Reverse Mortgage Scams

Ogechi Urenna Udunka of Decatur, Georgia was sentenced to 10 years in prison for her role in laundering $158,000 stolen through a Business Email Compromise (BEC) scam targeting an agricultural company. The scam occurred when criminals sent fraudulent emails impersonating an Oregon seed company, tricking the victim into wiring funds that Udunka then received and disbursed to conceal their origin. Udunka was ordered to pay full restitution and perform 200 hours of community service.

This Virginia Law Help resource provides guidance on protecting yourself from scams and predatory lending practices that disproportionately target low-income people. The article covers common scams, risky loans like payday loans, identity theft recovery steps, debt management alternatives, and mortgage-related fraud, while highlighting Virginia's legal protections and directing readers to legitimate resources. Key advice includes learning to recognize warning signs, safeguarding personal information, and seeking help from legitimate credit counseling services rather than falling victim to debt settlement or foreclosure rescue scams.

Seniors aged 62 and older are increasingly targeted by reverse mortgage scams, with people over 60 filing over 201,000 fraud complaints in 2025 resulting in $7.7 billion in losses. While reverse mortgages can be a legitimate financial tool for homeowners to access their home's equity, older adults should be cautious of fraudulent schemes, particularly because they are more vulnerable to financial fraud. To protect yourself, it's important to research lenders carefully, verify that any reverse mortgage offer comes from a trusted source, and consider consulting with a financial advisor before committing to any reverse mortgage product.

Judge Lori Vaughan: 'As you can imagine, a big portion of our presentation is how to recognize and avoid financial scams; they’re everywhere now. I feel like every time we identify...

Everyone has been told not to share personal information with strangers or give money for a scenario that seems too good to be true. Yet during 2024, scammers stole $12.5 billion f...

# Romance Scam Summary A man named Graham lost approximately $400,000 to romance scammers he met on dating apps, including taking out a $150,000 reverse mortgage before his death, according to his ex-wife Belinda's warning. The scammers, posing as women interested in dating him, exploited Graham's isolation due to health issues and depression to extract money through banks and gift cards over several years. Belinda is now speaking publicly to alert others that romance scammers are sophisticated operators who target vulnerable people online, and people should be cautious about requests for money from online dating matches, especially those they haven't met in person.

A Chicago contractor named Mark Diamond defrauded over 100 families, including an elderly woman with dementia, by tricking them into taking out reverse mortgages on their homes—leaving them with unexpected debt that forced families to sell their properties after the victims passed away. Diamond was sentenced to over 17 years in prison in January 2025 and ordered to pay $2.7 million in restitution, but many victims have already lost their family homes in court and are still fighting to recover their properties. Families should protect elderly relatives by having a trusted third party review any financial or legal agreements before signing, especially those involving home equity or debt.

Seniors are increasingly targeted by scammers who exploit their savings, home ownership, and relative unfamiliarity with technology to commit fraud. Common scams include unsolicited calls selling unnecessary products like medical-alert devices, lottery/prize schemes requiring upfront fees, and fake mobile health clinics that bill insurance and Medicare using stolen personal information. To protect yourself, be skeptical of unsolicited calls and emails, never pay upfront fees for prizes you've won, verify any medical services through official channels, and report suspicious activity to the FTC.

Lunch with Friends hosted over 100 seniors on June 18th at Marco Lutheran Church, where Lieutenant Joseph Belardo from the Marco Island Police Department presented on elder fraud prevention. Lt. Belardo warned that scammers stole $3.4-$6.1 billion from older Americans last year, with tech support scams, government impostor scams, and AI-powered voice cloning being among the most common threats; he advised seniors to be skeptical of unsolicited calls/texts/emails, avoid clicking suspicious links, and verify requests by calling trusted phone numbers directly. The presentation also covered ransomware, malware, and deepfakes, with recommendations to update security software, use V

This educational resource presents a chart detailing common scams targeting consumers, including AI scams (deepfake impersonations), bank text scams (phishing for account information), billing/invoice scams (fake invoices demanding payment), brushing scams (unsolicited items to boost reviews), and charity scams. The guide identifies shared scammer tactics such as impersonation, creating urgency, and pressuring victims to share personal information, while offering specific identification and prevention strategies for each scam type. The material encourages sharing this information with friends and family as a primary defense against fraud.