Bakersfield residents Eliseo Jara Jr., 35, and his brother, Sergio Jara, 33, have pleaded guilty to conspiracy to commit bank fraud, mail fraud, and wire fraud in a $5.6 million mortgage fraud case. Sergio Jara’s wife, Melissa Jara, 34, pleaded guilty to wire fraud in the same case, according to the Office of the U.S. Attorney for the Eastern District of California.
According to prosecutors, from 2007 to 2010, the Jara brothers, who owned Jara Brothers Investments, conspired with other persons to use straw buyers to purchase residential properties in Bakersfield they had developed with Pershing Partners LLC. Straw buyers were paid to purchase the properties from the two firms and they were funded by submitting false documentation to the lenders. Melissa Jara admitted she had submitted fraudulent loan documents to a lender on behalf of a straw buyer in order to finance a property she owned in an LLC.
All three defendants have agreed to financial restitution and relinquishing six properties as part of their sentences, which have yet to be set.
This case is the product of a joint investigation by the Internal Revenue Service‑Criminal Investigation and the Federal Bureau of Investigation. Assistant U.S. Attorneys Kirk E. Sherriff, Henry Z. Carbajal III, and Megan A. S. Richards are prosecuting the case.
Four of the Jara’s co-defendants who have already pleaded guilty are Antonio Perez-Marcial (46 months in prison); Arlene Mojardin (awaiting sentencing); Candace Gonzales (awaiting sentencing); and Ricardo Salinas (awaiting sentencing).
Read the original article in KERO 23ABC News.