California Real Estate Fraud Report

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Oxnard Man Convicted in Loan Fraud Conspiracy

A 23 year old man has been convicted in relation to a real estate fraud in Ventura County in which he purchased three homes by filing fraudulent loan documentation.

Juan Banales Venegas, aka “Chicken Little”, was arrested in connection with a $35 million mortgage fraud that caused 13 other individuals to be indicted for filing false loan applications. Banales Venegas was a 7-Eleven employee when he was allegedly recruited to work as an unlicensed assistant to work at Century 21 Premier Real Estate in Oxnard. Unlicensed assisistants may not, as part of their duties, solicit buyers or sellers or homes, yet according to an article in the Ventura County Star News, he was given a script, cold-called homeowners and was paid commissions. He later purchased three homes by filing fraudulent loan applications.

Miriam Sukey Estrada and Maria Del Rocio Partida testified against Banales Venegas, whose attorney has indicated he will appeal. Estrada operated Platimum Power Mortgage in Oxnard and del Rocio Partida ran Century 21 Premier Real Estate. Estrada also operated Premier Tax Service in Oxnard. Both women have pleaded guilty to charges filed against them and will be sentenced along with Banales Venegas in January 2011.

Read the full article in the Ventura County Star.

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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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