California Real Estate Fraud Report

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30
Nov

Orange County Woman Pleads Guilty in Mortgage Fraud after Withdrawing Earlier Guilty Plea

Having trouble making up your mind? So did Safieh Fard.

The former former owner of Belvedere Fine Jewelry on Via Oporto in Newport Beach  did something her sister and two of her sons did in 2011: she pleaded guilty in Santa Ana federal court to charges related to her family-operated mortgage fraud business. The 50-year old had previously withdrawn a guilty plea before sentencing by U.S. District Court Judge Cormac Carney.

In the end, Safieh Fard was convicted by a federal grand jury of one count of conspiracy to defraud the Internal Revenue Service (IRS) and one count of conspiracy to launder the proceeds of bank fraud obtained after submitting fraudulent mortgage applications.

According to a collaborative investigation by the U.S. Justice Department, IRS Criminal Investigation Division (IRS-CID) and U.S. Immigration and Customs Enforcement’s Homeland Security Investigations of Orange County, Fard, her sister Sedigheh Bahramian and Fard’s sons Mohsen Kikalaye andAhmad Kikalaye submitted fraudulent loan applications to banks in order to receive money to purchase beach-area properties which they would buy and flip. What was so brazen was that Safieh Fard claimed to earn over $40,000 per month while at the same time claiming no taxable income to the IRS.

Is anyone questioning why did the lenders failed to perform due diligence for eight years on somebody claiming to earn $40,000 a month?

The quartet further failed to report capital gains on the over $3.7 million they earned from selling the properties. Ahmad Kikalaye was the ultimate recipient of the funds and according to prosecutors made withdrawals under the federal $10,000 reporting requirement in order to escape scrutiny.

Sentencing for Safieh Fard is set for April 8, 2013 before Judge Carney.

Read the original article in OC Weekly.

© Copyright 2007-2017 Monique Bryher

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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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