Agustin Simon, 53, was sentenced to 15 months in federal prison after pleading guilty to conspiring to commit bank fraud with his former real estate agent on a short sale fraud of his property five years ago. Minerva Sanchez, the Realtor®, is already in prison serving a 21-month sentence.
The goal of the short sale fraud was for Simon to keep his home. In 2010, Sanchez recommended that Simon sell his home to Sanchez’ son in a short sale transaction. Simon gave the son $355,000 to make the purchase, which they falsely described was “arm’s length” and that Simon would not be regaining ownership. Sanchez wrote the hardship letter on Simon’s behalf, which was submitted to lenders Tri Counties Bank and Freddie Mac, stating falsely that Simon was unable to make his mortgage and concealing Simon’s other assets and real estate.
In addition to his prison sentence, Agustin Simon, was ordered to pay $421,000 in restitution to the two lenders.
Read the original article in the Modesto Bee.