California Real Estate Fraud Report

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23
Oct

Newport Beach Man Gets Seven Years for Mortgage Fraud

65-year-old Dinesh Valjeebhai Shah of Newport Beach pleaded guilty Friday to five felony counts of conspiracy to commit a crime, 13 felony counts of forgery, and other charges including identify theft and grand theft, said spokespersons with the Orange County District Attorney’s Office. He has now been sentenced to seven years in what prosecutors said was a conspiracy with his family member to commit real estate fraud by buying homes using straw buyers and submitting forged loan documents.

This all occurred between June 2006 and October 2009. Washington Mutual Bank approved all the loans and the total amount of the fraud was over $16 million.

The Shah family owned and operated New Age Realty, First Property Escrow, City First Realty, and Associates Investments Group, which were all at 13821 Newport Ave. in Tustin. One member owned and operated Vason Development, located at 1520 Warner Ave. in Santa Ana, which processed home loan applications.

Read the original article in the OC Register.

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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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