California Real Estate Fraud Report

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24
May

Former Sales Manager for Discover Sales Pleads Guilty to Bribery

The sales manager for Discovery Sales, Inc. for the period of 2006-2009 has pleaded guilty in federal court in San Francisco today to paying bribes to a Bank of America loan officer for approving loans for unqualified home buyers.

According to United States Attorney Melinda Haag, Jason Sterlino, 34, was managed home sales for the Monte Vista Estates and Monte Vista Villas residential developments in Oakland. As part of his plea agreement, Sterlino confessed that he had an arrangement to pay kick-backs to a mortgage broker who facilitated loan referrals to the Bank of America loan officer, who received part of the kick-back money, as did Sterlino. Under the federal Real Estate Settlement Practices Act (RESPA), kick-backs and/or undisclosed referral fees are illegal – not that this doesn’t happen every day in real estate. Sterlino admitted that he personally received about $100,000 in cash as a result of this conspiracy, for which Bank of America funded approximately 20 loans.

Jason Sterlino was charged with one count of bank bribery in violation of 18 U.S.C. § 215(a) to which he pleaded guilty.  He will be sentenced by Judge Jeffrey White in San Francisco on October 24, 2013, at which time his cooperation in the FBI’s ongoing investigation will be taken into consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

Read the original article in LoanSafe.

© 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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