Long Beach resident John Martynec, 41, has been sentenced to federal prison for two years for helping to run a scheme which cost lenders over $2.4 million.
Martynec, a formerly licensed real estate broker and co-owner of JTR Real Estate Inc. in Norwalk, found homes that could be purchased and “flipped” after undergoing renovations. He and one of his real estate agents, Elek Andrade, would purchase the homes by using the personal information of individuals without the consent of those persons.
Andrade, 32, was sentenced to one year and one day, as was Mireya Espinoza, 36, for providing fraudulent supporting documents, such as employment verification.
“Schemes like this can destabilize the financial industry and the real estate market,” United States Attorney Eileen M. Decker said in a statement. “The last economic crisis demonstrates the dangers of such destabilization and the importance of prosecuting crimes like those committed by these defendants.”
U.S. District Judge Dale S. Fischer ordered the two men to pay $2,573,092 in restitution and Espinoza to pay $1,476,966 in restitution.
Read the original article in the Long Beach Post.