California Real Estate Fraud Report

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30
Mar

Citrus Heights Real Estate Agent Sentenced to Prison in Mortgage Fraud Case

Dianna Woods has received a three-year sentence in federal prison after being convicted of four counts of making false statements on loan applications. She was sentenced in Sacramento by Senior U.S. District Judge William B. Shubb.

Woods, 60, was a licensed real estate salesperson for a brokerage called VLD Realty, dba Trade House USA. VLD built and sold houses in residential developments in the Sacramento, Carmichael and Copperopolis areas. When the real estate market started to decline in 2006, VLD tried to sell some of its properties by making the down-payments for buyers and giving them money after the sale closed. Woods was accused of purchasing two of the houses without disclosing the kickbacks and also allegedly submitted loan applications and supporting documentation containing untrue information regarding the purchase terms, as well as her income, employment and assets.

The prosecution grew after the circumstances were investigated by the Federal Bureau of Investigation (FBI) and Internal Revenue Service Criminal Investigation. The case was prosecuted by the U.S. Attorney for the Eastern District of California.

Read the original article in the Sacramento Bee.

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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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