California Real Estate Fraud Report

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Stockton Broker Sentenced for Mortgage Fraud

Mortgage broker Iftikhar Ahmad, 40, of Stockton, has been sentenced to 21 months in prison after pleading guilty in 2008 to, to “multiple counts of mail fraud relating to a scheme involving the fraudulent submission of mortgage loan applications.” Following his prison term, Ahmad must also submit to three years of supervised release and provide restitution of $382,750 to his victims.

Ahmad used his company, I & R Investment Properties LLC, to buy/sell properties that he funded with Long Beach Mortgage Company. But he committed loan fraud / mortgage fraud against the lender by providing the buyers with money for the downpayments and assisted the buyers in submitting false income and employment document in their loan applications. Along the way, he also over-valued the prices of the homes (appraisal fraud).

Iftikhar Ahmad’s co-conspirators who previously pleaded guilty are John Ngo, a loan processor with Long Beach Mortgage Company, William Bridge, a loan broker operating The Loan Center in San Francisco and Paul Bridge, a loan broker at The Loan Center.  The only defendant still waiting for trial is Joel Bradford, a former account executive at Long Beach Mortgage.

Read the original article in the Central Valley Business Times.

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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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