California Real Estate Fraud Report

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Salinas real estate broker ordered to pay restitution to elderly victim

Roderic Tokubo , already the object of a court order forbidding him from operating “equity share agreements”, was found in contempt for violating that court order. Judge Kay Kingsley further ordered Tokubo to pay $173,000 in restitution to an Margaret Irvin, an elderly woman in Salinas who lost her home as a result of the fraud he committed.

Tokubo operated IEI Inc., and under that aegis refinanced Ms. Irvin’s home. Not only did he did not file the new grant deed in her name, he took out the loan under his own name and did not disclose that he did not live at the home.  Ms. Irvin is disabled and lives on a fixed income.

Read the full article in the Monterey County Herald.

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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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