California Real Estate Fraud Report

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Granite Bay Man Indicted in $3 Million Mortgage Fraud

A Granite Bay man has been charged with six counts of mail fraud, wire fraud and bank fraud for lying to lending institutions in order to buy expensive homes and a World War II airplane.

According to U.S. Attorney Benjamin Wagner, Ryan William Costo, 37, submitted fraudulent loan applications (loan fraud, mortgage fraud) to CitiMortgage Inc., Washington Mutual, and Bank of America for $1.95 million, $3 million and $1.35 million respectively. The first two loans were for homes in Granite Bay and the last was for a 1945 North American P-51 D Mustang. The fraud allegedly occurred when Mr. Costo “enhanced” his assets and income and produced fraudulent tax returns and other accounting statements in order to obtain loan approval.

Read the original article in the Central Valley Business Times.

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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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