California Real Estate Fraud Report

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25
Jun

4 Camarillo arrested in mortgage fraud sweep

Prosecutors in Ventura County are busy after arresting 13 people last week for their alleged involvment in mortgage fraud conspiracies in which unqualified borrowers submitted loan applications that were doctored by the defendants in order to obtain millions in loans. Many of the homes fell into foreclosure afterward, causing large-scale losses for the banks while the real estate professionals pocketed commissions that were truly unearned.

According to Ventura County District Attorney Greg Totten, “The criminal conduct that is the basis of today’s federal indictments is our own Ventura County example of the greed, avarice and fraud that drove much of this nation’s real estate meltdown.”

And from said U.S. Attorney André Birotte Jr., “The perpetrators range from professionals in the industry— people like real estate agents and mortgage brokers—to individual borrowers who wrongly thought they could game the system”

The first indictment targeted Oxnard-based Mortech Financial. Employees there are alleged to have falsified loan applications, resulting in losses to the lenders totaling $25 million.  Now facing charges for their roles are Rosa Amelia “Rosie” Fernandez, 34, / Mortech Financial; Raul Rocha, 37, Fernandez’s brother / Century 21 Premier Hills and Estates; Luis Ramos, 40; Patricia Vega, 43; Rogelio Vega, 43, of Oxnard; Leticia Hernandez, 38, of Santa Paula; Eduardo Magdaleno, 62, of Ventura; Richard Ceniseroz, 57, of Oxnard; Lilibell Meza, 34, of Fillmore; and Eduardo Reyes, 33, of Oxnard.

The second indictment is against Platinum Power Mortgage, also in Oxnard, for the same crimes. Charged in that case are Miriam Sukey Estrada, 32 / Platinum Power and Premier Tax Service in Oxnard; Adela Naranjo, 50 / co-operator of Platinum Power; Maria Del Rocio Partida, 45 / a real estate agent at Century 21 Premier Real Estate in Oxnard; and Juan Manuel Banales Venegas, also known as “Chicken Little,” 23.

Read the full article in the Acorn.

© 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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