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Tag: subprime loans

Real Estate Workers in San Diego Charged in Multi-Million Dollar Fraud

By Danny Fenster
ticklethewire.com

Here’s another reminder how the real estate and banking world have suffered as a result of major acts of fraud.

In San Diego, charges were unsealed on Tuesday against several real estate agents involved in a multi-million-dollar mortgage fraud scheme targeting “vulnerable, low-income immigrants” , according to a statement from the FBI.

Eric Elegado, Charmagne Elegado, Theodore Cohen, Minh Nguyen, Regidor Pacal, Alexander V. Garcia, Roman Macabulos, Ramin Lotfi, and Roderick Huerto face multiple charges of conspiracy, wire fraud, money laundering, and criminal forfeiture, says the FBI. The scheme resulted in losses of more than $15 million.

The U.S. Attorney’s Office said that Eric Elegado owned and operated San Diego real estate and brokerage businesses and, conspired with others, obtained mortgage loans for unqualified buyers by falsifying salary information on loan documents, then submitted the documents to mortgage lenders, who eventually lent more than $50 million in mortgage loans.

“As a result of their scheme to defraud, defendants and others caused the mortgage companies, lending institutions, and financial institutions to lose more than $15 million,” says the FBI statement.

The defendants are scheduled to appear before US District Judge Anthony J. Battaglia on March 28.