California Real Estate Fraud Report

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19
Mar

Two Defendants Plead Guilty in Loomis Mortgage Fraud, Ponzi Case

United States Attorney Benjamin B. Wagner announced that both John Hagener, 77, of Granite Bay, and Dawn C. Powers, 43, of Lincoln, have pleaded guilty to conspiracy charges.

John Hagener is the father-in-law of Lawrence Lee Loomis, aka Lawrence Leland Loomis. Loomis and others were charged in a federal indictment with operating a Ponzi scheme and mortgage fraud conspiracy back in 2007 that relieved over 100 people of more than $7 million of their investment money. Loomis’ investment business was called the Naras Funds.

Lawrence Loomis and three of his co-defendants are set for trial in October 2014 in front of Judge John A. Mendez in Sacramento. Mendez will be the sentencing judge this June for John Hagenerr and Dawn Powers.

Read the original article in the Imperial Valley 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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