California Real Estate Fraud Report

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26
Apr

Orange County Residents Indicted in REO Fraud

Six people – three from Orange County – have been indicted in a so-called property flipping scheme that involved REO (Real Estate Owned) properties.

The defendants are Sylvia Melkonian, 48, of Laguna Beach, Andrew Wardein, 38, of Irvine, Craig Shults, 41, of Huntington Beach, Sheridan Snyder, 65, of Turtletown, Tennessee, Paul LiCausi, 47, of Fort Pierce, Florida and Joseph Haymore, 31, of Port St. Lucie, Florida.

In each case, the investors (victims) were told the REO/bank-owned properties for up to $45,000 and told that the properties had clean titles, property management contracts and guaranteed renters for three months. They also were told by the defendants that they could resell the properties back at end of a year for $60,000 None of this was true, and in fact title could not be acquired with some of the properties (title fraud) and others were encumbered by tax or other liens, were uninhabitable, condemned or had building permit or code issues. The properties had been purchased by the defendants for $10,000 each.

Read the original article in the Orange County Breeze.

© 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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