California Real Estate Fraud Report

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27
Sep

Mother-daughter real estate agents in Tracy arraigned for real estate fraud

A mother-daughter team of real estate agents were arraigned September 23 on charges that they defrauded both lenders and home buyers to the tune of $5 million.

The two agents, Helen Sotiriadis, 49, and Irene Sotiriadis, 23, appeared in federal court after an informant told investigators that they planned to leave the country.

Both the Federal Bureau of Investigation (FBI) and the San Joaquin County District Attorney’s Office began investigating the pair for real estate fraud in January 2008. The alleged scam is one that has been reported over and over in the news: the agents submitted fraudulent documents in order to boost the income of Cambodian buyers and placed them into variable-rate loans which the buyers could not afford. A one-time $4,000 payment was required, after which the buyers were told they’d be refinanced into low monthly mortgages. Almost all of the properties became foreclosures.

If the charges are proven to be true, Sotiriadises could each get to enjoy the other’s company for the next 20 years in prison, in addition to a paltry (who came up with this number) fine of $250,000.

For the record, the California Department of Real Estate (DRE) website does not show that Irene Sotiriadis is a licensed real estate agent in California.

Read the Full Article in the Tracy Press. This article is also reprinted in Examiner.com by the L.A. Fraud Examiner.

© 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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