California Real Estate Fraud Report

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Developer Clem Carinalli accused of fraud by lender

U.S. Bankruptcy Court in Santa Rosa was the setting today for a lawsuit filed by North Coast Bank against Clem Carinalli. The bank is accusing Carinalli of providing false financial statements that overstated his worth and understating his liabilities.

Carinalli is in bankruptcy court trying to restructure a whopping $196 million of debt associated with his vast real estate holdings.

Another lender, Napa Community Bank, alleged in 2009 that Carinalli and other had defraud it out of $1.6 million by giving it false loan documents. Napa later agreed not to sue Carinalli and both parties have filed a proposal with the bankruptcy court in which Carinalli would relinquish title to the property.

Read the full article in the Press Democrat.

© Copyright 2007-2018 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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