Wednesday, June 25, 2008
FBI Seeks Assistance In Locating Mortgage Fraud Fugitives
The FBI is seeking the public’s assistance to locate three fugitives who are part of the “Operation Malicious Mortgage” investigation. United States Attorney Karen P. Hewitt announced the unsealing of a felony complaint in federal court in San Diego charging six individuals with wire fraud. Rafael Santiago, Abner Betech, Said Betech, Aviva Betech, Angel Armendariz, and Lucette Montane allegedly devised a plan to defraud and to obtain money and property by false and fraudulent means, related to mortgage fraud
According to the complaint, in 2005, Abner Betech, Said Betech and others started Creative Financial Solutions, Inc. (”CFS”), a mortgage brokering company located at 707 Broadway Avenue, Suite 1720 , San Diego . CFS was in the business of sending loan application packages and other documents to lenders for review and funding. The complaint alleges that CFS did not fund loans, but instead received commissions from the lenders when the loans closed. The defendants were loan officers at CFS and in addition to the commissions, they received payments from lenders, sellers, and buyers when loans closed.
The complaint further alleges that CFS obtained mortgage loans for unqualified or unknowing borrowers by concealing the true purchase price of the homes by submitting false purchase contracts, submitting false loan applications; intentionally concealing the fair market value of home; using misleading appraisals; and submitting false bank statements and income documentation. In total, the lenders have lost nearly $3.9 million, with potential losses in excess of $5.1 million, due to foreclosures.
The FBI is seeking the public’s assistance to locate and arrest Rafael Santiago, Angel Armendariz, and Lucette Montane. Anyone with information concerning their whereabouts is asked to call the FBI at telephone number (858) 565-1255. The other defendants have made their initial appearances in court.
mortgage fraud
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Rachel Dollar is an attorney and Certified Mortgage Banker who handles fraud recovery litigation for lenders and secondary market investors nationwide. She is a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is licensed to practice law in California and maintains offices in Santa Rosa, California. 
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