California Real Estate Fraud Report

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Abrams Pleads Guilty in Beverly Hills Mortgage Fraud Conspiracy

Mark Alan Abrams, 49, one of the central players in the Beverly Hills mortgage fraud conspiracy that consisted of real estate agents, appraisers, straw buyers, mortgage brokers and probably more, pleaded guilty to conspiracy, bank fraud and other loan fraud-related charges.

For the tens of millions that Abrams helped to steal, prosecutors are seeking a seven year (at most) sentence from U.S. District Judge Dean D. Pregerson. Assuming Abrams behaves himself, he could end up serving about half that time. Taxpayers, on the other hand, will be paying back his thievery and that of his eight fellow-convicted conspirators, for years via TARP (Troubled Assets Relief Program).

Lehman Brother Bank was misled by Abrams and his co-conspirators to fund over 80 loans in expensive Westside neighborhoods. As part of their sentences, the guilty have been ordered to pay their share of the $46 million restitution.

Read the full article in the Los Angeles Daily News. You can search the California Real Estate Fraud Report for earlier articles about the Beverly Hills mortgage fraud gang.

© 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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