The former manager of All Fund Mortgage of Murrieta and Anaheim Hills has been sentenced to 12 years in prison and three years of supervised release after pleading guilty to wire fraud and tax evasion in a mortgage fraud conspiracy.
Gregory Flores was also ordered by U.S. District Judge J. Virginia Phillips to repay over $1 million in restitution to the homeowners he ripped off and another $98,000 to the Internal Revenue Service.
All Fund, Advantage 2000, Crown and Associates, Ichthommol Trust, B Owned and Right Way, companies with which Gregory Flores was affiliated, convinced the homeowners that they could hold on to their properties by adding straw buyers to the homes’ title in order to improve the homeowners’ credit. Lenders were then solicited to refinance the homes. According to the U.S. Attorney’s Office, title was not transferred back to the homeowners nor were the banks paid their mortgages (loan fraud, mortgage fraud).
Read the original article in the Press Enterprise.