California Real Estate Fraud Report

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23
May

Member of Pasadena Northwest Commission and Associate Arrested in Mortgage Fraud

Allen Shay, 55, of Pasadena, an appointed member of Pasadena’s Northwest Commission and a former candidate for the Pasadena City Council, and Eddie Turner, 44, of Altadena have been arrested on suspicion of grand theft, recording false documents and perjury. Turner is a former real estate agent whose license was revoked by the California Department of Real Estate after he was convicted for battery.

Investigators said that in January 2005, Eddie Turner purchased a home on Altadena Drive in Altadena for $1.12 million, borrowing $896,000 from Countrywide Home Loans. In August 2005, detectives allege that Turner borrowed $250,000 more from Countrywide Home Loans, but doing so by falsifying employment, income and financial information, including providing a counterfeit bank statement to obtain the loans, according to Los Angeles County Sheriff’s Detective Christopher Derry.

Further, Derry claims that in March 2007 Allen Shay helped Turner secure two new loans from Countrywide for $1 million and $218,000 in order to pay off the original mortgage. The two loans were used to pay off Turner’s 2005 mortgage, he said. Turner and Shay allegedly falsified the employment, income and financial information, providing yet another counterfeit bank statement for the 2007 loans, said Detective Derry.

Both men have pleaded not guilty.

Read the original article in the Pasadena Star 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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