California Real Estate Fraud Report

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Afkarians Face Prison for $4 Million Real Estate Fraud

Adel Afkarian, 40, of Carlsbad, and Atef Afkarian, 38, of Slidell, La., pleaded guilty to conspiracy Monday, for taking $4 million in fraudulent home sales in the San Diego area.

Both men were real estate salespersons until their licenses were revoked by the California Bureau of Real Estate.

The U.S. Attorney’s Office in San Diego had charged both Afkarians with committing mail fraud and wire fraud. The pair admitted that they altered deeds of trust and reconveyances in order to wipe out the debt on properties (title fraud, mortgage fraud), including their own, sold properties that were not their own and used shell entities to do so.

When they are sentenced in March 2014, each man could get five years in federal prison.

Read the original article in Courthouse News.

© 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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