California Real Estate Fraud Report

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Five Men Arrested in Riverside Mortgage Fraud

Five men at a mortgage brokerage have been charged in connection with falsifying or forging loan documents and identity theft in a mortgage fraud scheme that involved friends and family.

Jose Elias Ochoa Jr., 54, was a licensed real estate salesperson (his was license revoked in 2010) employed as a manager at Solco Financial Services in Corona. He, Erasmo Ochoa, 58, Rey Ochoa Jr., Joe Montoya  and Julio Zamarripawere face multiple charges for a mortgage fraud scheme that operated in 2006 and 2007.

The five are believed to have recruited straw buyers who were friends, relatives and other associates and then used their good credit to buy multiple houses within a short period.  According to the Riverside County District Attorney’s Offfice, the identities of 12 people were used to set up documentation to purchase 39 properties for at least $5.4 million.

The notary employed by Solco Financial Services stated that Jose Ochoa would sign documents in other people’s names (forgery) and that she then notarized them without meeting the parties to the transactions (notary fraud).

Read the original article in the North County Times.

© 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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