California Real Estate Fraud Report

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Escondido Women Sentence for 8-Year Mortgage Fraud

Safieh Fard, 52, of Escondido, has an upcoming five year engagement in federal prison as a result of being convicted for conspiring with her family to commit bank fraud and tax fraud.

Fard, her sister Sedigheh Bahramian and her sons Mohsen Kikalaye and Ahmad Kikalaye began their elaborate and profitable mortgage fraud scheme starting in 1997, when they were given loans after overstating their income and assets to lenders (loan fraud, mortgage fraud). They leveraged the monies to buy homes in Newport Beach, which they at first sold back-and-forth to each other and then eventually to third-parties, pocketing almost $4 million in profits. They might not have been caught had they not wired money to and from their accounts and if they had reported and paid taxes on their gains.

The U.S. District judge in Los Angeles who sentenced Safieh Fard also ordered her to pay $549,000 to the IRS for unpaid taxes. No word if the California Franchise Tax Board feels it is owed taxes too.

The investigating agencies were the IRS and U.S. Department of Homeland Security. The case was prosecutd by the U.S. Attorney’s Office in Santa Ana.

Read the original article in the San Diego Union Tribune.

You can read an earlier article in the California Real Estate Fraud Report about Safieh Fard, Sedigheh Bahramian, Mohsen Kikalaye and Ahmad Kikalaye by clicking here.

© 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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