From the Mortgage Fraud Blog
Louis LaDonna, West Islip, New York, was charged in a 13-count indictment with scheming to defraud lenders out of approximately two and a half million dollars from the late fall of 2006 through the spring of 2007. Judge James Hudson set bail for LaDonna at $75,000 cash or $250,000 bond.
LaDonna, operating out of his home as LaDonna Properties, allegedly inflated the value of single family houses in West Islip, Lindenhurst and North Babylon and procured “straw buyers” with fake documentation overstating their incomes to qualify for no down payment mortgages. LaDonna’s buyers made two or three payments to the lender before walking away and leaving each home in foreclosure.
Marie Poulard, 50, East Quogue, New York and Frank Spindel, 49, Miller Place, New York, were arrested by district attorney detectives Monday and Tuesday, December 8 and 9, 2008 respectively, and charged with first degree grand larceny, a class B felony. According to Suffolk County District Attorney Spota, the couple swindled a now-defunct mortgage lender, American Brokers Conduit of Melville, into $1.2 million dollars in loans (a first mortgage of $927,000 and a second mortgage of $247,000) to buy a 1.4 acre property in East Quogue with a pool and tennis court.