California Real Estate Fraud Report

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25
Sep

Nevada Attorney General Laxalt indicts American Equity Foundation owners in short sale fraud case

The following is a press release from the Office of Nevada Attorney General Laxalt:

Nevada Attorney General Adam Paul Laxalt announced that Christopher Nelson, 46, of Henderson and Niket Kulkarni, 38, of Los Angeles, CA were indicted by the Clark County Grand Jury on charges of pattern of mortgage lending fraud and racketeering, among others. The defendants operated their business, the American Equity Foundation, between July 2012 and May 2013.

According to the indictment, the defendants are accused of soliciting customers to participate in a short sale program associated with the federal government called the Neighborhood Stabilization Plan. Defendants falsely represented to their clients that their business could facilitate the short sales of customers’ homes to investors. Clients were also told that they could then lease their homes from the investors for a period of time, before having the opportunity to repurchase those homes at a cost of 90-100% of the home’s market value. Through these representations, the defendants are alleged to have unlawfully obtained more than $133,000 from their clients.

“Indictments such as these set a precedent that fraudulent behavior will not be tolerated and will be aggressively pursued,” said Laxalt. “Mortgage fraud can have devastating effects on homeowners and the economy, and my office will hold accountable those who unlawfully collect fees from homeowners using false promises of solutions.”

Special Agent in Charge James Todak of the Housing and Urban Development’s Office of the Inspector General (HUD-OIG) added, “Our office continues to be vigilant in protecting FHA insured borrowers from those in the mortgage industry willing to defraud them through foreclosure rescue schemes. This prosecution with the Nevada Attorney General’s Office demonstrates our commitment to protecting HUD’s important work in providing affordable home ownership.”

Nelson and Kulkarni are scheduled for initial appearances before the Eighth Judicial District Court on October 5, 2015.

This case was investigated by the HUD-OIG and the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP). Senior Deputy Attorney General Raya Swift and Deputy Attorney General Michael Kovac are prosecuting the case. An indictment is merely a charging document; every defendant is presumed innocent until and unless proven guilty in a court of law.

To read the criminal indictments for Nelson and Kulkarni, click on their respective links. To file a complaint about someone suspected of committing a fraud, click here.

© 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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