California Real Estate Fraud Report

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22
Oct

Vista Agent Pleads Guilty in Real Estate Fraud against Latinos

Miguel Romero was once a prosperous man in the Vista area, working simultaneously as a real estate agent, insurance dealer, income tax preparer and credit repair specialist. But between 2004 and 2008, he apparently conspired with mortgage brokers to defraud both lenders and his Latino clients by convincing the latter to take out home loans, which contained overstated income statements. Almost all of the homes were eventually foreclosed.

Romero is now expected to receive a four year prison sentence this coming January after he pleaded guilty to multipe counts of fraud, theft and conspiracy according to court documents.

Not only did Miguel Romero and his co-conspirators collect $1.3 million in commissions, as part of their crimes, they took in $500,000 from some of their victims by promising to help them with their foreclosure problems.

Read the full article in the North County Times.

© 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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