California Real Estate Fraud Report

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Straw Buyer Admits to Lending His Credit in Farm Mortgage Fraud

Larry Otting, 66, a co-defendant in a case involving the purchase of a business called Healthy Family Farms, admitted during testimony that he allowed his fellow defendant Sharon Palmer use both his name and good credit (straw buyer) in order to secure financing for the farm (loan fraud, mortgage fraud).

Sharon Palmer and James Stewart, 64, bought the farm in Santa Paula after Otting received a loan for $1.1 million from Rabobank.

Palmer and Stewart are charged with multiple felonies related to the solicitation of investors for the farm purchase and fraud involving a bank in a real estate transaction (mortgage fraud, real estate fraud). In addition, Palmer is charged with stealing the loan money from the bank and another $450,000 from investors, at least one of whom is elderly (elder financial fraud).

Read the original article in the Ventura County Star.

© 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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