California Real Estate Fraud Report

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Orange County Broker Gets 8 Years in Prison for Mortgage Fraud

A mortgage broker who was accused of participating in a sophisticated mortgage fraud conspiracy with three other members of her family has received a stiff sentence by the judge.

Sushama Devi Lohia, 74, of Newport Beach, in December pleaded guilty to about 60 felony counts, including conspiracy, forgery, grand theft, identification theft and false recording of a deed (title fraud). She also pleaded guilty to 10 counts of tax evasion, according to Deputy District Attorney Douglas Brannan.

Lohia was accused of stealing more than $16 million from lenders by using straw buyers (people who “rent” their good credit out) to purchase properties on behalf of others. Loan applications were falsified, including inflating the income and assets of the applicants.

Lohia’s two daughters are awaiting their trials, as is a third relative.

Sushama Lohia’s real estate broker’s license is still active as of this date with the California Department of Real Estate (DRE).

Read the original article in the OC Register.

© 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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