Aug
Mom and Daughters Plead Guilty in Massive Mortgage Fraud in Orange County
A woman and her daughters are going to serve hard time for defrauding lenders in a mortgage fraud scheme according to the Orange County District Attorney.
Sushama Devi Lohia, 74, of Newport Beach, pleaded guilty last December to tax evasion, conspiracy and other fraud crimes (70 felonies) and received an eight year sentence.
Now daughter Suniti Shah, 51, of Newport Coast, has received eight years for 40 similar counts. Number One daughter Supriti Soni, 52, of Corona del Mar, will serve 10 years after pleading guilty to 40 counts as well.
Suniti Shah’s husband, Dinesh Valjeebhai Shah, 62, is awaiting trial for his role in the conspiracy.
What did the three criminals and one remaining defendant allegedly do?
They procured 15 loans from Washington Mutual (WAMU), all through the use of straw buyers and their credit (loan fraud). The straw buyers’ incomes were inflated, their bank statements altered and employment information was falsified. Oh, and their signatures were forged. The loss due to the mortgage fraud was $16 million.
Read the original article in the OC Register.
