California Real Estate Fraud Report

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23
Feb

Three Plead Guilty in Ventura to Massive Mortgage Fraud

A Century 21 real estate agent has pleaded guilty to felony bank fraud along with two accomplices in a mortgage fraud scheme that the U.S. Justice Department characterized as “Operation Stolen Dreams.”

The agent, Raul Rocha, Luis Ramos and Rosa Amelia Fernandez entered their guilty pleas in the nationwide mortgage fraud case that included 1,215 defendants and more than $2.3 billion in losses. The bad guys were caught after honest real estate agents went to the Ventura District Attorney’s Office and reported their suspicions of wrongdoing. Amazingly, Rocha’s real estate broker’s license has not been revoked by the California Department of Real Estate.

As the reader might suspect, many of the victims did not speak much, if any, English and belonged to the same ethnic groups as the criminals (affinity fraud, ethnic fraud) Their loan paperwork was fabricated to show they had more assets than was the case (loan fraud).

Defendants who have already pleaded guilty are Oxnard residents Maria Del Rocio Partida, Miriam Sukey Estrada, Adela Naranjo, Rogelio Vega and Richard Ceniseroz; Camarillo resident Patricia Vega; Ventura resident Eduardo Magdaleno; and Santa Paula resident Leticia Hernandez.

Most of the convicted defendants have been ordered to pay restitution in addition to the prison sentences they have received or are going to receive.

Read the original article in the Ventura County Star.

© 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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