Iftikhar Ahmad, 40, Stockton, California, to 21 months in prison, to be followed by three years of supervised release, and restitution in the amount of $382,750 for multiple counts of mail fraud relating to a scheme involving the fraudulent submission of mortgage loan applications. Ahmad pleaded guilty on April 28, 2008.
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Alfred Eugene Parker, 32, Woodland Hills, California, a man who bilked more than 20 victims out of approximately $2 million in less than one year, has been sentenced to 46 months in federal prison. Parker was sentenced by United States District Judge R. Gary Klausner, who remanded the defendant into custody at the conclusion of the sentencing hearing. Continue Reading...
Jeff McGrue, 51, Tacoma, Washington, was been found guilty of federal fraud charges for running a scheme that defrauded the owners of distressed homes by promising to delay or prevent foreclosure through a program that supposedly used notes backed by Treasury bonds to pay off mortgages.
McGrue was found guilty late Friday, January 21, 2011, by a federal jury of four counts of
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William Arthur Sassman II, 42, Sacramento, California, who looted the life savings of dozens of investors to bankroll his own lavish lifestyle and finance his own investments, was sentenced to 18 years in prison.
Sassman convinced people who had painstakingly saved for their retirement that he could make a lot of money for them. Instead he used their money for his fine clothing,
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Rito Miguel Diaz, Jr, has been sentenced by Judge Philip S. Gutierrez to the custody of the Bureau of Prisons for 24 months as charged in Count One of the Four-Count sealed Indictment. Diaz, Jr was also sentenced to supervised release for three years, a special assessment of $100, and ordered to pay restitution in the amount of $1,254,667. Continue Reading...
Monica Elizabeth Frommer, 33, Sherman Oaks, California, was charged by a federal grand jury for her role in a $2 million mortgage fraud scheme in which she allegedly filed fraudulent loan applications that in some cases falsely claimed she and her husband earned nearly $50,000 per month.
Frommer was indicted November 9, 2010, on charges of bank fraud, loan fraud, wire
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Arthur Gonzales Diaz, 56, Anaheim, California, is charged with seven felony counts of grand theft and one misdemeanor count of engaging in business as a real estate broker without a license with a sentencing enhancement for property damage exceeding $65,000. If convicted, he faces a maximum sentence of eight years in state prison. Diaz is being held on $75,000 bail and must prove the
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Juan Rangel, 46, Downey, California, has agreed to plead guilty to federal fraud and money laundering charges, admitting that he ran two fraudulent operations-a Ponzi scheme that took in $30 million from more than 300 victims and a mortgage fraud scheme that preyed on homeowners by stealing the equity from their homes and secretly taking title to their properties. Rangel, who is
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Kathy Chen, 49, Westminster, California, a real estate broker, was sentenced to 68 years and six months in state prison for conspiring with her boyfriend and his brother to commit $17.5 million in real estate fraud by purchasing 35 properties using stolen identities and intentionally defaulting on loans in order to steal the loan money.
Chen was found guilty by a jury
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Bruce Fred Friedman, 60, the owner of a Sherman Oaks, California, company that promised investors healthy returns with claims of a successful business based on the rehabilitation of “scratch and dent” real estate was indicted on federal fraud charges that allege he operated a Ponzi scheme that took in nearly a quarter billion dollars.
Friedman, the operator of
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