California Real Estate Fraud Report

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29
Oct

Multi-State Mortgage Fraud Ring Broken Up

Laura Duffy,  the U.S. Attorney for the Southern District of California, has announced indictments in a mortgage fraud case that involved $100 million in real estate in California and Washington state.

Laguna Hills loan processor John Allen, 54, was charged last month by a federal grand jury for submitting fraudulent loan applications to lenders using straw buyers. The straw buyers were promised $10,000 in exchange for their participation in the scheme.

Los Angeles accountant Audrey Yeboah, 54, has already admitted her role by creating phony financial statements such as pay stubs and W-2 forms on behalf of the straw buyers. According to her guilty plea, Yeboah also admitted to reviewing financial statements that totaled over $14.5 million in kickbacks from the scheme.

Others who have been charged in this case are Mary Armstrong, an unlicensed mortgage broker; Armstrong’s assistant, William Fountain; Ramona real estate agent Teresa Rose; and a Seattle-area businessman named Justin Mensen.

Read the original articles in San Diego 6 and the Imperial Valley News.

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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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