California Real Estate Fraud Report

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19
May

Westminster real estate broker convicted in $17.5 million real estate fraud

A closely-watched case in Westminster in which a real estate broker was accused of stealing $17.5 million ended when Kathy Chen, 49, was convicted of multiple counts of real estate fraud. Chen was charged with using stolen identities in order to purchase properties, which she then defaulted on so that she could steal the loan money (and she thought this was go undetected?). She now awaits a July 9 sentencing by Superior Court Judge Lance Jensen and a possible 111 years in prison.

Chen was the owner of Chen Financial, KC Realty and SBC Financial. She was prosecuted by William Overtoom of the Orange County District Attorney’s Office and convicted of 136 felony counts for obtaining 47 fraudulent loans totaling more than $17.5 million.

Among Kathy Chen’s victims was a 92-year-old woman, whose identity was stolen. Chen and her co-defendants (all fugitives, including her boyfriend) were accused of falsifying loan applications by inflating the incomes of the purported buyers, forging names and signatures on deeds and loan documents and forging the seal and notary stamp on a variety of notarized documents and deeds.

Read the full article in the Orange County Register, aka OC Register.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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