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.

25
Sep

Los Angeles Broker Pleads Guilty in Theft of Escrow Funds

Steve Kessedjian, 50, from the Los Angeles community of Tarzana, pleaded guilty in Fresno U.S. District Court to committing mail fraud.

According to the plea agreement he signed, Kessedjian used his two businesses Amerilend and Targa Escrow to defraud his clients of funds they were due from escrow (escrow fraud).

In December 2007, a Tuolumne County couple used Amerilend to apply for a loan to refinance their home and pay their credit card debt. The HUD-1 settlement statement would normally have instructions to the escrow officer to, in this case, pay off the credit cards. But Kessedjian instead modified the HUD-1 so that no funds were allocated by Targa Escrow to the pay-off; instead, he used the money for himself. Six months later, he wrote checks to repay those escrow funds but they bounced.

Sadly, Steve Kessedjian’s crimes, which he admitted in his plea agreement, caused the couple to have to file bankruptcy. The plea agreement also requires Kessedjian to repay the victims over $66,000.

U.S. District Judge Lawrence O’Neill will sentence Kessedjian in December, at which time the could get up to 20 years in federal prison and a fine of $250,000.

The Bureau of Real Estate revoked Steve Kessedjian’s broker’s license.

Read the original article in the Central Valley Business Times.

© 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.