California Real Estate Fraud Report

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12
Jan

Suspect Withdraws Guilty Plea in Newport Beach Real Estate Fraud

The fourth member of a family in which three members have already pleaded guilty to real estate fraud-related crimes has decided to withdraw her guilty plea and to stand trial in federal court.

Safieh Fard, 50, had already entered her guilty plea to conspiracy to obstruct the Internal Revenue Service and money laundering, for which she faced a 30 year sentence. Fard’s sons, Ahmad Kikalaye and Mohsen Kikalaye, as well as her sister, Sedigheh Bahrmanian, have pleaded guilty in the case. They transferred two Newport Beach rental properties between themselves without exchanging money, then re-sold it to a third party. The gain on one of the properties was $1.9 million but Mohsen Kikalaye reported a loss of $96,733 to the IRS.

Read the full article in the OC Register (Orange County Register). 

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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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