California Real Estate Fraud Report

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21
Dec

Convicted San Gabriel Man Disappears, FBI on the Hunt

David Kaup, 29, who pleaded guilty to two counts of wire fraud in April 2012 and was scheduled to be sentenced on December 17, appears to be on the lam after failing to appear in court. Now Bill Lewis, Assistant Director in Charge of the FBI’s Los Angeles Field Office and André Birotte Jr., the United States Attorney in Los Angeles are looking for him.

Kaup admitted to the court in his plea that he had defrauded over 50 families out of at least $11 million by concocting several scams, including a mortgage rescue fraud and a real estate investment fraud scam. He ran Lunden Investments, American Loans and Funding (ALF) and First Mortgage West. The Lunden scam occurred when Kaup conned people into giving him $9 million for use as commercial loans but which he lost by trading on the Foreign Currency Exchange Market instead. Kaup convinced homeowners into paying him money upfront in order to refinance their homes at under-market rates (who would believe this?) using ALF.

Read the original article in CBS Local Media.

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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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