California Real Estate Fraud Report

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Elk Grove Man Convicted of Mortgage Fraud

An Elk Grove man has been convicted by a federal jury of bank fraud in an $8 million mortgage fraud case.

U.S. Attorney Benjamin Wagner said he was pleased that Gabriel R. Viramontes was convicted in a case that included 19 or more homes.  “Prosecuting mortgage fraud cases is a very high priority with this office. This region was hard-hit by mortgage fraud during the real estate boom, and we are continuing to suffer the negative effects of that conduct.”

Viramontes’ three co-defendants from Sacramento already had pleaded guilty to related charges in the investigation. James Martin, 40, pleaded guilty to making false statements on a loan application and money laundering. Mario Fellini III, 42, pleaded guilty to making false statements on a loan application and Joseph Gallo, 38, to misprision (failing to report) of felony.

The defendants ran their mortage fraud scheme through VFM Investment Group, Esnian Mortgage Realty, and Freedom Captial Mortgage.

The case was jointly investigated by the IRS Criminal Investigation unit, the FBI and the California DRE.

Read the original article in the Sacramento Business Journal and the Elk Grove Citizen.

© Copyright 2007-2017 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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