California Real Estate Fraud Report

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16
Aug

Elk Grove Real Estate Broker Sentenced to 10 Years for Mortgage Fraud

Hoda Samuel, a California licensed real estate broker, was sentenced today to 10 years in prison in Sacramento federal court for operating a mortgage fraud scheme that caused the victims/lenders over $5.5 million in losses.

U.S. Attorney Benjamin B. Wagner made the announcement and said the following in a press release:

“Taking fraudsters out of the residential real estate industry and sending them to prison has been one of this office’s top priorities. Today’s sentence is another success in our fight against the mortgage fraud schemes perpetrated by Hoda Samuel and her co-defendants that wreaked havoc in this region.”

Comments by other law enforcement officials regarding Samuels’ crimes are below:

“Greed-based crimes such as these can undermine the stability of our financial institutions and the economy, resulting in devastating consequences for homeowners, businesses, and communities in which the properties are located,” said Special Agent in Charge Monica M. Miller of the Sacramento Division of the FBI. “The FBI continues to be committed to identifying and investigating mortgage fraud schemes, such as those committed by Hoda Samuel and her associates.”

“Today’s sentencing of Ms. Samuel is a warning to those who abuse their position of trust to unjustly enrich themselves, the consequences can be severe,” said José M. Martínez, Special Agent in Charge, IRS-Criminal Investigation. “Mortgage fraud has hurt so many people and so many of our communities. This sentencing highlights the ongoing commitment of IRS-CI to hold accountable those involved in these types of crimes.”

At trial, evidence was presented by prosecutors Assistant U.S. Attorneys Philip A. Ferrari and Todd A. Pickles that Samuel, 62, owned and operated real estate agency Liberty Real Estate & Investment Company and Liberty Mortgage Company. The prosecutors showed that between April 5, 2006 and February 26, 2007 there were 30 real estate transactions for which Samuel was the real estate agent for the buyer in 29 of the home sales and also represented the seller in 15 of those sales (dual agency). Income statements for the borrowers were falsified in order to convince the lenders that said borrowers were qualified to make the home purchases (loan fraud, mortgage fraud). As a result, all of the properties were foreclosed eventually.

Read the original article in Mortgage Daily.

© 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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