California Real Estate Fraud Report

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El Monte Man Pleads Guilty to Mortgage Elimination Fraud

Ernesto Diaz, 57, a South El Monte man, has agreed to plead guilty to mail fraud with respect to a mortgage in connection to a mortgage elimination scam he operated.

Diaz charged homeowners close to $15,000 each, promising that his company, Crown Point Education, would somehow force banks to forgive the homeowners’ mortgages. Approximately 200 distressed homeowners bought into this charade and many, including Ernesto Diaz’ own brother, lost their homes to foreclosure.

Crown Point Education operated in Montebello and El Monte.

Diaz faces up to 20 years in prison, according California Department of Justice spokesman Thom Mrozek. The prosecution was in conjunction with the same investigation by President Obama’s Financial Fraud Enforcement Task Force (FFETF).

Read the original article in the San Gabriel Valley Tribune and the U.S. Attorney’s Office for the Central District of California.


© 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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