High-profile Beverly Hills real estate agent acquitted of mortgage fraud scheme; 2 convicted

October 3rd, 2009 Calif. biotech exec convicted of marketing fraudSAN FRANCISCO — The former chief executive of the biotechnology company InterMune Inc. has been convicted of wire fraud in marketing the drug Actimmune.

September 15th, 2009 IRS issues rules to ease mortgage refinancingWASHINGTON — The IRS issued new rules Tuesday designed to make it easier to refinance some commercial real estate loans in an effort to curb the number of defaults. The rules would allow commercial loans that are part of investment pools known as Real Estate Mortgage Investment Conduits, or REMICs, to be refinanced without triggering tax penalties for investors.

September 5th, 2009 Calif. house owned by Groucho Marx for saleBEVERLY HILLS, Calif. — A Beverly Hills house owned for two decades by Groucho Marx is on the market for $12.9 million.

August 25th, 2009 Calif. hedge fund manager pleads guilty to fraudLOS ANGELES — The founder and manager of two Beverly Hills hedge funds has pleaded guilty to federal fraud charges. Bradley Ruderman pleaded guilty Monday to two counts of wire fraud, two counts of investment adviser fraud and a misdemeanor count of failing to file income taxes in 2007.

August 13th, 2009 Clarification: Mortgage fraud storyLOS ANGELES — In the first paragraph of an Aug. 10 story about a mortgage fraud trial, The Associated Press reported that real estate agent Joseph Babajian was acquitted in the scheme, while two others were found guilty.

July 31st, 2009 Federal authorities create mortgage fraud teamNEW HAVEN, Conn. — Federal authorities are creating a mortgage fraud task force in Connecticut to investigate schemes that contributed to the economic crisis and emerging crime trends associated with the growing tide of foreclosures.

July 28th, 2009 Feds charge 41 in Fla. mortgage fraud schemesMIAMI — Federal prosecutors say 41 people have been charged in the latest round of South Florida mortgage fraud schemes.

July 11th, 2009 Jackson doctor's office reports harassing callsBEVERLY HILLS, Calif. — Police are investigating suspicious calls being made to the office of Michael Jackson's Beverly Hills dermatologist.

July 8th, 2009 Falling house prices drive up mortgage fraudWASHINGTON — Falling housing prices are driving up reports of mortgage fraud, with the FBI saying Tuesday that reported losses are up 83 percent last year and climbing even higher in 2009. In its 2008 Mortgage Fraud Report, the Federal Bureau of Investigation said the downturn in the economy, a spike in foreclosures and defaults and diminishing credit availability "fueled a rampant mortgage fraud climate fraught with opportunistic participants desperate to maintain or increase their current standard of living." "Industry employees sought to maintain the high standard of living they enjoyed during the boom years of the real estate market and overextended mortgage holders were often desperate to reduce or eliminate their bloated mortgage payments," the report said.

June 12th, 2009 NJ mortgage company president guilty in $139M scamNEWARK, N.J. — The former president of a New Jersey mortgage company has pleaded guilty in a $139 million fraud scheme that bankrupted his firm.

June 5th, 2009 Summary Box: Mozilo accused of civil fraudFORMER COUNTRYWIDE CEO CHARGED: The government has accused Angelo Mozilo and two other former executives of the fallen mortgage lender of civil fraud and insider trading. The three dispute the civil charges by the Securities and Exchange Commission.

June 4th, 2009 SEC charging ex-Countrywide CEO Mozilo with fraudWASHINGTON — The government is charging Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial Corp., and two other company executives with civil fraud. The case brought by the Securities and Exchange Commission also accuses Mozilo of illegal insider trading, according to an agency spokesman.

April 30th, 2009 Calif. fund manager's assets frozen in fraud caseLOS ANGELES — A federal judge has frozen the assets of a Beverly Hills hedge fund manager accused by the Securities Exchange Commission of duping investors out of $38 million. The injunction issued by U.S.

April 30th, 2009 SoCal fund manager has assets frozen in fraud caseLOS ANGELES — A federal judge on Wednesday froze the assets of a Beverly Hills hedge fund manager accused by the Securities Exchange Commission of duping investors out of $38 million by misleading them about his funds' performance, the commission said in a statement. U.S. District Judge Valerie Baker Fairbank's injunction also prohibited Bradley L.

April 27th, 2009 5 charged in $70M mortgage Ponzi schemeWASHINGTON — Five people were charged with fraud Monday in what prosecutors say was a mortgage scheme that defrauded over 1,000 people of more than $70 million. Maryland prosecutors say it was all a complicated Ponzi scheme run by a company called Metro Dream Homes.