California Real Estate Fraud Report

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13
Jul

All Fund Mortgage’s Manager Goes to Prison for Mortgage Fraud

The former manager of All Fund Mortgage of Murrieta and Anaheim Hills has been sentenced to 12 years in prison and three years of supervised release after pleading guilty to wire fraud and tax evasion in a mortgage fraud conspiracy.

Gregory Flores was also ordered by U.S. District Judge J. Virginia Phillips to repay over $1 million in restitution to the homeowners he ripped off and another $98,000 to the Internal Revenue Service.

All Fund, Advantage 2000, Crown and Associates, Ichthommol Trust, B Owned and Right Way, companies with which Gregory Flores was affiliated, convinced the homeowners that they could hold on to their properties by adding straw buyers to the homes’ title in order to improve the homeowners’ credit. Lenders were then solicited to refinance the homes. According to the U.S. Attorney’s Office, title was not transferred back to the homeowners nor were the banks paid their mortgages (loan fraud, mortgage fraud).

Read the original article in the Press Enterprise.

 

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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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