California Real Estate Fraud Report

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12
Jan

Never Enough Money for Video Game CTO

David Foley, 46, of Los Gatos, the former chief technology officer (CTO) of Santa Clara-based video game developer Global VR, has pleaded guilty to conspiracy to commit mail and wire fraud, and conspiracy to commit bank fraud.

Foley’s admissions are that he lied on his mortgage and home equity (HELOC) loans (loan fraud, mortgage fraud) to Countrywide Home Loans about his employment at Global VR; in fact, he had been fired. Countrywide (now Bank of America) was defrauded out of $2,624,475 and $374,925 as a result.

Previous to Global VR, David Foley was the former owner of NexTune Corporation, dba UltraCade Technologies.

© 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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