Long arm of the FBI taps Lithuanian deceiver for 11 years in jail.

There is still a long arm of the law. This time, it stretched all the way from Cleveland, OH to Lithuania. Alex Spirikaitis, 52, lived large on an annual salary of about $50,000 as the CEO of the Taupa Lithuanian Credit Union in Cleveland. He had a house built for $1 million, had a [...]

Are you thinking about a reverse mortgage? – Think again!

Six years ago, Kenneth and Sadako Miller were struggling to pay their bills. Then they saw an advert on TV that answered their money woes. Kenneth was a disabled Vietnam Veteran and lived with his Japanese wife in Gardner, Massachusetts Both were Seniors. This was a product which promised to turn the value of [...]

Miami businessman sentenced for $40 million investment fraud.

Claudio Osorio led a $40 million investment fraud linked to one of his companies that promoted a cutting-edge design for the construction of low-cost homes. Osorio’s arrest marked a dramatic fall from grace for a prominent and politically-connected businessman, whose now-defunct company once had Jeb Bush, Florida’s former Governor, on its board of directors, [...]

Housing director convicted for misuse of bonds.

In the early 2000s, former housing director Vincent “Smiley” Gallegos sold homes through Housing Enterprises Inc. and Region III. He allegedly misused bond proceeds to pay salaries and benefits, make loans, and buy vehicles. Housing Enterprises Inc. and Region III are now defunct. The scandal first captured headlines in 2006 when Region III defaulted [...]

Mortgage fraud—two Nevada men convicted.

Dustin Lewis and Brian Sorensen both conspired to defraud OneWest Bank. The pair allegedly planned and implemented a scheme whereby they could avoid foreclosure, and Lewis could retain ownership of his five-bedroom home in Henderson. As part of their scheme, Lewis submitted a false short sale application to OneWest Bank. This application asked bank [...]

Savings & loan fraud.

Charles Humphrey Keating, Jr., had an impressive resume: lawyer, banker, real estate developer, World War II pilot, champion swimmer and a church-goer. But, he'll always be remembered for the savings and loan scandal of the late 1980s. Congress relaxed several S&L industry regulations in the early 1980s, allowing savings deposits by individuals to be [...]