California Real Estate Fraud Report

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Man Pleads Guilty to Multimillion Dollar Mortgage Fraud

A Southern California man has pleaded guilty to two counts of mortgage fraud for conning lenders out of millions of dollars.

John J. Borzellino, aka John Ross, a self-styled “real estate consultant,” used straw buyers and offered prices above the sellers’ listed prices in California, Florida and Georgia during 2006-2007, to earn his “commissions.”

According to an article in the San Diego Business Journal, Borzellino admitted to making “numerous false and misleading statements about the properties being his primary residence; the borrowers’ income and employment history; past residence history; and false documents to justify the commissions,” the result of which was to defraud the lenders out of $7.5 million.

There is no word as to whether any of the straw buyers are being prosecuted.

Read the original article in the San Diego Business Journal.

© 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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