California Real Estate Fraud Report

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08
Apr

Marin County mortgage broker pleads guilty in investment fraud

A Marin County, California, mortgage broker pleaded guilty last month to 14 federal counts related to a $2.4 million scheme to defraud investors.

Paul Sloane Davis, a 75-year old mortgage broker, pleaded guilty in March to 14 federal counts in relation to a $2.4 million real estate investment fraud.

Davis operated D.M. Financial along with Diane Cobb, 57, who pleaded guilty in July 2014.  U.S. Attorney Melinda Haag said the pair diverted investor funds for their own use or to make interest payments to prior investors (Ponzi schemes). The investment opportunity was to provide short-term financing to borrowers for their real estate transactions.

Read the original article in Inman.com

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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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