California Real Estate Fraud Report

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05
Mar

Real estate fraud charges in Bakersfield

A real estate agent and her father are accused of money laundering, conspiracy and grand theft in Bakersfield and are wanted on outstanding arrest warrants of $1 million each.

Augustine Ramirez applied for loans for five homes in less than two months, indicating on each loan application that the homes were to be his principal residence, according to prosecutors in the District Attorney’s Office. The sellers paid Ramirez kickbacks for purchasing the homes at inflated rates, which he then allowed to go into foreclosure without ever making a payment. One of the homes Ramirez purchased was originally bought by ex-Realtor Carl Cole and his wife Rebecca for $361,500 in September 2004. The Coles sold the home to Crisp and Cole Real Estate within a few months, then to Crisp and Cole agent Justin Eddleman, who re-sold it to Ramirez for $949,000 in December 2006.

As should be obvious, the buy-and-flip schemes that Ramirez and others accused in real estate fraud and mortgage fraud were made possible by questionable property value appraisals.

Although only Augustine Ramirez’ name appears on loan documents, it is alleged his daughter was present at the time the loan documents were submitted and they both received the proceeds.

Read the full article in KGET TV 17, Bakersfield Now and the Bakersfield Californian.

© 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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