California Real Estate Fraud Report

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08
Feb

Four Guilty Pleas in Discovery Bay Mortgage Fraud

A man, his second wife and two mortgage broker have pleaded guilty in a $20 million mortgage fraud plot to charges of wire fraud, tax evasion and harboring illegal immigrants.

One of the alleged victims is Kim Funke, Ronald Nelson’s daughter.

IRS Special Agent Arlette Lee said Ronald Nelson, Edith Nelson and their mortgage broker partners obtained more than 60 fraudulent mortgages, turning many of the properties in senior care homes and hiring illegal aliens to care for the seniors.

The Nelsons would obtain properties, and they turned many of them into senior care facilities and would hire illegal immigrants to work as caregivers for the residents, according to court documents.

When they are sentenced, the  Nelsons could get more than 40 years in federal prison each and be required to pay restitution of $5.2 million.

Their co-conspirators, Nelda Asunción, a real estate agent and co-owner of Realty World Pacific West in Concord, and Cristeta Lagarejos, a real estate agent and broker and the owner of Legacy Financing in Pleasant Hill, also pleaded guilty. They have been ordered to pay restitution of $2.8 million and $318,500 respectively.

Read the original article in KTVU.com and the Silicon Valley 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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