California Real Estate Fraud Report

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05
Feb

Modesto Real Estate Broker Sentenced to 10 Years for Mortgage Fraud, Elder Financial Fraud

A real estate broker who is a senior himself has been sentenced to 10 years in federal prison for operating a unique mortgage fraud business that ran for 11 years and targeted elderly homeowners (elder financial abuse). The sentence was imposed by  Senior U.S. District Judge Anthony W. Ishii.

James Lee Lankford, 74, ran Century 21-Apollo Realty in Modesto.  According to United States Attorney Benjamin B. Wagner, Lankford fraudulent induced the seniors to both sell their homes to him and to provide seller-backed financed. Unknown to the sellers, Lankford then applied to lenders and received financing to purchase the same properties (loan fraud, mortgage fraud). Those lenders didn’t know that the homes had already been seller-financed.

There is much more to this complex scheme, which ultimately cost both the home sellers and lenders almost $10 million.

Jon Vance McDade, 49, aka Jon Vance Lankford, was James Lee Lankford‘s co-defendant. He has already been sentenced to on year of home detention for his role in the mortgage fraud, along with five years of supervised release.

There are previous posts in the California Real Estate Fraud Report about James Lee Lankford.

Read the original article in more detail about Lankford’s crimes and sentencing in this FBI press release.

 

© 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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