Sean McClendon, 46, West Sacramento, California, pleaded guilty to mortgage fraud charges arising from home sales in the Sacramento, California, area.
According to court documents, co-defendant Anthony Salcedo compensated McClendon and co-defendant Anthony Williams for finding buyers for four properties owned by or associated with Salcedo. Some of the payments by Salcedo went to the buyers of the property, although the payments were never disclosed to the lenders as part of the purchase and sale agreements.
McClendon participated in the loan origination process for the buyers and in each instance the buyers’ income and assets were falsified in order to qualify for the loans. All properties involved were foreclosed by the lenders, resulting in losses of over $1 million.
The date for McClendon‘s sentencing is not yet set. The maximum statutory penalty for mail fraud and the related conspiracy is 30 years in prison and a $1 million fine. McClendon‘s actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.
The charges against Salcedo are only allegations, and he is presumed innocent until and unless proven guilty beyond a reasonable doubt.
United States Attorney Benjamin B. Wagner announced the guilty plea.
This case is the product of an investigation by the Internal Revenue Service-Criminal Investigation and the Federal Bureau of Investigation. Assistant United States Attorney Jean M. Hobler is prosecuting the case.