IPM Reality - Criminal fraud Joe Cole - Colleen Wallin

Austinht wrote:

Attached is a clip of this criminal - note 25 million dollar insurance policy. Any activity call FB - IRS criminal investigation Minneapolis.
Stold 60-75 million dollars and is hiding it !
www.kare11.com/news/news_article.aspx...

connection -

Forest Lake couple is facing charges for allegedly stealing more than $1 million in one of the largest theft cases to come through Washington County.

Cynthia Taylor Strand, 53, faces 34 counts for allegedly stealing more than $1.2 million while operating Strand Closing Service in Forest Lake. The complaint lists 11 different transactions where Strand allegedly put money into her own accounts instead of paying out funds.

Her husband, Steven Arlen Strand, 52, was charged with aiding and abetting his wife in one of the transactions, which created a loss of $594,000 for one victim.

Washington County Attorney Doug Johnson said this is the largest theft case his office has seen since he came into office in 1999.

Cynthia Strand's bail has been set at $200,000. Steven Strand's bail was set at $50,000.

Are Joe, colleen and Renee in Jail yet?

can you say audit, we all know that the govt is waiting for the new mrs cole to file her taxes, that will be a good read, fiction tale. here is a tip cole wallin or whatever you are calling yourself today. FRAUD CHARGES ARE LIMITLESS, it means they NEVER expire.

bud wrote:

<quoted text>
connection -
Forest Lake couple is facing charges for allegedly stealing more than $1 million in one of the largest theft cases to come through Washington County.
Cynthia Taylor Strand, 53, faces 34 counts for allegedly stealing more than $1.2 million while operating Strand Closing Service in Forest Lake. The complaint lists 11 different transactions where Strand allegedly put money into her own accounts instead of paying out funds.
Her husband, Steven Arlen Strand, 52, was charged with aiding and abetting his wife in one of the transactions, which created a loss of $594,000 for one victim.
Washington County Attorney Doug Johnson said this is the largest theft case his office has seen since he came into office in 1999.
Cynthia Strand's bail has been set at $200,000. Steven Strand's bail was set at $50,000.

wallin cole, govt is always watching

Petters is currently serving a 50-year prison sentence in Leavenworth, Kansas for running a Ponzi scheme that defrauded investors of an estimated $3.65 billion.

bud wrote:

<quoted text>
connection -
Forest Lake couple is facing charges for allegedly stealing more than $1 million in one of the largest theft cases to come through Washington County.
Cynthia Taylor Strand, 53, faces 34 counts for allegedly stealing more than $1.2 million while operating Strand Closing Service in Forest Lake. The complaint lists 11 different transactions where Strand allegedly put money into her own accounts instead of paying out funds.
Her husband, Steven Arlen Strand, 52, was charged with aiding and abetting his wife in one of the transactions, which created a loss of $594,000 for one victim.
Washington County Attorney Doug Johnson said this is the largest theft case his office has seen since he came into office in 1999.
Cynthia Strand's bail has been set at $200,000. Steven Strand's bail was set at $50,000.

joe sr's friends

MN Investment Adviser Hit with Fraud Charges
Renee Marie Brown of Golden Valley is accused of defrauding investors and using their funds to buy a condominium and pay off credit cards.

An investment adviser from Golden Valley was indicted on Wednesday for allegedly defrauding investors out of $750,000, according to the U.S. Attorney’s office in Minnesota.

Renee Marie Brown, 47, was charged with five counts of securities fraud, five counts of wire fraud, and one count of money laundering.

The charges stem from Brown’s time as an adviser for Income Fund X, LLC, which she created. She allegedly solicited investments in the fund by telling investors that Fund X would generate an 8 or 9 percent return, and that she had invested $200,000 of her own money in the fund.

The indictment states that Brown never put her own money in the fund, and she used more than $500,000 of investors’ money to buy a condominium and pay off her credit cards, among other personal uses. She also allegedly paid out “returns” to investors that were actually just transfers from other investors’ funds.

Brown was also sued by the U.S. Securities and Exchange Commission (SEC) last April. The indictment filed on Wednesday is very similar to the SEC’s complaint. Public court records indicate that the SEC’s civil suit is not yet closed but may be nearing a settlement.

