California Real Estate Fraud Report

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23
Sep

DRE Revokes License of San Jose Broker, Bars Him

Among the number of real estate licensees targeted by the California Department of Real Estate (DRE) is a San Jose-area broker whose license has been revoked for mortgage fraud and fasifying loan applications (loan fraud), according to the Acting Commissioner.

Commissioner Barbara Bigby, in referring to Bic Pho, stated “Bic Pho’s fraudulent activities were egregious and illegal, and he should never be allowed to work in real estate again. The fraud perpetrated by Pho and others contributed to the mortgage meltdown, but the revocation of his license and the issuance of the Bar Order ensures he will not broker another mortgage loan.”

But wait: Bic Pho has been barred from real estate and mortgage activities for only three years. At that time, he could apply to the DRE for reinstatement.

Bic Pho and his businesses (also barred), Mariposa Mortgage and Vision Quest 21, were accused of purchasing properties from sellers in Northern California. Pho would submit offers on behalf of straw buyers whose loan applications he had falsified. The straw buyers never lived in the properties and the lenders never received any mortgage payments.

Read the original article in National Mortgage News

 

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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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