California Real Estate Fraud Report

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$100 Million Mortgage Fraud Costs Laguna Hills Man Only One Year of Prison Time

The OC Weekly blog reports that John Allen, an unlicensed mortgage loan processor from Laguna Hills, was sentenced to one year in federal prison for his role in a $100 million mortgage fraud scam.

Allen pleaded guilty earlier to wire fraud, money laundering and conspiracy and was sentenced on September 16 in San Diego.

Four other people were sentenced for their roles in the same mortgage fraud, which entailed recruiting straw buyers, creating phony loan and other supporting financial documents in order to obtain mortgages. Most of the properties were later foreclosed, but only after the conspirators “earned” $15 million due to their crimes.

One year in prison in exchange for a piece of $15 million. Some might consider that a cost-effective crime.

The original indictments were reported in 2012 in the California Real Estate Fraud Report.

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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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