Regarding the government’s indictment, Brown faces up to 20 years in prison on each securities fraud and wire fraud count, as well as 10 years for the money laundering charge.

bud wrote:

<quoted text>
connection -
Forest Lake couple is facing charges for allegedly stealing more than $1 million in one of the largest theft cases to come through Washington County.
Cynthia Taylor Strand, 53, faces 34 counts for allegedly stealing more than $1.2 million while operating Strand Closing Service in Forest Lake. The complaint lists 11 different transactions where Strand allegedly put money into her own accounts instead of paying out funds.
Her husband, Steven Arlen Strand, 52, was charged with aiding and abetting his wife in one of the transactions, which created a loss of $594,000 for one victim.
Washington County Attorney Doug Johnson said this is the largest theft case his office has seen since he came into office in 1999.
Cynthia Strand's bail has been set at $200,000. Steven Strand's bail was set at $50,000.

how is the heat wallin cole, getting closer and closer.

Two Men Sentenced in Investment Fraud Scheme
Mark Sutton and Joseph Finney each received prison sentences for enticing investors to buy shares in an investment dubbed “Envestclub,” which they said offered high returns. But they didn’t disclose that they were taking portions of investors’ funds as commission.

Two men were sentenced on Thursday for crimes related to a high-yield investment scheme, according to Minnesota’s U.S. Attorney’s office.

Mark Sutton, a 63-year-old man from Minnetonka, was sentenced to three and a half years in prison for one count of conspiracy to commit mail and wire fraud, one count of conspiracy to commit money laundering, and one count of conspiracy to defraud the United States.

Sutton was indicted, along with Joseph Finney, in November 2009, and was convicted by a jury last October. Finney, a 65-year-old man from Colorado Springs, Colorado, pleaded guilty in September 2010 to one count of conspiracy to commit mail and wire fraud and one count of conspiracy to commit money laundering. He was sentenced to five years and four months in prison.

Prosecutors said that from 2000 to 2005, Sutton, Finney, and others sold shares in an investment dubbed “Envestclub.” The men enticed investors by claiming that they would receive far greater returns than they would through typical investment opportunities—but Sutton and Finney didn’t disclose important information to the potential investors. For example, they didn’t tell investors that they would pocket some of the investors’ funds as “sales commissions.” They didn’t reveal that Finney was convicted of fraud in 2003, either.

Sutton also was convicted of conspiring to help a man from Plymouth evade payment of his federal income taxes by creating a trust and by referring the man to “individuals who specialized in tax-avoidance schemes,” Minnesota’s U.S. Attorney’s office said.

bud wrote:

<quoted text>
connection -
Forest Lake couple is facing charges for allegedly stealing more than $1 million in one of the largest theft cases to come through Washington County.
Cynthia Taylor Strand, 53, faces 34 counts for allegedly stealing more than $1.2 million while operating Strand Closing Service in Forest Lake. The complaint lists 11 different transactions where Strand allegedly put money into her own accounts instead of paying out funds.
Her husband, Steven Arlen Strand, 52, was charged with aiding and abetting his wife in one of the transactions, which created a loss of $594,000 for one victim.
Washington County Attorney Doug Johnson said this is the largest theft case his office has seen since he came into office in 1999.
Cynthia Strand's bail has been set at $200,000. Steven Strand's bail was set at $50,000.

Mortgage broker charged in
$20 million mortgage fraud scheme
MINNEAPOLIS – This past Friday in federal court, an Edina mortgage broker was charged
for his role in a $20 million mortgage fraud scheme that involved 57 properties. Derrick Ivan
Lance, age 40, of Edina, was charged via an Information with one count of conspiracy to commit
wire fraud.
Allegedly, between 2004 and 2007, Lance conspired with others, including Roger Bill
Hanks, to obtain mortgage loan proceeds based on fraudulent documentation. Lance’s unnamed
co-conspirators identified residential properties available for purchase and recruited buyers for
those properties. Two of the co-conspirators allegedly told buyers they would receive payments
(i.e., kickbacks) after the property transactions closed, and that they could put those payments
toward the mortgages or use them to improve the properties.
Lance allegedly used his licensed mortgage brokerage and his position within that brokerage
to help prepare and submit false mortgage loan applications, which misrepresented the buyers’
true financial situation. Based on those fraudulent documents, however, loans were approved,
and loan proceeds were disbursed by wire transfer into the accounts of various title companies.
Lance and his co-conspirators then allegedly caused those title companies to disburse a portion
of the proceeds from each transaction into bank accounts not associated with the property
buyers, the purpose being to conceal the undisclosed kickbacks. Lance received approximately
$200,000 for assisting buyers to secure mortgage loan funding for 26 properties.
If convicted, Lance faces a potential maximum penalty of 20 years in prison. All sentences
will be determined by a federal district court judge. On June 27, 2011, Hanks, of Coon Rapids,
pleaded guilty to one count of conspiracy to commit wire fraud in connection to this scam.
This case is the result of an investigation by the Federal Bureau of Investigation. It is being

bud wrote:

