California Real Estate Fraud Report

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11
Feb

Family who ran charter bus company going to prison for mortgage fraud, tax fraud

Fidencio Moreno, 52, and Arturo Moreno, 38, brothers who owned Quality Insurance Travel Inc., have been sentenced to prison for conspiracy to commit tax fraud.

Fedencio Moreno was sentenced to U.S. District Judge Lucy Koh to three years and five months in prison; Arturo Moreno received three years and five months in prison. Arturo also pleaded guilty to conspiracy to commit bank fraud.
Elena Moreno, 40, the wife of Fidencio and the bookkeeper to the business, pleaded guilty to conspiring to commit tax fraud and conspiring to commit bank fraud and was sentenced last month to one year and 10 months in prison.

While part of the prosecution by the office of U.S. Attorney Melinda Haag had to do with unreported income related to their bus service contracts, they had also been charged for submitting fraudulent loan applications to purchase four properties in San Jose owned by family members.

Arturo Moreno and Elena Moreno were ordered by the judge to make restitution to the lenders of $423,000 and to forfeit $3.3 million obtained in home loans.
Read the original article in the San Jose Mercury 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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