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Long Island Press

Copiague Man Sentenced for $30M Mortgage Scam
Long Island Press
A Copiague man was sentenced Friday to 12 ½ years in federal prison for conning banks out of more than $30 million in a mortgage scam over a six-year span.
Copiague man sentenced to more than 12 years in mortgage scam …Newsday
Long Island mortgage banker gets 12+ years for $100 million …HousingWire

all 6 news articles »

A spate of student-loan complaints is shining the spotlight once again on the middlemen in a labyrinth known as the loan servicing industry.

Business Achievements are paid weekly listings that recognize the milestones of companies and their employees.

In the consumer agency’s report, borrowers complained about errors that prompted them to make “costly payments they should not have had to make.” Others mentioned surprise late fees, damage to their credit and even inaccurate information being added to their loan file after other problems had been spotted and corrected.

After six months of grace, the loans enter the payment phase.

Student borrowers also described roadblocks in getting errors corrected. For example, the federal agency said, these borrowers “described a series of unsuccessful encounters with different personnel, including staff at their college, the customer service representatives at their college’s enrollment reporting company and their student loan servicer’s customer service staff.”

The upshot of the report: College loan borrowers need to monitor the information on file with their loan servicing company.

The latest report from the consumer agency did not single out any servicing company. But the findings indicate serious issues with paperwork and communication – namely “incomplete, inaccurate or untimely” enrollment status information.

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(Reporting by Nate Raymond in Boston; Editing by Bernard Orr)

“Our hope obviously is it is going to be less than that based on Mr. Conn’s pleading guilty and accepting responsibility,” White said. “There’s much more to the story that will come out in the trial of the remaining defendants.”

As a result, prosecutors said Daugherty issued decisions granting benefit, in well over 1,700 of Conn’s clients’ cases. Conn also paid medical professionals to sign fabricated before evaluations of his clients took place, prosecutors said.

His plea came nearly a year after Conn, an attorney who advertised his services through the website, was charged in April 2016 along with a retired administrative law judge and a psychologist.

(Reuters) – A Kentucky lawyer pleaded guilty on Friday to charges stemming from what prosecutors said was his role in a scheme to fraudulently obtain $550 million in federal disability payments for thousands of people.

Those medical professionals included clinical psychologist Alfred Adkins, who was charged along with Conn and Daugherty. Both Adkins and Daugherty have pleaded not guilty to fraud and other charges. Their trial is scheduled for June 5.

As part of his plea, Conn admitted that from 2004 through 2011, he paid Daugherty about $10,000 a month to award benefits to his clients for whom Conn submitted falsified medical documents, prosecutors said.

The state insurance department said insurance fraud is a felony with a penalty of two to 10 years in prison or a fine of up to $10,000.

Deputy Commissioner Florence said acts like this are frustrating because insurance fraud drives up the cost up the premium, costing everyone money.

Officials said the following month Kirk filed a claim against Daniel’s insurance, Geico, claiming Daniel ran over her left foot while backing out of a parking space at the Ingles on Fairburn Road in Douglasville which resulted in a payment of just over $8,000.

“You can honest rate payers that work hard and pay their premiums and then you have people like this that are trying to gain the system, that really do cost the rest of us money,” said Deputy Commissioner Florence.

“Two women each filed claims with the other person’s insurance company alleging that the other person ran over their left foot,” said Georgia Department of Insurance Deputy Commissioner, Jay Florence.

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Deputy Commissioner Florence said the women created false hospital bills and doctor bills in order to support their claims. According to the arrest warrants Daniel filed a claim with Kirk’s insurance, State Farm stating that Kirk had run over her left foot with a car as she backed out of a parking space at a Chick-fil-A in Douglasville. Records show that Daniel received a settlement payout of $12,000 from State Farm.

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Initial recovery action – Telephone call/meeting

FRCA can distress and sell goods for settling taxpayers outstanding tax arrears.  A Final Notice will be issued before any distress and sale, allowing the taxpayer 7 days to settle or make satisfactory arrangement with FRCA.  Items for distress and sale include – trading stock, business assets and tools of trade of the taxpayer, vehicles, furniture and fittings, equipment, private assets of the taxpayer such as vehicles, household appliances, bedding, clothing and jewelry.

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FRCA may issue a 14 Day Final Notice to the Taxpayer advising him that FRCA will foreclose on the Charge if the amount as stated is not paid within 14 days. FRCA may also place an LTA Charge on all existing encumbrances pertaining to the motor vehicles of a taxpayer that owes taxes.

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That is certainly possible, but it’s far from the only potential outcome — if only because of the complexity of the health-care issue itself. The process also had its slippages — from unfortunate sequencing and seemingly partial preparation to messy consultative rounds and what appears to have been an unbalanced stick-and-carrot process.

In assessing implications for economic legislation, an alternative view is that this week’s debacle may end up acting as a catalyst for strengthening party unity in the context of a better-structured two-track approach. It builds on the view that the failure reflected, in Ryan’s words, the “growing pains” of going from an opposition party to a party in power, and those pains would be overcome in other areas where already there is more agreement. Indeed, the president has already stated that he intends to pivot immediately to tax reform, a signal that some Republican lawmakers are amplifying.

In this scenario, the first track — that of health care — would now move at a much slower pace, spreading the party’s desired “repeal and reform” effort over several bills. The other track, involving tax reform and infrastructure, would be accelerated while avoiding some of the procedural slippages already experienced by the first track. This second interpretation has the added advantage for markets of lowering the risk of disruptive trade protectionism.

Because of that, there’s a temptation to extrapolate from the messy health-care debacle that future legislative efforts to reform the tax regime and increase infrastructure spending (and accommodate that in a pro-growth budget framework) face a higher risk of difficulties. It’s a view that highlights the Republican Party’s fractiousness and the inability of the president to force unity on an issue that was central to GOP campaigns in every election since 2010.

Having stiff-armed political risk for quite a while, market participants now have to think a lot more about the issue in general — and specifically, about how much the Trump administration’s legislative agenda will suffer on account of Republicans’ last-minute decision on Friday to pull their health-care bill from an imminent vote on the floor of the House of Representatives. Some may be inclined to predict other failures that would impact forthcoming economic bills, given the erosion of Republicans’ political capital and the Washington blame game that’s sure to play out. But the situation on the ground is a lot more complicated than that.

I do not have enough of a feel or detailed-enough analysis right now in order to speak with conviction as to the probabilities of these two possible scenarios. Indeed, there could even be other outcomes. But what should be crystal-clear is that the implications for stock markets are very different depending on which prevails over the next few weeks. As such, market participants need to step up their analysis of political risk factors whose relevance extends well beyond the United States. In the first instance, this should be reflected in an increase in what, until now, has been a prolonged period of notably repressed price volatility.

To contact the author of this story:
Mohamed A. El-Erian at

The delay cost the Pakistani banker, 36, an additional Dh400 – not on the price of his new ­motor, but on the car insurance policy.

“Of course I’m not happy, I was expecting to pay less this year,” he says. “I feel like the companies are squeezing us, at a time when life in the UAE is becoming more expensive,” he says.

Ali Waqar was considering buying a 2009 Ford Explorer for Dh14,500 in December, but he put off the purchase until January.

Mr Waqar is one of many UAE residents to receive an unexpected hike in his insurance quote this year. While the changes have resulted in increased coverage for drivers, they have also increased premiums, causing confusion for many drivers.

However, not all consumers are paying more now for their car insurance.

“This is the lowest premium I have paid since I came to the UAE five years ago, and I was really surprised to read that others are experiencing premium increases,” she says.