California Real Estate Fraud Report

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29
Jul

Appraiser Kyle Grasso’s Conviction in Beverly Hills Mortgage Fraud Case Upheld

A three-judge panel of the U.S. 9th Circuit Court of Appeals in Pasadena has refused to overturn the convictions of a real estate appraiser for his role in a multimillion-dollar Westside of Los Angeles mortgage fraud ring.

Kyle Grasso was convicted in 2009 of multiple charges of bank fraud, conspiracy, money laundering and loan fraud in a case that prosecutors said cost lenders over $40 million from loans of over $142 million. Grasso’s sentence was one year in federal prison and five years of supervised release. He was also ordered to pay a share of $13 million in restitution.

Rejecting Grasso’s claim that the government presented insufficient evidence to prove money laundering, Judge Sandra S. Ikuta, writing the opinion for the federal appellate panel, said that “We conclude that the evidence (presented) at trial, taken in the light most favorable to the government, was adequate to enable a rational trier of fact to find the essential elements of each conviction.”

There are numerous articles in the California Real Estate Fraud Report regarding this fascinating true story of greed and corruption, which involved, real estate agents, developers, appraisers and loan processors. Use the search bar at the left of this blog to find and read those articles.

Read the original article in the Beverly Hills Courier. The BH Courier also has earlier articles on this topic.

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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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