California Real Estate Fraud Report

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21
Nov

DM Financial Mortgage Brokers Indicted for Loan Fraud Scheme

Two former Marin County mortgage brokers have been indicted in a $2.4 million loan fraud scheme, federal authorities announced Monday.

Paul Sloane Davis and Diane Cobb, mortgage brokers who ran DM Financial, were arrested in Las Vegas after being indicted in a $2.5 million loan fraud.

Davis, 74, and Cobb, 56, both of Marin County, have been accused by prosecutors of finding investors to fund short-term “bridge loans” for home buyers. They allegedly give the investors with the names of the borrowers and the promissory notes and deeds that were to be used to secure the loans. They further are alleged to have given the borrowers no loan money and used the funds they did receive either for their own personal use or to pay-off earlier investors (Ponzi scheme).

Davis and Cobb are each charged with 15 counts of conspiracy, mail fraud and wire fraud. Diane Cobb is further charged with five counts of aggravated identity theft.

Read the original article in the Marin Independent 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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