California Real Estate Fraud Report

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Mom and Daughters Plead Guilty in Massive Mortgage Fraud in Orange County

A woman and her daughters are going to serve hard time for defrauding lenders in a mortgage fraud scheme according to the Orange County District Attorney.

Sushama Devi Lohia, 74, of Newport Beach, pleaded guilty last December to tax evasion, conspiracy and other fraud crimes (70 felonies) and received an eight year sentence.

Now daughter Suniti Shah, 51, of Newport Coast, has received eight years for 40 similar counts. Number One daughter Supriti Soni, 52, of Corona del Mar, will serve 10 years after pleading guilty to 40 counts as well.

Suniti Shah’s husband, Dinesh Valjeebhai Shah, 62, is awaiting trial for his role in the conspiracy.

What did the three criminals and one remaining defendant allegedly do?

They procured 15 loans from Washington Mutual (WAMU), all through the use of straw buyers and their credit (loan fraud). The straw buyers’ incomes were inflated, their bank statements altered and employment information was falsified. Oh, and their signatures were forged. The loss due to the mortgage fraud was $16 million.

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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