecca L. Kosnevick’s and others caused hundreds of thousands of dollars in losses for a who’s who of big name lenders during the height of 2006 and 2007 real estate boom by engineering fraudulently obtained mortgages that later went into default.

Alleged victims of the scheme include: BNC Mortgage; Citibank (NYSE: C); CitiMortgage; Countywide Bank (since purchased by Bank of America (NYSE:BAC) ); Countrywide Home Loans; First Franklin Financial Corp.; First Franklin Financial Corp.; First Horizon Home Loans; Homecomings Financial LLC; IndyMac Bank; JP Morgan Chase Bank (NYSE: JPM); Long Beach Mortgage Corp.; Washington Mutual Bank; and Wells Fargo Bank (NYSE: WFC).

The government alleges Kosnevick helped arrange mortgages involving buyers who merely lent their names to deals so financing could be obtained.

“Because the stray buyers lacked either the means or the intention of paying their mortgages, mortgage loans went into default and subsequently into foreclosure,” the charging document states.

U.S. Attorney Carmen Ortiz’s office brought the charnges via a criminal information — a document that serves as an indictment but often is filed when a defendant is cooperating with authorities. Kosnevick’s lawyer did not immediately return a telephone call Thursday seeking comment.

The information describes Kosnevick’s alleged dealings with two men who are defendants in criminal cases involving similar allegations and some of the same properties — Lord R. Allah, also known as Richard H. Matthews, who owned L.A. Properties and Management Corp.; and Sirewl R. Cox, who owned City Real Estate and Business Brokerage of Canton, Mass.”


Douglas McNabb – McNabb Associates, P.C.’s
Federal Criminal Defense Attorneys Videos:

Federal Crimes – Be Careful

Federal Crimes – Be Proactive

Federal Crimes – Federal Indictment

Federal Crimes – Detention Hearing

Federal Mail Fraud Crimes


To find additional federal criminal news, please read Federal Crimes Watch Daily.

Douglas McNabb and other members of the U.S. law firm practice and write and/or report extensively on matters involving Federal Criminal Defense, INTERPOL Red Notice Removal, International Extradition and OFAC SDN Sanctions Removal.

The author of this blog is Douglas C. McNabb. Please feel free to contact him directly at mcnabb@mcnabbassociates.com or at one of the offices listed above.

Comments are closed.

%d bloggers like this: