Archives For California

7 Indicted in California Short Sale Fraud

Rachel Dollar —  June 26, 2015 — Leave a comment

A federal grand jury returned a 15-count indictment against seven individuals, charging them with conspiracy to commit mail fraud and bank fraud, mail fraud and aiding and abetting, and making false statements to a bank in a mortgage fraud scheme.

Jyoteshna Karan, 43, Modesto, California; Praveen Singh, 36, Modesto, California; and Mahendra Prasad, 53, Fremont, California, were arrested June 26, 2015 at their homes. The remaining defendants each received a summons to appear for arraignment: Phul Singh, 79, Modesto, California; Sunita Singh, 60, Modesto, California, Nani Isaac, 69, Ceres, California; and Martin Bahrami, 42, Turlock, California. Continue Reading…

In Mortgage Fraud ,
 permalink

CEO Sentenced to Prison for Real Estate Investment Scam

Allison Tussey —  June 22, 2015 — Leave a comment

Akbar Bhamani, 61, Carmichael, California, the head of a Sacramento, California, real estate investment firm, has been sentenced to 48 months in prison for duping investors by promising that deeds of trust would be secured on properties in which the investor would be in no worse than second or third position and that the indebtedness on the property would never exceed 70 percent of the value of the property.

Continue Reading…

In Mortgage Fraud ,
 permalink

Serial Con Man Arrested for Real Estate and Other Fraud Schemes

Allison Tussey —  June 22, 2015 — Leave a comment

David Garcia Herrera, 70, Torrance, California, a former special agent with the Drug Enforcement Administration, has been arrested on federal fraud charges for allegedly posing as an active FBI agent and helping a man who posed as a former federal prosecutor to defraud a man who enlisted their help in recovering money lost in two fraudulent investment schemes.

Continue Reading…

In Mortgage Fraud ,
 permalink

Real Estate Attorney Indicted for Short Sale Fraud Scheme

Allison Tussey —  June 19, 2015 — Leave a comment

Robert Farrace, 51, Modesto, California, an attorney specializing in real estate transactions, was indicted on three counts of wire fraud in connection with a fraudulent short-sale scheme.

Continue Reading…

In Mortgage Fraud , ,
 permalink
sovereign citizen

Man Found Guilty of Mortgage Fraud After Five-Day Trial

Allison Tussey —  June 19, 2015 — Leave a comment

Anthony Salcedo, 34, Fair Oaks, California, a loan broker and real estate agent, was found guilty after a five-day trial of one count of conspiracy to commit mail fraud and four counts of mail fraud for his involvement in a mortgage fraud scheme.

Continue Reading…

In Mortgage Fraud
 permalink

Siblings Admit Stealing of Hundreds of Identities from Escrow Company

Allison Tussey —  June 18, 2015 — Leave a comment

Charlie Rickie Jackson III, 43, Corona, California, and Bridgette Lenet Jackson, 45, Riverside, California, have pleaded guilty to federal charges of conspiring to steal identities of hundreds of would-be homeowners from North American Title Company and using those stolen identities to obtain credit.

Continue Reading…

In Mortgage Fraud
 permalink

3 Convicted by Federal Jury of Offering Bogus Loan Modifications

Allison Tussey —  June 10, 2015 — Leave a comment

Christopher Paul George, 45, Rancho Cucamonga, California, Crystal Taiwana Buck, 40, Long Beach, California, and Albert DiRoberto, 62, Fullerton, California, were convicted by a federal jury of offering bogus loan modification programs to thousands of financially distressed homeowners who lost more than $7 million when they paid for services, including loan modifications, that were never provided.

Continue Reading…

In Mortgage Fraud ,
 permalink

Lender Resolves Allegations of Discriminatory Loan Prices

Allison Tussey —  June 3, 2015 — Leave a comment

Provident Funding Associates is the subject of a consent order resolving allegations by the Justice Department and Consumer Financial Protection Bureau that it engaged in a pattern or practice of discrimination. According to the order, Provident allegedly increased loan prices for African-American and Hispanic borrowers who obtained residential mortgages between 2006 and 2011 from Provident’s nationwide network of mortgage brokers.

Continue Reading…

In Mortgage Fraud ,
 permalink
Real Estate Broker

Banker Sent to Prison for Taking Bribes in Secondary Mortgage Market

Allison Tussey —  June 2, 2015 — 1 Comment

Lynda Sanabria, 51, Rockwall, Texas, was sentenced to six months in prison, followed by six months of home confinement, for her role in a commercial bribery and tax evasion scheme. Sanabria admitted accepting hundreds of thousands of dollars in bribes in return for selling mortgage loans to her preferred customers on the secondary mortgage market.

Continue Reading…

In Mortgage Fraud ,
 permalink

Real Estate Agent Sent to Prison for Straw Buyer Scam

Allison Tussey —  May 21, 2015 — Leave a comment

Arlene Jeanette Mojardin, 32, Bakersfield, California, was sentenced by United States District Judge Anthony W. Ishii to two years and six months in prison for conspiring to commit bank fraud, mail fraud, and wire fraud, in connection with a mortgage fraud scheme in Bakersfield.

Continue Reading…

In Mortgage Fraud , ,
 permalink