California Real Estate Fraud Report

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25
Apr

Irvine Attorney Sentenced to 4 Years in Prison for Mortgage Fraud

Gerald L. Wolfe, 41, an Irvine attorney and former real estate broker, is going to prison for 46 months after being convicted of wire fraud in a mortgage fraud scam. He also must provide $7.5 million in restitution to the banks from which he stole the funds.

Wolfe and his alleged co-conspirators purchase 30 homes in Orange and Riverside counties between 2005 and 2006 by using straw buyers, then falsifying loan applications (loan fraud, mortgage fraud).  According to Assistant U.S. Attorney Brett Sagel, Wolfe received $25 million in property that was funded by the lenders, with none of his own money, and received $2.2 million back in cash.

Read the original article in the OC Register.

This entry was posted on Wednesday, April 25th, 2012 at 9:13 am and is filed under Loan Fraud, Mortgage Fraud. Responses are currently closed, but you can trackback from your own site.

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© Copyright 2007-2013 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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