There has been more than one posting on the California Real Estate Fraud Report about real estate fraud and mortgage fraud crimes committed by familial relatives.
In this latest case, Stephen Kenneth Chrysler, 46, and his mother, Aida Agusti Castro, are going to prison for 37 months and 33 months respectivelyafter being convicted last April of multiple wire fraud charges.
Stephen Chrysler, a licensed real estate broker in Encinitas, and Castro, a licensed real estate broker in Carlsbad (I could not locate a record of her license), falsified 30 loan applications and supporting documents in order to get over $8 million in loans for buyers of 16 homes who were not only unqualified, but in many cases didn’t even understand enough English to have properly signed the documents. SKC Real Estate, Stephen Chrysler’s brokerage, “earned” $350,000 in commissions; the borrowers did not understand what they were signing and most of the properties were lost to foreclosure.
Stephen Kenneth Chrysler was also a licensed attorney in the state of California, but according to the State Bar of California, his license was given an interim suspension and he may not practice law as a result of his conviction.
Read the original article in Courthouse News.