California Real Estate Fraud Report

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12
Feb

Operator of Excel Investments “Builder Bailout” Case Convicted

A Huntington Beach man suspected of running what authorities described as a “builder bailout” real estate scheme was convicted Friday of fraudulently buying more than 100 condominium units across the country.

Momoud Aref Abaji, 34, of Huntington Beach was found guilty by a federal grand jury of multiple felony counts of bank fraud, wire fraud and tax evasion in relation to a “builder bailout” scheme that resulted in foreclosures that caused losses of $9 million to lenders.

Prosecutors from the U.S. Attorney’s Office for the Central District of California accused Abaji and others affiliated to Excel Investments and related companies in Santa Ana and Irvine to a scheme in which they purchased struggling condominium developments from the developers in exchange for “hefty commissions.” Up to 100 condominium units were involved in these purchases, which Abaji and other defendants sold to straw buyers by utilizing altered bank statements, pay stubs and other documents.

“Abaji’s fraud cost these financial institutions millions of dollars and put taxpayer funds at risk,” said United States Attorney Eileen M. Decker.

Read the original article in the OC Register.

There is also an earlier article about Momoud Aref Abaji and Excel Investments  in the California Real Estate Fraud Report.

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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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