California Real Estate Fraud Report

You have just entered the #1 private-sector resource on the Internet for real estate fraud. In doing so, you have voluntarily left the dimension of the conventional real estate world and crossed over to the Dark Side, the realm where greed, dishonesty and evil are the order of the day. Sign up for a free subscription to this comprehensive news resource and receive weekly, timely news reports about real estate fraud, mortgage fraud, short sale fraud, REO fraud, title fraud, loan fraud, appraisal fraud, affinity fraud, loan modification scams, securities fraud and elder financial fraud.

12
Sep

Pacific Palisades Man Sentenced for Mortgage Fraud, Investment Fraud

The U.S. Attorney’s Office for the Northern District of California has published the following press release:

Robert Hans Schenk was sentenced on September 6, 2013, to four years in prison for wire fraud, United States Attorney Melinda Haag announced.

Schenk pleaded guilty on September 2, 2011, to one count of conspiracy to commit wire fraud and eight counts of wire fraud. In his plea agreement, Schenk admitted that he fraudulently induced numerous individuals to invest millions of dollars in his businesses, Griffin Digital Services and Smartworld Solutions. Schenk admitted to using much of those funds to pay his family’s personal expenses. In addition to this investment fraud scheme, Schenk also admitted to using the identity of one of the investors without his knowledge and fraudulently obtained a $1.7 million mortgage refinancing loan in that investor’s name. The mortgage refinancing loan was used for the home in which Schenk and his family lived in Pacific Palisades, California.

Schenk, 52, was arrested on January 4, 2011, and has been in federal custody since that date. He was indicted by a federal grand jury on January 11, 2011. He was charged in an Indictment with one count of conspiracy to commit wire fraud, eight counts of wire fraud, and two counts of aggravated identity theft.

The sentence was handed down by the Honorable Susan Illston, U.S. District Judge, following a guilty plea to one count of conspiracy to commit wire fraud, in violation of Title 18, United States Code, Section 1349, and eight counts of wire fraud, in violation of Title 18, United States Code, Section 1343. Judge Illston also sentenced the defendant to a three-year period of supervised release and ordered him to pay a total of approximately $4.5 million in restitution to various individual victims and to the mortgage lender that suffered a loss with respect to the $1.7 million mortgage refinancing loan.

Kyle F. Waldinger is the Assistant U.S. Attorney who is prosecuting the case with the assistance of Rayneisha Booth. The prosecution is the result of an investigation by the Federal Bureau of Investigation.

© Copyright 2007-2017 Monique Bryher

Legal Disclaimer.

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.

ALL RIGHTS RESERVED. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author, except for the inclusion of BRIEF QUOTATIONS in a review.

BLOG POWERED BY SHARP BIZ IMAGE

Copy Protected by Chetan's WP-Copyprotect.