Aug
Broker and Obstetrician Arrested for Mortgage Fraud
The owner of Modesto-based Century 21 Apollo, who founded his company more than 26 years ago, and a obstetrician have been arrested on suspicion of mortgage fraud.
The Stanislaus County district attorney’s office arrested James Lee Lankford, 69, Stelios Papdopoulos, 74, a Century 21 broker in Lankford’s office, and Dr. Dennise Ann Davis, 55, an obstetrician with Sutter Gould Medical Foundation in Modesto were all arrested.
According to an affidavit filed with the Stanislaus County clerk by the district attorney’s office, the real estate agents helped Davis obtain a second mortgage on the home she was purchasing, which was used as a down-payment without the knowledge of the first lender. All three defendants filed fraudulent paperwork eliminating the second loan after the lender, a private party, died. The fraud was discovered by the nephew of the second lender when going through paperwork following her death.
Read the Full Article in The Modesto Bee.
