California Real Estate Fraud Report

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High-Profile Mira Mesa Agent Accused of Mortgage Fraud

A long-time Mira Mesa real estate agent, his wife and seven of their associates have been charged in a 12-page indictment alleging mortgage fraud in which lenders lost up to $15 million.

The charges facing Eric Elegado and his wife Charmagne Elegado include conspiracy to commit mail and wire fraud, wire fraud, conspiracy to commit money laundering.

The defendants are collectively accused of falsifying more than 100 loan applications (loan fraud, mortgage fraud) between 2002 and 2007, most often targeting low-income Latinos (affinity fraud, ethnic fraud), according to Assistant U.S. Attorney Joseph Orabona. Orabona said that Charmagne Elegado had “defrauded her own parents” and called her “the most culpable person in this criminal enterprise.”

Charmagne Elegado, 47, was an account executive at New Century Mortgage during the period the mortgage fraud occurred. New Century Mortgage was the first of the subprime lenders to go bankrupty when the California real estate market reversed its steep growth and nearly crashed.

The following defendants worked for E Real Estate & Loans, Inc.: Theodore Cohen, 54, (Chief Financial Advisor); loan officers Minh Nguyen,28, of San Marcos; Alexander V. Garcia, 38, of San Diego; Roman Macabulos, 38, of San Diego; Ramin Lotfi, 36, of San Diego and Roderick Huerto, 34, of San Diego; and also Regidor Pacal, 51, of San Diego.

Read the original article in NBC San Diego.

© 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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