<quoted text>
connection -
Forest Lake couple is facing charges for allegedly stealing more than $1 million in one of the largest theft cases to come through Washington County.
Cynthia Taylor Strand, 53, faces 34 counts for allegedly stealing more than $1.2 million while operating Strand Closing Service in Forest Lake. The complaint lists 11 different transactions where Strand allegedly put money into her own accounts instead of paying out funds.
Her husband, Steven Arlen Strand, 52, was charged with aiding and abetting his wife in one of the transactions, which created a loss of $594,000 for one victim.
Washington County Attorney Doug Johnson said this is the largest theft case his office has seen since he came into office in 1999.
Cynthia Strand's bail has been set at $200,000. Steven Strand's bail was set at $50,000.

curious wrote:

Are Joe, colleen and Renee in Jail yet?

they are getting closer - here is a friend in their circle

Brooklyn Park Man Guilty in $5.1M Mortgage Fraud
Eric Devon Bernard, the last of three defendants to be found guilty in connection with a 2006 fraud scheme, worked with others to fraudulently obtain loan proceeds in connection with the sale of seven residential properties in the Twin Cities metro area.

A Brooklyn Park man was found guilty on Friday of racketeering for his role in a $5.1 million mortgage fraud scheme that took place in 2006.

Eric Devon Bernard—who legally changed his name to Eric Allen Shirpiro—was the last of three defendants to be found guilty in connection with the fraud scheme, according to the Hennepin County Attorney’s Office, which prosecuted Bernard.

Through the scheme, Bernard and the two other defendants, Stacey Anne Harrold of Burnsville and David Arthur Schoenhofen of Prior Lake, worked together to fraudulently obtain loan proceeds in connection with the sale of seven residential properties in the Twin Cities metro area.

According to court documents, Schoenhofen—who was president of residential mortgage originator LHS Mortgage, Inc.—would either identify properties to buy or have already purchased them through one of his companies. Then Harrold, who worked as a loan officer at Enzo Mortgage Group, would create fraudulent documents and set up the property sales.

Bernard submitted falsified applications in his own name to lenders in order to obtain loans for four properties. And the three defendants together stole the identity of a California resident in order to arrange for mortgage loan financing in that person’s name for three additional properties, court documents indicate.

In all cases, the defendants received fees, loan proceed kickbacks, and other illicit payments, according to court documents. They used a variety of tactics to direct loan proceeds back to themselves unbeknownst to the lenders. For example, Bernard created sham entities that he called “Cire Builders” or “Cire Building”(“Cire” is Bernard’s first name spelled backward). Some loan proceeds purporting to be for property improvements or repairs were directed to those entities.

Five of the seven homes involved in the scheme have gone into foreclosure, according to the Hennepin County Attorney’s Office.

Bernard himself pocketed $308,000 in illicit payments during a six-month period during which the fraud scheme took place, according to a Hennepin County Attorney’s Office spokesman.

In Bernard’s trial, which concluded on August 5, his lawyer argued that he was “an innocent dupe” in the scheme, the Hennepin County Attorney’s Office said.

Bernard, Schoenhofen, and Harrold are all scheduled to be sentenced in late September.

all the information on line, we passed on a large transaction with these people. You saved us over 80,000, we have posted our thoughts and connected with the local department of commerce.

curious wrote:

Are Joe, colleen and Renee in Jail yet?

curious wrote:

Are Joe, colleen and Renee in Jail yet?

sooner than later with attached news.

Court Reinstates Lawsuit Against Former Petters Execs
A Tuesday decision by a federal appeals court reportedly reinstated Ritchie Capital Management’s previously dismissed lawsuit against two former Petters executives.

The Petters saga has been more or less absent from headlines recently, but a Tuesday decision by the Eighth U.S. Circuit Court of Appeals has brought it back into the spotlight.

Soon after Minnesota businessman Tom Petters’$3.65 billion Ponzi scheme was uncovered in 2008, investor Ritchie Capital Management alleged that there was a separate fraud scheme taking place at Petters’ businesses, according to a report by the Pioneer Press.

