January 8th, 2010 at 2:39pm
John Sweetland, 28, a Yorba Linda real estate investor, was charged with 33 counts of larceny, 11 counts of making or publishing false or exaggerated statements and 3 counts of attempting to make or publish a false or exaggerated statement, according to prosecutors in Massachusetts.
Read the Full Article by the Mortgage Insider in the Orange County Register.
January 8th, 2010 at 2:13pm
A father and son team of appraisers who worked closely with subprime lender Quick Loan Funding in Costa Mesa have been charged with appraisal fraud by the Orange County District Attorney’s Office. the California Office of Real Estate Appraisers also participated in the investigation.
Landmark Equities Group owner James Meritt Eaton, 60, and his son Brian Changler Eaton, 28, have been charge with more than 20 felony counts of grand theft, conspiracy and fraud. The two men, along with their associate Michael John Bell, are accused of overstating the prices of properties they appraised for Quick Loan Funding, where they had an office. Shockingly, Eaton Sr. is alleged to have gone so far as to fly to his branch office in Dublin, California, where he personally fired an employee for refusing to give him the passwords of other employees so that he could access and change the values of appraisals those employees had performed.
Read the Full Article in the Orange County Register.
January 8th, 2010 at 1:35pm
Patricia Morgen of Emeryville recently pleaded guilty to two counts each of mail fraud and one count of money laundering in connection with a scheme in which federal prosecutors said Morgen defauded more than 400 investors. The investors had placed their money with Morgen’s company, Chicago Development and Planning, thinking it was going to be used to purchase real estate investments.
Morgen has agreed to make restitution of more than $8 million to the investors in conjunction with her guilty plea.
Read the Full Article in the San Francisco Chronicle.