California Real Estate Fraud Report

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30
Sep

Modesto Century 21 Broker Indicted in Real Estate Fraud

The owner and broker of Century 21 Apollo Realty in Modesto, along with his roommate, have been indicted by a federal grand jury of multiple counts of mail fraud.

According to U.S. Attorney Benjamin Wagner and Stanislaus County District Attorney Birgit Fladager, James Lee Lankford, 71, the broker and Jon Vance McDade, 46, targeted elderly persons who wanted to sell their properties but had not listed the homes yet. The pair convinced the elderly victims to accept interest-only payments for 5 to 10 years, promising to return the principal at that time (assuming the victims were still alive!). Lankford and McDade then refinanced the homes with Countrywide, World Savings Bank, GreenPoint, Wachovia, Seaforth Mortgage, Aegis, Sierra Pacific, and Alliance Bancorp without informing the banks that there was seller financing in place on the properties.

Not content to siphon the equity out of the homes, James Lankford is alleged to have allowed many of them to go into foreclosure or to be sold in a short sale, earning a commission fee for Lankford’s Century 21 brokerage.

The California Department of Real Estate (DRE) shows no action to date against the real estate license of James Lankford.

Read the full article in the Central Valley Business Times and the Modesto Bee.

 

© 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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