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.

15
Sep

Defendant Sentenced in Beverly Hills Mortgage Fraud

One of the remaining defendants in the Beverly Hills mortgage fraud story that dates back 10 years and costs Lehman Brothers Bank tens of millions of dollars has been sentenced to prison.

U.S. District Judge Dean D. Pregerson sentenced Richard A. Maize, 53, a former Beverly Hills mortgage banker, to 18 months in prison. Maize pleaded guilty to conspiracy to commit bank fraud, loan fraud and making a false statement on a federal tax return.

Maize, a co-founder of mortgage banking firm Americorp Funding, was central to the conspiracy, in which the other defendants either brokered their straw buyer loans to Maize, bought and sold the real estate (the Realtors®) or provided the appraisals. The fraudulent appraisals and loan applications were submitted to the victim banks. In one case, a $735,000 home in Bel Air was sold to a straw buyer for $2.37 million.

The previously sentenced defendants are:

Charles Elliott Fitzgerald, 50, of Newbury Park (168 months in federal prison)
Mark Alan Abrams, 50, of Long Beach (78 months)
Jamieson Matykowski, 37, of Laguna Niguel (18 months)
Lila Rizk, 44, of Rancho Santa Margarita, an appraiser (36 months)
Kyle Grasso, 40, of Santa Monica (12 months). Amazingly, Kyle Grasso‘s real estate license was never revoked by the California Department of Real Estate, but he allowed it to expire.

Considering the sentences Of Matikowski and Rizk, in my opinion, Richard Maize got a light sentence.

There are a number of previous posts on this blog about this massive mortgage fraud.

Read the original article in the Los Angeles Independent.

© 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.