California Real Estate Fraud Report

You have just entered the #1 private-sector resource on the Internet for real estate fraud. In doing so, you have voluntarily left the dimension of the conventional real estate world and crossed over to the Dark Side, the realm where greed, dishonesty and evil are the order of the day. Sign up for a free subscription to this comprehensive news resource and receive weekly, timely news reports about real estate fraud, mortgage fraud, short sale fraud, REO fraud, title fraud, loan fraud, appraisal fraud, affinity fraud, loan modification scams, securities fraud and elder financial fraud.

08
Nov

Real Estate Agent Pleads Guilty in Elk Grove Mortgage Fraud Case

A Sacramento man who was a licensed real estate agent and appraiser has pleaded guilty to two counts of bank fraud in a mortgage fraud he orchestrated to enrich himself.

Dameen Dedrick, 39, entered his guilty plea in federal court in Sacramento in front of  U.S. District Judge Morrison C. England Jr.

Dedrick was charged as a result of loan applications he submitted in 2005-2006 to purchase three Elk Grove homes. The loan apps contained false statements and Dedrick submitted fraudulent income and other financial statements to convince the lenders to grant him the mortgages, which totaled $1.1 million. The homes were purchased at no risk to him (100% financing) and he stated each was his primary residence in order to obtain lower interest rates.

Dedrick’s co-defendant, Roy L. Rice, 46, of Concord, of Concord, pleaded guilty in September for his participation in the scam. Roy Rice was also a licensed real estate agent; both he and Dameene Dedrick allowed their licenses to expire.

The case was investigated by the Internal Revenue Service-Criminal Investigation and the FBI.

Read the original article in the Sacramento Bee and the FBI’s press release.

 

© Copyright 2007-2017 Monique Bryher

Legal Disclaimer.

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.

ALL RIGHTS RESERVED. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author, except for the inclusion of BRIEF QUOTATIONS in a review.

BLOG POWERED BY SHARP BIZ IMAGE

Copy Protected by Chetan's WP-Copyprotect.