California Real Estate Fraud Report

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27
Mar

Vallejo Woman Convicted of Bank Fraud in Father’s Estate

Myra Holmes, a 55-year old Vallejo woman, was convicted on March 21 by a federal grand jury of concealing assets from her father’s bankruptcy estate in order to pay off her personal debts, which included gambling and shopping.

Holmes’ case was heard in front of U.S. District Court Judge Edward J. Davila in San Jose. Her convictions were for bankruptcy fraud, bank fraud and making false statements to a bank; she was acquitted on two other charges.

Prosecutors said Holmes’ father had declared bankruptcy but that she had hidden the fact that she had received his half-interest of ownership in the Vallejo property after he died. Without the knowledge or permission of the bankruptcy court, she then refinanced the home, draining the equity of approximately $147,000 – none of which has been repaid.

The judge could sentence Myra Holmes to 35 years in prison and fine her $1 million.

Read the original article in the Times-Herald.

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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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