California Real Estate Fraud Report

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11
Dec

Beverly Hills Realtor Babijian Escapes Prison in Mortgage Fraud Scam

Joseph Babijian, a Beverly Hills Realtor prosecuted by the U.S. Attorney’s office for being part of a mortgage fraud conspiracy group that saw Lehman Brothers Bank and others ripped off of tens of millions of dollars, has escaped prison, something his colleagues Kyle Grasso and Lila Rizk, have not.

Detailed in articles published in earlier postings of the California Real Estate Fraud Report and other news publications, the allegations were that a sophisticated and tight-knit group of real estate agents (Babijian and Grasso), mortgage brokers and developers and business partners Mark Alan Abrams and Charles Elliott Fitzgerald bought properties in high-priced zip codes of West Los Angeles using straw buyers and then obtained financing from Lehman Brothers for inflated property appraisals, courtesy of appraiser Lila Rizk.

Pleading guilty for their roles in the conspiracy were Nicole LaViolette, 37, a loan processor from Palm Springs; Jamieson Matykowski, 33, a real estate worker (what’s that?) from Laguna Niguel; and Timothy Holland, 35, an escrow officer from Santa Ana; and Richard Maize, 54, a mortgage banker who co-founded Americorp Funding.

Read the Full Article in the Beverly Hills Courier. A detailing of Richard Maize’s role in the conspiracy can be found in in this FBI press release.

© 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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