California Real Estate Fraud Report

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Cupertino Man Gets 5 Years for Real Estate Fraud

Gary Mountain, a Cupertino-based real estate agent, is going to prison for five years for a real estate fraud in which he cheated investors out of $1.2 million.

The Santa Clara County District Attorney’s Office prosecuted Mountain, 61, who pleaded no content to five charge of securities fraud, all felonies. Prosecutor David Ezgar said the DA will ask the court to require Mountain to pay restitution to his victims.

Gary Mountain is alleged to have gained title to properties that were either in very poor structural condition or that had large balloon payments. He then convinced people to invest in the properties without disclosing these conditions.

Among those Mountain ripped off was Sheila Hagey, 68, and now deceased. After meeting him in church, Mountain convinced Ms. Hagey that her home was worth significantly less than it was (elder financial fraud) and to sell it to him at a steep discount, including real estate commission fees. He then talked her into investing $200,000 into one of his phony property “investments.”

Read the original article in the San Jose Mercury News.

© 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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