Tony Salcedo, a Fair Oaks mortgage broker and licensed real estate salesperson, has been found guilty of one count of conspiracy to commit mail fraud and four counts of mail fraud, according to the U.S. Attorney for the Eastern District of California.
In a unique form of mortgage fraud, in 2005 and 2006 Salcedo hired licensed mortgage broker Sean McClendon, 49, of Fair Oaks, and Anthony Williams, 47, previously of Memphis, Tennessee, to find buyers for Salcedo’s properties. He paid kickbacks to McClendon and the buyers outside of escrow (escrow fraud), meaning these payments were not disclosed to the lenders as part of the purchase and sale contracts. Fraudulent documentation was submitted to the lenders in order to obtain loans for the buyers.
As a result of the scheme, the lenders granted loans over the actual value of the properties. Two or more of the buyers declared bankruptcy and lost not only the investment properties they purchased from Salcedo, but their own homes. Tony Salcedo and his family, though, released themselves from $1.6 million in mortgage loan debt.
Sean McClendon pleaded guilty in October 2013 and is still waiting to be sentenced. Anthony Williams, who also pleaded guilty, is serving a prison sentence of two years and nine months.
Read the original article in the Sacramento Bee.