California Real Estate Fraud Report

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04
Feb

Sisters Indicted in Lawndale for Loan Fraud

The Originator Times reports that two sisters were indicted by a federal grand jury in Los Angeles on money laundering, wire fraud and conspiracy charges for submitting home loan financing packages for residential real estate that included false information and forged signatures. The defendants used the fraudulently obtained proceeds to purchase properties, which they later sold at a profit.

The 14-count indictment charges that Maria Sanchez, 34, a loan consultant and real estate agent for Online Financial Services in Lawndale, allegedly submitted home loan financing packages containing false statements, forged signatures and falsified financial records to lenders so that she and her sister Beatriz Sanchez, aka Beatriz Salcedo, could purchase homes, which they then resold at a profit.

Unlike the high-roller real estate agents, loan officers, appraisers and developers in Beverly Hills whose recent indictment alleges they stole in the high millions, the less-ambitious Sanchez sisters are accused of obtaining slightly more than $1.5 million in fraudulent loans to purchase just four properties in the cities of El Monte, Norwalk, Paramount and Los Angeles. However, Maria Sanchez is also accused of wiring almost $100,000 in illegal drug money Beatriz’ bank account to an escrow company; monieus that were used as a down payment for the El Monte property.

Read the Full Story, including the prison sentences that await the sisters if they are convicted.

© 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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