Chicago-based Ritchie Capital reportedly filed a civil racketeering and fraud suit in 2009 against Mary Jeffries, former CEO of Polaroid Corporation, and Camille Chee-Awai, former chief operating officer of Petters Capital. Neither Jeffries nor Chee-Awai were charged with a crime in Petters’ Ponzi scheme—for which Petters is currently serving a 50-year prison sentence. A long list of co-conspirators are also serving prison sentences for their roles in the fraud.

U.S. District Judge James Rosenbaum reportedly dismissed the Ritchie Capital case last year and has since retired. He ruled that the case was barred by an injunction against new lawsuits involving Petters’ companies—but the Tuesday decision reinstated Ritchie Capital’s lawsuit against the former Petters executives and will allow the case to be sent back to federal court and assigned to a different judge, the Pioneer Press reported.

curious wrote:

Are Joe, colleen and Renee in Jail yet?

Joseph Anthony Cole

Colleen Pearl Wallin Cole

research, research, research - the spot light in on !

The Minnesota Department of Commerce revealed Tuesday that it has been investigating what it called an elaborate kickback and mortgage fraud scheme allegedly involving at least 45 properties and a number of real estate professionals.

Civil charges made public Tuesday by Commissioner Mike Rothman allege that Michael Stephen Hyland, a primary broker of Split Rock Realty, let salespeople there carry out the scheme between 2006 and 2007. They allegedly recruited property buyers, submitted phony financial information on mortgage applications, used trumped up appraisals to inflate sales prices and paid the buyers kickbacks of $25,000 to $70,000.

"Our investigation uncovered a carefully-orchestrated system of fraud," Rothman said. "These weren't just ordinary crooks. These were industry professionals who knew the system and willfully took advantage of it."

To conceal the kickbacks, Hyland's associates allegedly routed payments through Robert Aslesen, owner of Options Plus Realty and Split Rock Title (which is not affiliated with Split Rock Realty), who retained between $500 and $1,450 from each sale, according to a Commerce Department news release.

Neither Hyland nor Aslesen have been criminally charged.

But Amri Elsafy, a mortgage broker who allegedly fronted the buyers downpayments without disclosing that fact to lenders, pleaded guilty of a single conspiracy count in U.S. District Court in June.

Elsafy overstated the buyers' income and assets and understated their liabilities on mortgage applications, according to the Commerce Department. In nearly every case, these properties went into foreclosure, were sold in short-sales or were in default. Elsafy has been barred from originating mortgages in Minnesota.

The Commerce Department alleges that in 2007, Hyland's "crew" began running kickbacks through a shell company called Eastwind Construction Consulting "to cover their tracks." Eastwind was owned by Aslesen.

Other real estate professional implicated in the alleged scheme include Thomas Rosensteel, owner of Split Rock Realty; Sean Rosensteel and Justin Joseph Christenson, salesmen associated with Hyland and Split Rock Realty; and Jonathan Neal Roman, an appraiser. None of them has been charged with a crime.

All of their licenses have been revoked with the exception of Christenson, who only recently pleaded "no contest" to the civil charges against him. Sean Rosensteel also was ordered to pay a civil penalty of $70,000, and Aslesen has been ordered to pay $100,000.

Hyland could be subject to a civil penalty of $10,000 for each violation of the law, plus the suspension or loss of his license. A pre-hearing conference on the case is scheduled for Oct. 13 at the Office of Administrative Hearings in St. Paul.

"Let these charges serve as a warning to every crook trying to cheat the system," Rothman said. "Our Enforcement Division is watching very closely. If you knowingly and intentionally break the law, you will be investigated. If you are found guilty, you will pay the consequences."

matter of time until cole wallin - ipm - dmw are connected

Joseph Traxler of Centennial Mortgage and Funding, Inc., allegedly used funds intended for mortgage loans to cover Centennial’s operating losses and to fund its payroll and other expenses.

Joseph Traxler, a former executive of Centennial Mortgage and Funding, Inc., was charged Wednesday in Minneapolis federal court with defrauding a bank of approximately $8 million, Minnesota’s U.S. attorney’s office announced.

Traxler—a 63-year-old Bloomington resident—was senior vice president and chief financial officer of the now-defunct Bloomington-based company when he allegedly used funds intended for mortgage loans to cover Centennial’s operating losses and to fund its payroll and other expenses. He is charged with one count of aiding and abetting bank fraud.

