Case Study #1
A title insurance company was on the hook for over $14, 000,000 after a bank filed a lawsuit against the involved title insurance company seeking to recover the moneys paid to a mortgage broker. Feegel was retained to investigate the key people involved in this scam. Feegel learned that the three were related and worked together to conspire to acquire the money using “straw buyers.” The buyers were interviewed and it was revealed that the arrangement was that all they had to do was sign the document, never enter the property, and collect $50,000 each. The moneys were released to the mortgage brokers who moved the money into 52 bank accounts. After determining the scam, Feegel then proceeded to look at the player’s assets. These assets consisted of six homes throughout south Florida and the Florida Keys, three Austin Martins, three Hummers, and vacation homes in the British Virgin Islands. The result: The players were caught and paid back $9,000,000 and were indicted by the U.S. Attorney who successfully convicted them on money laundering, mortgage fraud and wire fraud.
Case Study #2
A prominent bank was sued by a home developer for breaking their contract and foreclosing on the properties. Feegel was retained to investigate the builder. He claimed to be a knowledgeable builder with massive amounts of experience in this profession. As it turned out, the documentation he provided to secure his loan were all signed under his deceased father’s name. With that information and additional information provided by the plaintiff, it was revealed that he did not have much experienced in building and was not successful in any of his projects, thereby illustrating the fraud when he applied for the original loan. He used the name of his father when he applied for the loan of 1.3 million and signed the paperwork eight months after his father was already deceased. Result: The bank prevailed in this case and successfully seized the assets.
