California Real Estate Fraud Report

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23
Jan

Elk Grove Real Estate Broker Found Guilty in Mortgage Fraud

Hoda Samuel, a (still) licensed real estate broker and the owner of Liberty Real Estate & Investment Co., has been found of a conspiracy to commit mortgage fraud, as well as 30 counts of mail fraud.

Prosecutors apparently proved to the jury that Samuel, 60,  acted as the broker on 30 transactions between April 2006 and February 2007, which defrauded lending institutions due to the file of false information on the loan applications (loan fraud, mortgage fraud). Samuel kept tight control of the transactions by representing both the seller and buyer (dual agency) in about have the sales and obtaining funding in all but one. Unfortunately for the lenders, 28 of the 30 properties went into foreclosure, causing losses to the lending institutions of over $5.5 million. The straw buyers were the employees of her brokerage and other persons.

In a decidedly unique angle, Samuel overstated the values of the homes from $15,000 to $40,000 (appraisal fraud) in order to pay for “repairs” to the homes that included making homes wheelchair accessible for (non-existent) family members of the buyers.

When she is sentenced on April 30, Hoda Samuel could get up to 20 years in prison.

The case was prosecuted by Assistant U.S. Attorneys Philip Ferrari and Todd Pickles out of the Eastern District of California and by the Federal Bureau of Investigation and the IRS-Criminal Investigation Unit.

Read the original articles in News10 ABC and the Sacramento Business Journal.

© 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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