California Real Estate Fraud Report

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06
May

Gililland Pleads Guilty in Multimillion Loan Fraud

Two defendants in a $21 million loan fraud case that cost lenders $4 million, has pleaded guilty to money laundering and mail fraud.

Garret Griffith Gililland III, 29, entered the plea, admitting his significant role in creating fraudulent loan applications, falsifying documents and recruiting straw buyers to purchase some of the homes offered by builders Tony Symmes and William Baker at inflated prices. Gililland’s wife Nicole Magpusao, 31, entered a guilty plea to mail fraud. Symmes has already pleaded guilty in this case; Baker is awaiting trial.

The Sacramento Bee has reported that Gililland’s guilty plea was “unexpected” and could “spell trouble” for Lawrence Leland “Lee” Loomis and his business Loomis Wealth Solutions.

Not mincing any words, Butte County District Attorney Michael Ramsey said that Gililland and his co-conspirators “did incalculable damage to the mortgage industry and the housing market. He and others like him contributed to the largest downturn in our country’s economy since the Great Depression.”

Read the original articles in the Central Valley Business Times and the Sacramento Bee.

© 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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