California Real Estate Fraud Report

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02
Jan

#1 in Hard Money Loan Fraud in 2008: San Luis Obispo County

According to the California Department of Real Estate, in 2008 San Luis Obispo County earned the  (dis)honor of ground zero for hard money loan fraud. While leaving many investors empty-handed, the good news is that some of the executives who ran these hard money lending fraud schemes are now cooling their heels in jail.

Karen Guth, her son Joshua Yaguda, the principals of the largest hard money loans firm, Estate Financial Inc., of Paso Robles,  deserve to have their own episode on cable TV’s American Greed. Also caught up in the multimillion dollar fraud inestigation are Hurst Financial, Real Property Lenders and 21st Century Financial, along with Kelly Gearhart, a key Hurst borrower. According to authorities, the four hard-money lenders collectively raised nearly $700 million from thousands of mostly local, retired investors.

Read the Full Article in the San Luis Obispo County Tribune.

© 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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