California Real Estate Fraud Report

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11
Feb

Real estate agent who committed short sale fraud gets prison

Yeon Han, 53, the owner/operator of Pacific Realty in Annandale, Virginia, was sentenced to 30 months in prison and three years of supervised release for her role in mortgage fraud, short sale fraud and tax fraud conspiracies, according to the FBI. She was also ordered to pay $1,022,143.95 in restitution to the victims of her crimes, according to the FBI.

Han pleaded guilty to two counts of conspiracy to commit wire fraud in May 2013.

The first scheme was a short sale fraud, in which Han and her-conspirators inflated the costs required to convey clear title for a short sale transaction, then convinced the (stupid) lender that the costs were legitimate. After gaining approval, the conspirators falsified the HUD-1 settlement statement. When the property closed escrow, the inflated portion was distributed among the conspirators.

The second scheme was a tax fraud conspiracy with James Sohn and was not real estate-related.

Read the FBI press release.

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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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