California Real Estate Fraud Report

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10
Mar

Long Beach Man Sentenced to Prison for Mortgage Fraud Scam

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.

© 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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