California Real Estate Fraud Report

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06
Dec

San Diego Loan Officer Gets Prison for Mortgage Fraud

Simon Saeid Koli, a former loan officer in San Diego, is going to spend 2 1/2 years in federal prison. In July 2012, Koli, 41, to conspiring to commit mail fraud, wire fraud and money laundering according to the U.S. Attorney’s Office said.

Koli’s co-defendant, Kian Ashkanizadeh, also pleaded guilty in a mortgage fraud scheme that authorities say netted the men $1 million.

In a brazen scheme that was bound to fail, Koli and Ashkanizadeh, who worked at Southern California Finance, used “friends and family” to act as straw buyers so that the men could purchase four homes in the high-end Northern San Diego community of Carlsbad. They falsified job information, income and assets (loan fraud) in order to obtain million dollar mortgages on each homes, somehow gave themselves $200,000 consulting fees for each and manufactured construction fees for work that (drum roll) was never performed.

Simon Koli will face a federal judge on January 25, 2013 for a restitution hearing and his partner-in-crime Kian Ashkanizadeh will appear 3 days later to find out his sentence.

Read the original article in CourtHouseNews.com

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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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