California Real Estate Fraud Report

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Elder Care Facilities Part of $20 Million Bay Area Fraud

The latest in real estate fraud schemes is unfolding in the East Bay area, in which four people have been indicted for operating a mortgage-fraud scheme that yielded more than $20 million in bogus loans used to control residential-care home facilities for the elderly in Contra Costa and San Mateo counties.

The defendants, Edith and Ronald Nelson; Nelda Asuncion; and Criseta Lagarejos allegedly used straw buyers to fraudulently obtain at least 63 mortgage loans totaling more than $20 million. The loan funds were then further allegedly used to buy residential-care home facilities and other properties controlled by the Nelsons in Concord, Walnut Creek, San Ramon, Antioch, Danville, Pittsburg and Pacifica.

Read the Full Article about this creative money laundering scheme in the Silicon Valley Mercury News.

© 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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