California Real Estate Fraud Report

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San Diego Woman Pleads Guilty in $11 million Mortgage Fraud

mortgage fraud investigation by the FBI that spread across three Southern California counties has ended after a successful prosecution.

Wanda Coleman, 59, from Pauma Valley, pleaded guilty to mail fraud in a case that involved $20 million in loans to straw buyers in Orange, Riverside and San Bernardino counties.

According to prosecutors, Wanda Coleman found properties in which she convinced the seller to accept a much higher offer than the listed price. She would have straw buyers then submit phony bank and income statements in order to get loans with the banks. Coleman collected the difference on the spread of the sale, then the straw buyers would default. The losses to the lender was over $11 million.

Any answers to this question: how did this homes get appraised for so much over market value? Without a fraudulent appraisal, it would seem these deals wouldn’t work.

Read the original article in the Press Enterprise.

© 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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