California Real Estate Fraud Report

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East L.A. Residents Charged in Real Estate Fraud Ring

Gerard Bueno, 35, of La Habra Heights, and Jesus Vega Jr., 28, of Hacienda Heights, have been arrested and charged with operating a mortgage fraud ring that resulted in $2.3 million in losses to CitiMortage and MetLife Bank.

Bueno ran Pres Mex Inc., and Vega operated JVJ Inc.
Los Angeles County sheriff’s Detective Christopher Derry said that the two men obtained title to six properties in Los Angeles County fraudulently by “various means.” They then sold the properties to themselves at above-market prices (appraisal fraud) by using friends and relatives as straw buyers, submitting false loan application information (loan fraud, mortgage fraud). All the homes subsequently went into default.There have been six other arrests in this real estate scam, including George Kent, 66, of La Mirada.Read the original article in the Whittier Daily 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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