California Real Estate Fraud Report

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Impersonator Pleads Guilty in Sacramento Loan Fraud Case

Usually, The F Word writes about real estate professionals who have committed unethical or illegal acts. This story is about an unlicensed individual who held himself out to be a lender and has now pleaded guilty to bank fraud and money laundering.

According to Sacramento prosecuting Assistant United States Attorney Matthew Stegman, Sennett H. Swift, 25, defauded both lenders and homeowners by fradulently refinancing two homes, his goal being to collect the commissions a licensed individual would have been entitled to. Swift not only lied to the homeowners about the terms of loans – promising lower caps than would have been applicable – he also forged a number of documents, including inflating the income of at least one of the loan applicants.

Swift is scheduled to be sentenced by the Honorable Lawrence K. Karlton on March 25, 2008, at which time he could receive substantial jail time for his fraudulent acts and crimes.

Read the Press Release by the United States Attorney for the Eastern District of California.

© Copyright 2007-2018 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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