California Real Estate Fraud Report

You have just entered the #1 private-sector resource on the Internet for real estate fraud. In doing so, you have voluntarily left the dimension of the conventional real estate world and crossed over to the Dark Side, the realm where greed, dishonesty and evil are the order of the day. Sign up for a free subscription to this comprehensive news resource and receive weekly, timely news reports about real estate fraud, mortgage fraud, short sale fraud, REO fraud, title fraud, loan fraud, appraisal fraud, affinity fraud, loan modification scams, securities fraud and elder financial fraud.

21
Nov

Campbell Man Pleads Guilty to Real Estate Investment Fraud

The office of United States Attorney Melinda Haag has announced in a press release that Sam Stafford, 57, one of three partners who operated S3 Partners, pleaded guilty in October to conspiring with Melvin Russell “Rusty” Shields and Michael Sims to commit wire fraud, mail fraud and bank fraud.

Rusty Shields has been already sentenced to 78 months in prison and ordered to pay restitution of $7,225,904.73. Michael Sims received 30 months in prison and was ordered to re-pay $411,460.92.

Prosecutors showed evidence during Shields’ and Sims’ trials that they defrauded their victims who invested with their real estate projects from 2006-2009. Many of their victims were elderly investors (elder financial fraud, elder financial abuse).

The press release also stated that “evidence further showed that Shields and Stafford fraudulently obtained millions of dollars from banks by submitting forged and fraudulent invoices and loan closing documents.”

S3 Partners  had offices in San Jose and Campbell, in Hickory, North Carolina, and Valrico, Florida.

© Copyright 2007-2017 Monique Bryher

Legal Disclaimer.

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.

ALL RIGHTS RESERVED. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author, except for the inclusion of BRIEF QUOTATIONS in a review.

BLOG POWERED BY SHARP BIZ IMAGE

Copy Protected by Chetan's WP-Copyprotect.