California Real Estate Fraud Report

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24
Nov

Tarzana Broker Arrested for Mortgage Fraud

A Tarzana man with a history of administrative actions by the California Department of Real Estate (DRE) against him has been indicted by a federal grand jury for mail fraud and arrested.

According to U.S. Attorney Benjamin Wagner, Steve Zaven Kessedjian, 48, owned a company in Woodland Hills called Amerilend Inc., which purported to help homeowners refinance their properties. When a couple used Amerilend to refinance their home and take out equity to pay off their credit card debts, Kessedjian was supposed to disburse those funds to the credit card companies through his escrow company called Targa Escrow. Instead, Kessedjian is accused of keeping the $57,343 (escrow fraud).

The couple lost their home to foreclosure after the credit card companies pursued them for the debts and they were unable to pay them along with their new mortgage.

Read the original article in the Central Valley Business Times and also the website for U.S. Attorney for the Eastern District of California.

© 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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