OOPS! One of the “30 Under 30″ Indicted for Mortgage Fraud
Author: Jay T. - The EditorPosted on March 16, 2008
Filed Under NAR - General
And in one of the biggest “Oops…” in recent memory, one of NAR’s profiled “30 under 30″ appears to be in very serious trouble…
From the June 2007 Realtor Magazine, “30 Under 30 Class of 2007″ article:
Markets may be churning, but if these dynamic practitioners are any indication, opportunity is still knocking. Although they’re under 30, they already demonstrate grit, resilience, and sheer love of the game. These bright young professionals, chosen from more than 600 applicants, showed they have what it takes to open doors in any market.
In the article they profiled one Eve Mazzarella from Las Vegas.
Now this little nugget comes out on Friday from CNBC:
LAS VEGAS - A Las Vegas real estate broker and her husband are facing federal charges they made millions of dollars orchestrating a mortgage fraud scheme.
U.S. Attorney for Nevada Gregory Brower says Eve Mazzarella, 30, and her husband, Steven Grimm, 45, were indicted Wednesday on bank fraud, money laundering and aiding and abetting charges.
Grimm was arrested Thursday in Las Vegas and is due to appear Friday in U.S. District Court in Las Vegas. Brower says Mazzarella is being sought.
If convicted, each could face decades in prison and millions of dollars in fines.
The government alleges Mazzarella and Grimm bought more than 200 properties at inflated values using limited liability companies and more than 400 straw buyers to make purchase offers.
The couple allegedly controlled transactions worth more than $100 million.
They allegedly defaulted on mortgage payments on many of the loans, causing at least 118 properties to be sold in foreclosure.
Oops….
Hat tip to Twist at HousingDoom, and “Tyrone” in the comments.
Comments
16 Responses to “OOPS! One of the “30 Under 30″ Indicted for Mortgage Fraud”
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So that would be “under 30 doing 30″ Greed gets the best of some people.
I would like to see a “60 over 60″ list. If I am selected, I promise to not get involved in *any* type of loan fraud. None. I really mean it this time.
I’m the editor-in-chief of REALTOR Magazine, and I was disheartened to see Eve Mazzarella’s name attached to a possible mortgage fraud. From more than 600 applicants to our “30 Under 30″ program in 2007, Eve stood out for her “bootstraps” story and for being a risk taker.
You may be wondering, in light of this news, if or how we vet candidates for our annual 30 under 30 presentation. We put all applicants who make it into the finals for “30 Under 30″ through a screening process, as we did with Eve. We do checks with the local association of REALTORS to determine whether there have been any ethics violations and with the state real estate commission to determine whether there have been any complaints, investigations, or license law violations. Occasionally, as a result of that screening, we drop a candidate from contention. We found no red flags with Eve.
Fraud, whether intentional or inadvertent, deserves the bright glare of media attention. We’ve done a number of stories on mortgage fraud; most recently, last week, our senior editor Mariwyn Evans attended a local mortgage fraud seminar and posted an entry at our blog,
“”Fraud for Homes” Comes Under Greater Scrutiny”
A year ago, Eve’s future seemed bright. If this indictment results in a conviction, it’ll prove a poignant lesson to anyone in this business who thinks it’s OK to get ahead using anything but the straight-and-narrow path.
[Regarding Russell Shaw’s comment about “60 over 60,” we’re moving toward that this year with a “fabulous over 50″ feature. It’ll profile five people in print and more online. Your promise to avoid fraud is noted and to be commended.]
[…] Star Realtor under 30 may get 30 […]
Stacey -
Thanks so much for stopping by!
Ms. Mazzarella’s alleged behavior shouldn’t reflect poorly on you or your magazine. It’s a very sad tale of (in my opinion) greed and corruption.
I appreciate you explaining the vetting process. When I wrote this last night, I turned to my wife (also a Realtor) and said, “I wonder how they vet these people?”
Now I know.
No process is bullet-proof, and clearly none can vet the future.
30 Under 30, Fabulous over 50. What happened to the 40’s?
Signed,
A forty-something Realtor.
40 over 40, I just can’t compete with Russell Shaw, Ihave often wished they would do a follow up on the 30 under 30 just to see how many are still in business five years later.
I think Teresa has a great idea. Give us some stats on where those agents featured during the boom years are now. Those that are still going strong, which I am guessing are fewer in number, are the true stars.
Maybe next year it should be titled:
Thirty Doing Thirty
What a shame that she chose to take that path!
It is about time! Anybody that did real estate in Las Vegas knew the criminals were there . Hopefully all the other will start to get prosected as well.
You haven’t seen anything yet.
Are you familiar w/ David Crisp, Class of 2005?
[…] Star Realtor under 30 may get 30 […]
I hope we all keep in mind that we live in a wonderful country where people are not hung from the gallos before all the evidence is heard and analyzed by a group of our piers. For the sake of humor I understand the commentary but I hope that everyone think long and hard about the possibility of this young families innocence. I started in a profession where my colleagues ate their young and as a Real Estate Professional I believe we should support our colleagues until we have all the facts.
Nice sentiment about gaining the facts before making your judgement and that is the admirable thing to do. BUT..in this case these two are as guilty as sin. I know many of the poor people they swindled and saw the negative effects of their lies. It is a true lesson to all Real Estate professionals that lying and cheating just to make a deal and $$ has horrible ramifications on our community, economy and the personal lives of those involved.
I know it’s old news by now, but still can’t find any reference to her being arrested, yet.
Jack -
This article says both Eve and her husband appeared in court:
http://www.lasvegasnow.com/Global/story.asp?S=8019344
Trial seems to be set for May 19