Elder fraud may have been committed against Elias Ayoub, 74, who owned a Sacramento-area home for about thirty years and raised his family there. Robert Yang, aka John Chu, is a financial consultant who was arrested for placing the name of a “straw buyer” on the title to Ayoub’s home (wouldn’t that be title fraud). Yang had originally recommended that in order for the Ayoub, who had poor credit, to obtain a loan against his home, title should have been changed into the name of Ayoub’s son. In addition, the lender, Nationstar Mortgage LLC, suffered a loss of $347,000, according to court documents.
Read the Full Article in the Sacramento Bee.