California Real Estate Fraud Report

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12
Sep

Real Estate Agents Accused by U.S. Attorney in Sacramento of Committing Short Sale Fraud

Real estate agents Michael Keatts and Lillian Marquez were indicted in November 2013 by a federal grand jury in Sacramento on charges of conspiring to commit mortgage fraud and mail fraud.

Keatts and Marquez operated Colonial Home and Business Services in Stockton from 2007 through 2012. While their business should have been helping people buy and sell homes, the U.S. Attorney for the Eastern District of California alleged that they used their clients as straw buyers, set the straw buyers up in business controlled by Keatts and Marquez and applied for mortgages by submitting this and other financial information they knew not to be true.

According to this article in the Sacramento Bee, Michael Keatts and Lillian Marquez have been accused of short sale fraud, in that they helped their clients to short sale their homes to straw buyers. The lending institutions were not made aware of this arrangement and that the sellers remained in their homes and received not only the benefits of new loans with reduced mortgages but also received tax forgiveness on the gains by both the Internal Revenue Service and the California Franchise Tax Board.

 

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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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