Nevada Still Among the Top Nations for Mortgage Fraud

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Mortgage fraud remains prevalent in Nevada as the state holds the no. 2 ranking since 2010. LexisNexis Ris Solutions reported a mortgage fraud index tally of 221 for the state resulting in the fraud rate becoming more than twice the expected rate in accordance to the loan-origination volume.

Recent cases in Southern Nevada include:

  • Derrick and Cynthia Phelps, a married couple from Texas who owned mortgage businesses in Henderson, were sentenced to prison Dec. 2 in connection with mortgage fraud and ordered to pay about $31 million in restitution. Both pleaded guilty in April to one count of conspiracy to commit bank fraud and seven counts of bank fraud. Derrick Phelps got 70 months in prison, and Cynthia Phelps got four years.

  • Alex Soria and Sonia Rodis of Las Vegas pleaded guilty Nov. 3 to one count each of a pattern of mortgage-lending fraud. They both face three to 20 years in prison and a fine of up to $50,000, according to their plea agreements. They will also have to pay restitution to victims.

  • Jabari Marshall of Las Vegas was sentenced to 20 years in prison on April 10 for his alleged role in trying to steal proceeds from $35 million in mortgage loans. A jury had convicted him in September 2013 of conspiracy to commit mail and wire fraud.

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