California Real Estate Fraud Report

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SoCal Real Estate Fraud That Ran the Gamut

A group of predators who scammed more than 100 homeowners and lenders in Southern California are facing Judgment Day in U.S. District Court in Los Angeles for a $12 million foreclosure scheme.

Martha Rodriguez, 35, of Downey, is also awaiting sentencing after pleading guilty to defrauding the Department of Housing and Urban Development in another loan scheme. In 2006, the California Department of Real Estate issued an order to desist and refrain to the entrepreneurial Rodriguez from the California Department of Real Estate for conducting herself as a licensed real estate broker and providing residential, mortgage loan, and escrow services without ever having had a real estate license.

Here crew included Edward Seung OK, of Torrance; Cynthia Valenzuela, 23, of Downey; Vladimir Stefanovic, 35, of Lancaster; and Maria G. Juarez, 36, of Reseda. Rodriguez operated Silvernet Properties in Downey and Bellasi Escrow in Seal Beach. Victims in foreclosure were promised by Rodriguez and her co-defendants that they would save their houses and restore their credit, then used straw buyers to purchase the homes at inflated prices. They then skimmed the profits and allowed the homes to be foreclosed and the victims evicted.

This story is reminiscent of the upcoming trials of Beverly Hills Prudential California Realtors Joseph Babajian, Kyle Grasso, developers Mark Alan Abrams and his partner Charles Elliot Fitzgerald, appraisers Lila Rizk and Scott Robinson and others, who are accused of similar schemes that left Lehman Brothers Bank out tens of millions of dollars while failing to explain why they ignored the warns of potential fraud by Keller Williams broker Christian Stevens. A good summary is on the Los Angeles FBI website.

Read the Full Article in the Downey Patriot.

© 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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