California Real Estate Fraud Report

You have just entered the #1 private-sector resource on the Internet for real estate fraud. In doing so, you have voluntarily left the dimension of the conventional real estate world and crossed over to the Dark Side, the realm where greed, dishonesty and evil are the order of the day. Sign up for a free subscription to this comprehensive news resource and receive weekly, timely news reports about real estate fraud, mortgage fraud, short sale fraud, REO fraud, title fraud, loan fraud, appraisal fraud, affinity fraud, loan modification scams, securities fraud and elder financial fraud. *** AS OF NOVEMBER 2017, THE CALIFORNIA REAL ESTATE FRAUD REPORT IS 10 YEARS OLD! ***


Ramona Realtor Pleads Guilty in Mortgage Fraud Conspiracy

Ramona real estate agent Teresa Rose has pleaded guilty to conspiracy to commit wire fraud and to launder money in an elaborate mortgage fraud that cost lenders at least $5 million.

Rose, loan broker Mary Armstrong and Armstrong’s assistant William Fountain were indicted for recruiting so-called investors via newspaper and online solicitations to purchase Ramona and other local properties. The investors turned out to be no more than straw buyers who sold the use of their credit for $10,000.

Loan applications were falsified in order to qualify for the maximum loan amounts (mortgage fraud, loan fraud). Prosecutors allege that the defendants made the majority of their illegal gains by convincing the property sellers to inflate the value of their homes, purportedly justified because they were going to be improved by construction that never occurred. In addition, the defendants earned commissions and other escrow-related fees. Because Teresa Rose was representing both the sellers and buyers, she was able to collect the full commission (dual agency) on all of her sales.

Teresa Rose’s real estate license shows no disciplinary action the California Department of Real Estate.

Read the original article in the Ramona Patch.

© Copyright 2007-2018 Monique Bryher

Legal Disclaimer.

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.

ALL RIGHTS RESERVED. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author, except for the inclusion of BRIEF QUOTATIONS in a review.


Copy Protected by Chetan's WP-Copyprotect.