California Real Estate Fraud Report

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20
Jun

Nevada Realtors Charged in Short Sale Fraud

A Henderson couple who sold real estate is facing federal charges for committing bank fraud and conspiracy to commit bank fraud against Wells Fargo Bank.

According to the U.S. Attorney’s Office for the District of Nevada, Cynthia Hosbrook, 41, a currently licensed real estate agent, and her husband Robert Hosbrook, 51, a formerly licensed real estate agent, committed a fairly uncreative form of short sale fraud.

First, the Hosbrooks submitted documents to Wells Fargo that the sale of their house was arm’s-length (not to relatives, friends or known associates), when instead they are alleged to have used a relative to purchase their home as a straw buyer in March 2010. Second, they are alleged to have signed a title company form in July 2010 falsely stating that the straw buyer relative would be occupying the house and that they agreed not to live in the home as renters after the sale.

The case is being prosecuted by Assistant U.S. Attorney J. Gregory Damm. It was investigated by the Federal Housing Finance Agency Office of the Inspector General.

Click on the link Hosbrook Indictment to read the details.

If convicted, Cynthia and Robert Hosbrook face up to 30 years in prison and fines of up to $1 million on each count.

** For the record, nobody has ever served more than one year in prison for committing short sale fraud and the fines never reach beyond simple restitution, much less penalties. **

See my book “How to Commit Short Sale Fraud . . . and Get Away with It” for the very short list of prosecutions and why law enforcement at local, state and federal levels has made short sale fraud a virtually risk-free, highly profitable crime for the 99.9% of those who commit it.

Read the original article in the Las Vegas Review 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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