California Real Estate Fraud Report

You have just entered the #1 private-sector resource on the Internet for real estate fraud. In doing so, you have voluntarily left the dimension of the conventional real estate world and crossed over to the Dark Side, the realm where greed, dishonesty and evil are the order of the day. Sign up for a free subscription to this comprehensive news resource and receive weekly, timely news reports about real estate fraud, mortgage fraud, short sale fraud, REO fraud, title fraud, loan fraud, appraisal fraud, affinity fraud, loan modification scams, securities fraud and elder financial fraud.

09
Sep

Alleged Mastermind in Los Angeles Real Estate Fraud Ring Arrested

Ju Young Chung, 36, was arrested for allegedly running a real estate fraud ring in which homes which had been paid off had the equity skimmed.

Chung and the other six suspects who were arrested are being accused of renting out the homes and applying for loans using the stolen identities of the true owners (loan fraud, mortgage fraud). The earliest cases date back to 2009 and the total amount of the fraud is estimated at $5.9 million.

Except for the home in Calabasas, the remaining properties were located in the San Gabriel Valley, including Arcadia, Diamond Bar, Hacienda Heights, Monterey Park, San Gabriel, Temple City, Walnut and West Covina. Most of the victims were of Chinese descent and several of the accused are either Chinese or Korean nationals.

The Los Angeles County Sheriff’s Department and the FBI investigated the case. If you are a victim or know of other potential victims, please contact the L.A. Sheriff’s Real Estate Fraud team at 562-946-7217.

Read the original article in the Los Angeles Daily News.

© Copyright 2007-2017 Monique Bryher

Legal Disclaimer.

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.

ALL RIGHTS RESERVED. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author, except for the inclusion of BRIEF QUOTATIONS in a review.

BLOG POWERED BY SHARP BIZ IMAGE

Copy Protected by Chetan's WP-Copyprotect.