California Real Estate Fraud Report

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Former Irvine Planning Commission Sentenced to 6+ Years

David Richard Sparks, once a talented real estate investor and former Irvine Planning Commissioner who was prosecuted for bilking his friends and family, is going to prison.

Sparks brought investors into his business by promising to buy, rehabilitate and sell foreclosed or distressed homes, something he never did (real estate investment fraud). Instead, according to evidence presented, he used the money he obtained, sometimes from life-long friends, to cover his own speculative real estate losses in Utah and forged documents, created phony escrow companies (escrow fraud) and fabricated accountings. The victims testified at his sentencing that David Sparks’ criminal conduct cost them their marriages, retirement funds, savings, credit scores and homes.

Although his plea agreement with prosecutors called for less time, Judge Cormac J. Carney added “aggravating points” when sentencing Sparks by noting he had abused his position of trust and manipulated real estate documentation and transactions. Sparks’ sentence: six and a half years in federal prison.

David Sparks was also ordered by the court to repay $4.3 million to his victims.

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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