California Real Estate Fraud Report

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Couple Get Prison Sentences in Real Estate Fraud of Residential Care Homes

Ronald Nelson, 76, and his wife Edith Nelson, 53, both of Pleasant Hill, are going to prison for a unique scam: the couple have pleaded guilty to defrauding banks out of $20 million in order to purchase residential care facilities using straw buyers. Both Nelsons entered guilty please to charges of bank fraud, money laundering and tax charges.

The Nelsons’ scheme involved paying/bribing the straw buyers from $5,000 to $10,000 to submit fraudulent loan applications (loan fraud, mortgage fraud) to purchase residential housing, which they converted to so-called residential care facilities.  Edith Nelson was sentenced to three years and 1 month in federal prison by U.S. District Judge Lowell Jensen and Ronald Nelson received 2 years and 8 months. They were ordered to pay restitution of $5.2 million.

Co-conspirators Nelda Asuncion, co-owner of Realty World Pacific West, 2 1/2 years in prison, and Cristeta Lagarejos, owner of Legacy Financing, received an 18 month sentence.

Read the original article in the San Francisco Chronicle.

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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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