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Filed under: News

One couple that had been collecting welfare while living in a luxurious waterfront home would appear to have just learned an important lesson: Don’t mess with Uncle Sam.

The two Seattle residents drew widespread media attention last year after reports emerged that they had been collecting housing vouchers, food stamps and monthly cash stipends while living in a $1.2 million house.

Now they may pay a hefty price for lining their pockets with taxpayers’ money: David Silverstein and Lyudmila Shimonova face up to 10 years in prison and must pay at least $500,000 in fines, after pleading guilty Thursday to theft of government funds, Seattle news outlets are reporting.

In November of last year, federal agents raided the waterfront Lake Washington home where the two were living, to put a stop to their scheme. KING-TV in Seattle reported that the woman had been receiving a staggering amount of aid for someone living in a luxury home: more than $1,200 a month in housing vouchers, food stamps and cash from federal and state governments for a disability.

The pair had managed to qualify for the money by lying on applications at least seven times over the years, The Seattle Times reports. They reportedly accepted more than $135,000-worth of housing aid, in addition to other assistance.

One reason that the pair was able to avoid detection is that the welfare programs that they exploited do not review the financial implications of a person’s address, which Shimonova accurately recorded on her applications.

See also:
After 37 Years, ‘Neighbors From Hell’ May Finally Face Eviction
Neighbor Nabs ‘Contractors’ Breaking Into Vacant House
Former NYPD Officer Accused in $4.7 Million Real Estate Scam

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More on AOL Real Estate:
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Follow Teke Wiggin on Twitter (@tkwiggin), follow @AOLRealEstate, or connect with AOL Real Estate on Facebook.

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Filed under: News

The Hawaii Legislature and Massachusetts House of Representatives passed bills that put tougher restrictions on foreclosures. In Hawaii, the new bill updates the state’s foreclosure law, which was called the strongest in the country when it passed last year. The update makes the regulations even stricter, and provides additional protections for Hawaii homeowners.

The law that passed last year was written in part to deal with the huge increase in Hawaii foreclosures. It required the lenders to meet face-to-face with homeowners before foreclosing on a property. Now, in addition to the meeting, an attorney must be present to verify the accuracy of all case documents. “Once again, we won one for the homeowners, and I couldn’t be more pleased,” said State Rep. Robert Herkes, who serves as the chairman of the House Committee on Consumer Protection and Commerce. “The bill we passed last year had its critics, but our primary focus was always on helping and protecting the homeowner.”

Hawaii attorneys say that this new bill might go too far, and even stop foreclosure cases altogether.

In a similar move, the Massachusetts House of Representatives passed a bill designed to block unnecessary foreclosures. It would require banks to analyze a loan before foreclosing, and promotes loan modifications in lieu of foreclosures when possible. The bill now goes to the state Senate.

See also:
Mortgage Settlement Windfall May Be Diverted in Some States
After 37 Years, ‘Neighbors From Hell’ May Finally Face Eviction
Neighbor Nabs ‘Contractors’ Breaking Into Vacant House

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More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find homes for rent in your area.

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Filed under: News

A former police sergeant and a New York attorney are being charged with stealing $4.7 million from investors using an elaborate real estate scam. James Monahan, who worked for the New York Police Department from 1994 to 2005, and Edward Adams of Obermayer & Adams in Manhattan, claimed to be building a condominium development in the Dominican Republic with more than 1,200 units.

The pair received investment from BridgePoint Ventures, a Miami firm. According to court papers, Monahan touted his prior NYPD credentials to try to gain the trust of investors interested in the popular tourist destination (pictured above is Bavaro Beach in Punta Cana). Monahan also forged documents assuring the investors that their funds were safe.

Eventually, the BridgePoint investors became suspicious and sent workers to the supposed construction site. They found that “no progress had been made … and there were animals grazing on the property,” according to court papers. BridgePoint has not yet been able to retrieve its funds.

Monahan and Adams have been released on $100,000 and $50,000 bonds, respectively.

See also:
After 37 Years, ‘Neighbors From Hell’ May Finally Face Eviction
Neighbor Nabs ‘Contractors’ Breaking Into Vacant House

%Gallery-155243%
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Find homes for rent in your area.

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