From 2007 to 2008, Traxler allegedly misrepresented the status of mortgage loans to get banks to advance Centennial more money, concealed loan defaults from banks, hid the fact that he obtained double-funding on 23 mortgage loans, and wrote checks between Centennial’s various bank accounts.

If convicted, Traxler faces a potential maximum penalty of 30 years in prison.

Traxler wasn’t acting alone in the scheme, according to the Star Tribune. The charging document reportedly alleges that Traxler was aided by others.

According to the Pioneer Press, the Minnesota Department of Commerce shut down Centennial in 2008 after finding problems with its lines of credit. The company allegedly was funding home loans using its lines of credit with banks while waiting for someone to purchase the mortgages.

bud wrote:

<quoted text>
connection -
Forest Lake couple is facing charges for allegedly stealing more than $1 million in one of the largest theft cases to come through Washington County.
Cynthia Taylor Strand, 53, faces 34 counts for allegedly stealing more than $1.2 million while operating Strand Closing Service in Forest Lake. The complaint lists 11 different transactions where Strand allegedly put money into her own accounts instead of paying out funds.
Her husband, Steven Arlen Strand, 52, was charged with aiding and abetting his wife in one of the transactions, which created a loss of $594,000 for one victim.
Washington County Attorney Doug Johnson said this is the largest theft case his office has seen since he came into office in 1999.
Cynthia Strand's bail has been set at $200,000. Steven Strand's bail was set at $50,000.

"... According to court documents, Schoenhofen—who was president of residential mortgage originator LHS Mortgage..."]
President? oh sure. He was also the owner. the links have been removed, but if those in charge are curious here is an old link.http://www.zoominfo.com/S earch/PersonDetail.aspx?Person ID=125245968 if there is a way to pull this back up he was listed as owner. He was also very "close" with Lafevre who founded it. I do believe he would up with one of Lafevre's homes too. This is just the tip of the iceberg, keep digging!

Burnsville man sentenced for bilking mortgage
lenders out of more than $43 million
MINNEAPOLIS – Earlier today in federal court in St. Paul, a 45-year-old Burnsville man
was sentenced for conspiring with others to bilk mortgage lenders out of more than $43 million.
United States District Court Judge Richard H. Kyle sentenced Troy David Chaika to 102 months
in prison on seven counts of wire fraud, three counts of mail fraud, and one count of conspiracy
to commit wire fraud and mail fraud. Chaika was indicted on April 12, 2010, and was convicted
by a jury on May 24, 2011.
The evidence presented at trial proved that between 2005 and 2008, Chaika conspired with
others, including Dustin Lee LaFavre, prosecuted in a separate action, to obtain money
fraudulently through over 100 residential property transactions. To further this scheme, Chaika
and LaFavre negotiated with builders of new properties as well as owners of existing properties
to buy both single pieces of property and property groupings, known as “bulk purchases,” at
greatly reduced prices. Chaika and LaFavre then solicited real estate purchasers by promising
them large cash pay-outs, or “kickbacks,” from lenders’ funds.
Chaika and LaFavre failed to tell potential buyers about the reduced prices they had
negotiated for the properties, choosing instead to quote them the grossly inflated prices. By
charging buyers the higher prices, Chaika and LaFavre acquired enough cash from loan proceeds
to pay buyers their kickbacks and still have money left for themselves and their co-conspirators.
Once a potential buyer was recruited through this scheme, Chaika and LaFavre, or someone
working on their behalf, drafted a purchase agreement that reflected the inflated sale price only
and failed to disclose to lenders the kickback amounts. Occasionally, Chaika, LaFavre, or
someone working for them drafted a so-called addendum to the purchase agreement, setting forth
the planned kickback, or “pay-out,” to the buyer, but that document was never provided to the

jim geoff wrote:

