California Real Estate Fraud Report

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29
Nov

Three More Crisp & Cole Defendants Plead Guilty in Bakersfield Mortgage Fraud Conspiracy

The Feds are going to need an entire prison wing to house all the defendants who have either pleaded guilty or been convicted in the Crisp & Cole (CCRE) mortgage fraud case.

In the latest news, Michael Angelo Munoz, 34, pleaded guilty to two counts of mail fraud relating to his role in an extensive mortgage fraud scheme that ran from January 2004 to September 2007. Munoz was employed at CCRE as a licensed real estate agent. According to the California Bureau of Real Estate, Munoz’ license is expired and shows no disciplinary action.

Another CCRE defendant,  Jayson Peter Costa, 40, also pleaded guilty to conspiracy to commit mail fraud, wire fraud, and bank fraud in the case. Costa was an unlicensed loan officer at Tower Lending.

Both men are Bakersfield residents.

Read the original article in 23ABC News.

Jeriel Salinas, 32, has pleaded guilty to one count of conspiracy to commit mail fraud, wire fraud, and bank fraud.

Salinas, who was employed at CCRE as a licensed real estate agent. In court documents, he was accused along with others at CCRE and Tower Lending of defrauding lenders out of millions of dollars by using straw buyers to purchase properties at inflated prices. The loans were often 100% loans and were obtained by submitting fraudulent documentation.

Like Michael Munoz, Jeriel Salinas’ license with the California Bureau of Real Estate is in an expired status and there is no record of disciplinary action.

The loan fraud occurred between January 2004 and September 2007.

All the cases were prosecuted by the office of Benjamin Wagner, the U.S. Attorney for the Eastern District of California.

Read the original article in 23ABC News.

© 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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