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Prakashumar (“Kash”) Bhakta was sentenced today for operating a mortgage fraud scheme throughout Southern California and the Inland Empire that preyed on homeowners facing foreclosure.

The fraud scheme stretched through San Diego, Riverside, San Bernardino, and Los Angeles, counties, in California. Defendants convinced distressed homeowners that they could provide legal assistance to help save their home. They persuaded victims to pay them $3,500 to start; then $1,000 monthly; and separate fees for filing legal documents. Defendants filed and recorded numerous fraudulent documents, including false bankruptcies and false court filings. The scam defrauded lenders and other owners of their rightful possession of the residential properties. Meanwhile, the defendants took thousands of dollars from homeowner victims to perform fraudulent services. Bhakta, who was an integral part of the scheme, falsely notarized numerous fractional interest grant deeds without the presence of the person whose signature was being notarized. Bhakta, the last defendant to admit fault, pled guilty on November 28, 2018, to 113 felony charges, including conspiracy, grand theft, and filing false or forged documents.   http://www.mortgagefraudblog.com/?s=Prakashumar

Mr. Bhakta was sentenced to seven years and eight months in state prison. Restitution will be ordered in the amount of $256,000. Co-defendants Jacob Orona, Aide Orona, John Contreras, Marcus Robinson, and David Boyd previously pled guilty. They were sentenced to state prison terms ranging from four years to seven years and four months.

California Attorney General Xavier Becerra made the announcement.

We have zero tolerance for scam artists who cheat vulnerable families by stealing their life savings and shattering their dreams of owning a home,” said Attorney General Becerra. “Today’s sentence should serve as a reminder: if you prey on hardworking Americans and betray their trust, my office will hold you accountable to the fullest extent of the law.”

The guilty pleas and sentences result from a joint investigation by the California Department of Justice, Fraud and Special Prosecutions Section; the Federal Housing Finance Agency, Office of the Inspector General; and the Stanislaus County District Attorney’s Office.

Jacob Orona, Aide Orona, John Contreras, Prakashumar (“Kash”) Bhakta, Marcus Robinson, and David Boyd were indicted by a grand jury on 135 felony charges for operating a mortgage fraud scheme throughout Southern California and the Inland Empire, preying on homeowners facing foreclosure.  Charges include conspiracy, grand theft, filing false or forged documents, and identity theft.

The scam artists promised homeowners who were underwater on their mortgages that they could provide legal remedies to avoid foreclosure, convincing homeowners to stop making mortgage payments and instead pay them $3,500 to start with an “administrative process,” plus $1,000 every month and separate amounts to allegedly file legal documents.  The defendants filed bogus petitions and court pleadings and recorded false deeds in county recorders’ offices, causing over $4 million in loses while failing to halt any foreclosures.  The fraud stretched through San Diego, Riverside, San Bernardino, and Los Angeles counties of California.

The indictment was delivered following a two-week special statewide grand jury convened in San Diego County.  If convicted, Jacob and Aide Orona face over 90 years in prison; Contreras and Prakashkumar face over 70 years in prison; Robinson faces over 28 years in prison, and Boyd faces over 18 years in prison.

The indictment was announced by Attorney General Kamala D. Harris.  The arrests and arraignments are the culmination of a joint investigation by the Federal Housing Finance Agency Office of the Inspector General (FHFAOIG), the Attorney General’s Financial Fraud and Special Prosecutions Section (FFSPS), the California Department of Justice Bureau of Investigation, and the Stanislaus County District Attorney’s Office, Real Estate Fraud Unit.

I created the Mortgage Fraud Task Force in 2011 to ensure that we tirelessly protect Californians struggling to stay in their homes from those who would prey upon them for profit.  This indictment is result of a joint effort to remain vigilant in the investigation and prosecution of those who attempt to defraud homeowners through the mortgage process,” said Attorney General Harris. “I thank our Mortgage Fraud Strike Force and California Department of Justice Special Agents, as well as our local, state, and federal law enforcement partners, for their efforts on this case.”