joe sr's friends
MN Investment Adviser Hit with Fraud Charges
Renee Marie Brown of Golden Valley is accused of defrauding investors and using their funds to buy a condominium and pay off credit cards.
An investment adviser from Golden Valley was indicted on Wednesday for allegedly defrauding investors out of $750,000, according to the U.S. Attorney’s office in Minnesota.
Renee Marie Brown, 47, was charged with five counts of securities fraud, five counts of wire fraud, and one count of money laundering.
The charges stem from Brown’s time as an adviser for Income Fund X, LLC, which she created. She allegedly solicited investments in the fund by telling investors that Fund X would generate an 8 or 9 percent return, and that she had invested $200,000 of her own money in the fund.
The indictment states that Brown never put her own money in the fund, and she used more than $500,000 of investors’ money to buy a condominium and pay off her credit cards, among other personal uses. She also allegedly paid out “returns” to investors that were actually just transfers from other investors’ funds.
Brown was also sued by the U.S. Securities and Exchange Commission (SEC) last April. The indictment filed on Wednesday is very similar to the SEC’s complaint. Public court records indicate that the SEC’s civil suit is not yet closed but may be nearing a settlement.
Regarding the government’s indictment, Brown faces up to 20 years in prison on each securities fraud and wire fraud count, as well as 10 years for the money laundering charge.
<quoted text>

Fmr. ConServe Exec. Gets Two Years for $8M Fraud

Kenneth Hasse admitted to defrauding investors out of $8 million to finance his company, ConServe Corporation.

Kenneth Hasse, who was president and chairman at now bankrupt ConServe Corporation, was sentenced on Wednesday to two years in prison for his alleged role in an $8 million scheme to defraud investors, Minnesota’s U.S. attorney’s office announced.

Hasse, a resident of Chaska, was charged in December and pleaded guilty in January to one count of conspiracy to commit wire fraud and one count of filing false income tax returns. He is the second ConServe executive who has pleaded guilty for defrauding the company’s investors. David McCaffrey, a businessman from Wayzata who served as CEO of ConServe, was sentenced in December to two-and-a-half years in prison for his role in the fraud scheme.

ConServe was based in Minnetonka and provided electricity sub-metering services to apartment complexes. The company filed for Chapter 7 bankruptcy in June 2008.

In his plea agreement, Hasse admitted that between October 2004 and February 2007, he conspired with McCaffrey and others to defraud ConServe’s investors—including Wayzata-based Carlton Financial Corporation.

Hasse admittedly indicated to investors that sub-metering equipment installation projects were in place or going to be put in place, when, in fact, they weren’t. False invoices were allegedly created that reflected expenses connected to installations that were never done. ConServe then acquired financing from its investors based on the phony invoices, Hasse said in his plea agreement.

In addition, Hasse admitted to filing a false 2004 tax return, which resulted in a tax loss of about $124,907.

ipm er wrote:

Burnsville man sentenced for bilking mortgage
lenders out of more than $43 million
MINNEAPOLIS – Earlier today in federal court in St. Paul, a 45-year-old Burnsville man
was sentenced for conspiring with others to bilk mortgage lenders out of more than $43 million.
United States District Court Judge Richard H. Kyle sentenced Troy David Chaika to 102 months
in prison on seven counts of wire fraud, three counts of mail fraud, and one count of conspiracy
to commit wire fraud and mail fraud. Chaika was indicted on April 12, 2010, and was convicted
by a jury on May 24, 2011.
The evidence presented at trial proved that between 2005 and 2008, Chaika conspired with
others, including Dustin Lee LaFavre, prosecuted in a separate action, to obtain money
fraudulently through over 100 residential property transactions. To further this scheme, Chaika
and LaFavre negotiated with builders of new properties as well as owners of existing properties
to buy both single pieces of property and property groupings, known as “bulk purchases,” at
greatly reduced prices. Chaika and LaFavre then solicited real estate purchasers by promising
them large cash pay-outs, or “kickbacks,” from lenders’ funds.
Chaika and LaFavre failed to tell potential buyers about the reduced prices they had
negotiated for the properties, choosing instead to quote them the grossly inflated prices. By
charging buyers the higher prices, Chaika and LaFavre acquired enough cash from loan proceeds
to pay buyers their kickbacks and still have money left for themselves and their co-conspirators.
Once a potential buyer was recruited through this scheme, Chaika and LaFavre, or someone
working on their behalf, drafted a purchase agreement that reflected the inflated sale price only
and failed to disclose to lenders the kickback amounts. Occasionally, Chaika, LaFavre, or
someone working for them drafted a so-called addendum to the purchase agreement, setting forth
the planned kickback, or “pay-out,” to the buyer, but that document was never provided to the
<quoted text>

curious wrote:

Are Joe, colleen and Renee in Jail yet?

connected -

Federal prosecutors alleged Wednesday that accountant Joseph Traxler, formerly the chief financial officer and senior vice president of Centennial Mortgage and Funding Inc..., defrauded American Bank of St. Paul of about $8 million.

