California Real Estate Fraud Report

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24
Apr

Sacramento developer, escrow officer indicted

U.S. District Attorney Benjamin Wagner announced that his office has indicted Sacramento-area developer Abolghasseni “Abe” Alizadeh and escrow officer Mary Sue Weaver on multiple counts of fraud for a scheme that caused losses to three banks of at least $20 million.

Alizadeh, owner of Kobra Properties, and Placer Title Company senior escrow officer Weaver have each been charged with six counts of wire fraud, nine counts of mail fraud, three counts of bank fraud and three counts of making a false statement to a federally insured institution.

The allegations in the indictment are that between June 2004 and April 2008, Alizadeh made agreements to purchase commercial properties at lower prices than he indicated to the lenders where he was applying for loans. He wrote checks to Placer Title Company for the down-payments, but Weaver is accused of not depositing the checks until after close of escrow, at which time she disbursed money from Placer’s escrow accounts to Kobra. Kobra used those funds to cover its checks, which Weaver then deposited.

U.S. Magistrate Judge Allison Claire has ordered both defendants held without bail pending their first court appearance.

Read the original article in News10.net and the Sacramento Bee.

© 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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