Coronado businessman Courtland Gettel and Arizona attorney Jeffrey Greenberg have pleaded guilty to raking in over $33.6 million by taking out fraudulent loans on expensive homes in Del Mar and La Jolla, according to federal prosecutors.
According to the U.S. Attorney’s office in San Diego, Gettel, 42, and Greenberg, 66, took out loans against as many as eight homes by then pretending previous loans had been paid off in order to secure more loans from new lenders. The new lenders were tricked by forged loan reconveyances that indicated that the homes were lien-free and then recorded the fraudulent documents at the San Diego County Recorder’s Office (title fraud). Because title was clouded as a result, when the men defaulted on the loans, there was confusion as to the secured interests of the lenders in the properties.
The names of the firms run by Courtland Gettel were Conix, Inc. and Variant Commercial Real Estate — VCRE.
Read the original article in the Coronado Patch.