Friday, February 01, 2008
Sisters Indicted for Misrep and Forgery
Maria Sanchez, 34, Los Angeles, and Beatriz Sanchez, 38, South Los Angeles, were named in a 14-count indictment. A federal grand jury in Los Angeles, California indicted the Los Angeles woman and her sister on money laundering, wire fraud and conspiracy charges for submitting home loan financing packages for residential real estate that contained false information and forged signatures. The defendants used the fraudulently obtained proceeds to purchase properties, which they later sold at a profit.
Maria Sanchez, who worked in Lawndale, Caliornia as a loan consultant and real estate agent for Online Financial Services, allegedly submitted home loan financing packages to lenders so she and her sister could buy residential real estate. The loan packages allegedly contained false statements, forged signatures and falsified financial records. Beatriz Sanchez, also known as Beatriz Salcedo, acted as a nominee owner for the properties. After the sisters purchased the residential properties with their fraudulently obtained loans, they sold the properties. Maria Sanchez would receive commissions and fees for the purchase, sale and refinancing of the properties that she and her sister acquired through their fraud scheme.
From July 2003 through June 2007, the Sanchezes allegedly obtained more than $1.5 million in fraudulently obtained loan proceeds, which they used to purchase four properties in El Monte, Norwalk, Paramount and Los Angeles, California. In relation to the El Monte property, the indictment alleges that Maria Sanchez caused a wire transfer of nearly $100,000 in illegal drug proceeds from her sister-in-law’s bank account to an escrow company that was used as a down payment for the property.
In the other three transactions, Beatriz Sanchez was identified as the buyer, and she falsely claimed to have monthly income of at least $7,950. Associates, in exchange for cash payments from Maria Sanchez, verified the inflated salaries.
Debra D. King, Special Agent in Charge of IRS - Criminal Investigation, Los Angeles Field Office, stated: “The indictment of Maria and Beatriz Sanchez on money laundering and wire fraud charges related to their scheme to falsify home loan applications serves to put criminals like these on notice that IRS - Criminal Investigation will use tax and money laundering statutes to investigate and prosecute those individuals who profit from such illegal activity. These types of crimes can create a significant loss of tax revenue, drive buyers into foreclosure, leave lenders burdened with bad loans and neighborhoods with abandoned and deteriorating properties. IRS - CI is committed to pursuing individuals who commit these types of crimes.”
If convicted of all of the crimes specified in the indictment, Maria Sanchez faces a statutory maximum 105 years in federal prison. For her role, Beatriz Sanchez faces a statutory maximum 110 years in prison.
An indictment contains allegations that a defendant has committed a crime. Every defendant is presumed to be innocent until proven guilty.
This case is part of an ongoing investigation being conducted by IRS – Criminal Investigation and the Drug Enforcement Administration.
CONTACT: Assistant United States Attorney Mark Childs, Organized Crime Drug Enforcement Task Force: (213) 894-2433
mortgage fraud
I have been defrauded out of 140,000.00
in a Real Estate Scheme, would you please help me. I would like to speak with some one so that I may explain in more details. You can reach me by these numbers. are 323-424-6398, or 310-256-6854
Posted by on 02/05 at 08:31 AM
This Blog fails to mention that Ms. Sanchez was initially indicted in error due to Marc Child’s misidentifying Ms. Sanchez as her brother’s WIFE. It also fails to mention that due to this ERROR Ms. Sanchez was on house arrest and arrested for three years, two of those months without a charge. This Blog also fails to mention that these were family owned homes and never defaulted on any loans. This Blog also fails to mention that not one Lender nor Broker ever filed a complaint against Ms. Sanchez. This Blog also fails to mention that these homes were only sold after the initial indictment in order to pay for attorney fees. This Blog also fails to mention that Ms. Sanchez’s initial charges were dismissed and was re-indicted only after she filed complaints against the DA.
Posted by on 06/10 at 11:34 AM
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
F. Jeffrey Miller Update - October 20, 2009
A hearing was held in Topeka, Kansas in front of Judge Julie Robinson. Miller is currently being held pending his sentencing which is set for December 22nd, 2009 at 9:00 a.m.. Steve Vanatta and Hallie Irvin, Miller's codefendants, will be sentenced at that time also.
Several motions were heard this week. One was a motion for Miller to be released pending his sentencing. Miller's attorney, Jeff Morris, argued that the court had dismmissed with predjudice the matter involving Miller's purchase of a commercial lawnmower, violating the court ordered monitoring agreement. He also argued that Miller was not a flight risk and should be released. This motion was denied.
Another motion heard by Judge Robinson was that of an escrow account containing proceeds from the sale of Miller's forfeited assets. This account has a balance of $143,000. Attorney Morris argued that his firm was due $100,000 for work done in the Miller matter, to date. The government argued that his 'un-itemized fees' were 'exhorbitant'. The balance of the funds, Morris argued, should be released to the Miller family to help pay for mounting household expenses.
The government argued that the 'Asset Forfeiture Provision' applies down to 'the last penny' and that 'the rights of the victims to made whole are of paramount immportance' and that no routine household expenses like Visa bills, are allowed.
Attorney Morris argues that there is more than enough assets to satisfy the jury's judgement of $2.65 million dollars. The government argues that the estimated value of his assets are only $1.4 million.
The government also stated that Miller has been paid dividends from a company Miller has an ownership interest in; Boreflex. From July, 2008 to present, Miller has been paid $330,509.30 from Boreflex, unbeknownst to the court appointed monitor.
Present in the courtroom was Todd Earnshaw. Earnshaw was indicted along with Miller and others in what is commonly referred to as 'Miller I'. That trial is scheduled to begin on January 11, 2010 in Topeka, Kansas.
More Trial Coverage
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Rachel Dollar, the editor of Mortgage Fraud Blog, is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. She is an author and a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is a shareholder with the law firm of 
