California Real Estate Fraud Report

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11
Aug

Two Plead Guilty in Loomis Wealth Solutions Mortgage Fraud Case

Michael Llamas, 31, of Tracy, and Peter Woodard, 48, of Ventura, pleaded guilty in federal court in Sacramento to conspiracy to commit wire fraud. Llamas separately pleaded guilty to a count of concealment of a felony.

Llamas owned LW Premier Holdings LLC and Woodard owned Cobalt One LLC. They had rights to buy homes at discounts from builders in several states but purchased homes at full price without disclosing this to the lenders.

Loomis Wealth Solutions convinced investors to buy homes using their credit, which would then be rented out and managed, with the investors getting regular payments. Owner Lee Loomis was arrested in 2012 and charged with multiple counts of mail fraud and wire fraud. After pleading guilty in January 2016, he asked the court to withdraw his plea.

There are numerous articles on Lee Loomis and Loomis Wealth Solutions on earlier postings on the California Real Estate Fraud Report.

© 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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