Friday, October 21, 2011

Daughter Cops Guilty Plea To Ripping Off Now-Deceased Parents In Home Equity Scam; Pocketed Proceeds From Fraudulently-Obtained Reverse Mortgage

From the Office of the U.S. Attorney (Rochester, New York):

  • U.S. Attorney William J. Hochul, Jr. announced [] that Mary Ann Fulbright, 60, of Dallas, Texas, pleaded guilty [...] to bank fraud. The charge carries a maximum penalty of 30 years in prison, a fine of $1,000,000 or both.

  • Assistant U.S. Attorney Marisa J. Miller, who is handling the case, stated that the defendant fraudulently obtained a Home Equity Conversion Loan, a type of reverse mortgage, on a Rochester home owned by her now-deceased parents, Stephanie and Michael Geremesz.

  • Fulbright obtained the mortgage in Michael Geremesz’s name, knowing that it was based upon a fraudulent quitclaim deed that falsely purported to relinquish all of Stephanie Geremesz’s rights to the property.

  • As a result of the fraud, a mortgage in the amount of approximately $176,000 was levied against the property, the proceeds of which the defendant kept for herself.

For the U.S. Attorney press release, see Woman Pleads Guilty To Mortgage Fraud.

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