California Real Estate Fraud Report

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19
Oct

Sacramento Man Pleads Guilty to Mortgage Fraud

Sean McClendon, 46, a West Sacramento man, pleaded guilty in federal court for his role in committing mortgage fraud. 

McClendon was allegedly paid by his co-defendant Anthony Salcedo for falsifying documents in the loan origination process (loan fraud). Another co-defendant, Anthony Williams, is alleged to have helped Salcedo find buyers for four properties either owned or associated with Salcedo. In violation of the law, none of the back door payments were disclosed to the lenders in any of the real estate contracts. In the end, the lenders suffered losses of over $1 million.

The case was investigated by the FBI and the IRS.

Read the original article in the Sacramento Bee. 

This entry was posted on Friday, October 19th, 2012 at 11:17 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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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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