California Real Estate Fraud Report

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“Extreme Greed” says judge to Newport Coast mortgage fraud defendant

Before imposing his sentence of 5 years on the defendant, U.S. District Court Judge Stephen V. Wilson lectured Lorenzo Espinoza, 43, for having “extreme greed”.

Espinoza pleaded guilty in 2006 to conspiracy to defraud the Department of Housing and Urban Development (HUD) and was ordered to make restitution to HUD of more than $614,000. He also pleaded guilty to bankrupty fraud, money laundering and failing to pay federal taxes for more than ten years. His ill-gotten gains stemmed from the purchases of residential properties using straw buyers and allowing them to go into foreclosure. The bankruptcy fraud occurred when Espinoza did not declare his Rolex watch, his Ferraris or Lamborghini, which he had sold and tried to launder the money for use after the bankruptcy.

Read the full article in the Orange County Register, aka OC Register.

© 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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