California Real Estate Fraud Report

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11
Feb

Convicted Glendale Man Gets Off Easy in Loan Fraud

Carlos Serrano is lucky he is 64 years old: apparently due to his age and “character” – or lack thereof, U.S. District Court Judge Christina Snyder sentenced him to serve 18 months in a community correctional facility after he was convicted in a scheme that defrauded two financial institutions of $1.3 million. A community correctional facility is similar to a halfway house.

For his role in the fraud, for which eight other people were convicted, Serrano must pay more more than $940,000 in restitution. He was convicted in September 2008 of bank fraud and conspiracy to commit bank fraud after lying to the First International Bank of Connecticut in order to receive monies for goods he claimed to have purchased and then shipped to the Philippines, but did not.

Note: this article is also published on Examiner.com.

This entry was posted on Wednesday, February 11th, 2009 at 11:07 pm and is filed under Loan Fraud. Responses are currently closed, but you can trackback from your own site.

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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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