California Real Estate Fraud Report

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29
Jun

Three Men Indicted for Falsifying Loan Docs

Los Gatos developer Muhammad Safadi, his nephew Scott Safadi and real estate broker Raquel Ramirez are in hot water: all three  have been indicted by a federal grand jury for bank fraud, conspiracy and making false statements to lenders, ultimately defrauding them of $5.5 million.

The charges are the result of an IRS investigation, accuses the Safadis, who owned Focus Construction, of building homes and then selling them to buyers who they knew were not qualified. In order to facilitate the loans, they submitted phony income and other documents to the lenders. The two men made over $4.5 million on their transactions, while Ramirez earned $230,000.

Read the original article in the San Jose Mercury News.

This entry was posted on Friday, June 29th, 2012 at 8:58 am and is filed under Bank Fraud, Loan Fraud, Mortgage Fraud, Real Estate Crimes. 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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