California Real Estate Fraud Report

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Guilty Plea in $100 million mortgage fraud

Sacramento homebuilder Anthony Symmes, 59, has agreed to plead guilty in a wide-ranging mortgage fraud scheme in which he conspired with others to raise the listed prices on homes he built and used some of the proceeds to repay straw buyers, himself and his co-conspirators.

Symmes alleged partner-in-crime is unlicensed mortgage broker Garret Griffith Gililland, who allegedly approached Symmes with the scheme. Gililland, who had fled to Spain, was arrested and now awaits his own Judgement Day.

The lenders that were victimized have foreclosed on 38 of the homes and are disposing of 10 more in short sales. Prosecutors believe that Symmes and Gililland may have involved as many as 500 residential homes and condominiums in California and other states in their crime spree. Symmes has already provided restitution of $4 million as part of his plea agreement. His prison sentence could range range from 10 to 20 years.

Read the full article in the Silcon Valley Mercury News.

© 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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