The 63-year-old Bloomington man is accused of using mortgage loan funds to hide company losses and pay operating expenses in 2007 and 2008, Minnesota's U.S. Attorney's Office said (52.5 KB PDF).

Traxler and others at the company misrepresented the status of loans, hid defaults, concealed 23 mortgages that were double funded and floated checks, according to the charges (129 KB PDF).

Charged with aiding and abetting bank fraud, Traxler faces up to 30 years in prison if convicted. The criminal charges, filed by information rather than indictment, indicates that Traxler is cooperating with the FBI and prosecutors.

The Minnesota Department of Commerce .. stopped Centennial from originating or servicing mortgage loans in March 2008 due to allegations of "financial irresponsibility or incompetence," according to a cease and desist order (81.2 KB PDF) signed by Centennial President Alvin Gelschus.

American Bank sued Centennial and its executives, including Traxler, over the losses in 2008. At the time, Centennial said it was investigating Traxler's conduct and said American did not respond to a request to discuss certain red flags. The outcome of that case was not clear Wednesday.

American Bank came under heightened supervision by the Federal Reserve Bank .. in 2009 as a result of its credit practices and financial condition.

American Bank continues to struggle financially, losing $3.33 million in the first half of 2011

on it !

former friend wrote:

"... According to court documents, Schoenhofen—who was president of residential mortgage originator LHS Mortgage..."]
President? oh sure. He was also the owner. the links have been removed, but if those in charge are curious here is an old link.http://www.zoominfo.com/S earch/PersonDetail.aspx?Person ID=125245968 if there is a way to pull this back up he was listed as owner. He was also very "close" with Lafevre who founded it. I do believe he would up with one of Lafevre's homes too. This is just the tip of the iceberg, keep digging!

search

joseph anthony cole

colleen pearl wallin cole

investment properties minnesota

dmw properties

called local tv - this will get traction

bud wrote:

<quoted text>
connection -
Forest Lake couple is facing charges for allegedly stealing more than $1 million in one of the largest theft cases to come through Washington County.
Cynthia Taylor Strand, 53, faces 34 counts for allegedly stealing more than $1.2 million while operating Strand Closing Service in Forest Lake. The complaint lists 11 different transactions where Strand allegedly put money into her own accounts instead of paying out funds.
Her husband, Steven Arlen Strand, 52, was charged with aiding and abetting his wife in one of the transactions, which created a loss of $594,000 for one victim.
Washington County Attorney Doug Johnson said this is the largest theft case his office has seen since he came into office in 1999.
Cynthia Strand's bail has been set at $200,000. Steven Strand's bail was set at $50,000.

good thought wrote:

on it !
<quoted text>

you may want to check out the business deals he had with his sister, who is a realtor, or the investments he made on behalf of the rest of his family...or where he got that home in prior lake from...

curious wrote:

Are Joe, colleen and Renee in Jail yet?

connected to ipm - dmw

A former real estate agent and broker has admitted that she participated in a multimillion-dollar mortgage fraud scheme that involved a Minnetonka condominium project by St. Paul developer Jerry Trooien.

Lindsey R. Loyear, 30, of St. Paul, pleaded guilty Monday in federal court in St. Paul to conspiracy to commit mortgage fraud and faces up to five years in prison.

According to the plea agreement:

From 2006 through October of 2008, Loyear conspired in a kickback scheme that involved submitting false information to lenders to obtain mortgage loans for the Cloud 9 Sky Flats in Minnetonka.

Loyear filed for Chapter 7 bankruptcy in 2009. Her Saturn and Jaguar vehicles were repossessed.

Three other people already have pleaded guilty in the Cloud 9 scheme. One, former broker Sheri L. Delich, who pleaded guilty in June, testified that she was following instructions from Trooien, whose company converted the office building into condos during the real estate boom. Delich's lawyer said she is cooperating with investigators.

Trooien has denied Delich's courtroom accusation.

His company JLT Group Inc. said that Trooien no longer has an ownership interest in Cloud 9. The building was transferred to the condo association in 2005, it said, and the last units were sold in 2007.

The number of condo units involved in the overall kickback arrangement has topped 100 -- at Cloud 9 and elsewhere. Kickbacks from the loan proceeds exceeded $8 million, according to federal prosecutors.

Trooien, once one of the area's more prominent commercial real estate developers, emerged from Chapter 11 bankruptcy in August. He has not been charged.