3 Sentenced for Appraisal Fraud Scheme

Allison Tussey —  November 29, 2011 — Leave a comment

Guadalupe Ramirez, 31, a real estate agent, her mother Maria Ramirez, and her father Augustine Ramirez, 60, have been sentenced for their roles in a Kern County, California, mortgage fraud scheme involving inflated appraisals and kickbacks.  Guadalupe and Maria received 6 year prison sentences and Augustine was sentenced to 4 years in prison.

The scheme centered around the purchase of properties at inflated values, with the conspirators receiving substantial kickbacks, and then defaulting on the loans.  The Ramirez‘ employed the assistance of two appraisers, Eli Donati, who appraised four of the subject properties involved in the scheme, and Jenny Recondo, who appraised at least one of the properties involved.  Donati‘s appraisal license was revoked on November 20, 2009, and Recondo was ordered on September 4, 2008, by the California Office of Real Estate Appraisers (“OREA”) to pay a $1,500 fine and complete 30 hours of OREA-approved training.

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Allison Tussey

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