California Real Estate Fraud Report

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Defendant in San Diego Mortgage Fraud Sentenced

Note: There is an earlier article about Claudia Montes and her co-conspirators which can be found on the California Real Estate Fraud Report.

Claudia Montes, 41, was sentenced by U.S. District Court Judge Janis Sammartino to 20 months in federal prison and ordered to repay more than $1 million for her role in a widespread mortgage fraud conspiracy that operated in San Diego and Orange Counties.

Montes and her cohorts successfully received money from lenders for approximately 80 mortgages by lying on their loan applications. They then allowed about 30 properties to go into default and be foreclosed upon. Her sister was one of the straw buyers.

Another one of Claudia Montes’ co-conspirators was real estate agent Kathryn Sylvester, who pleaded guilty in January to conspiracy and wire fraud after admitting she had recruited the straw buyers. Sylvester allowed her real estate license to expire in 2007, according to the California Bureau of Real Estate and will be sentenced in April.

Co-conspirators included San Diego residents Tad Lent, Roderick Michener and Timothy Shannahan, all of whom previously pleaded guilty for their roles.

My thoughts: a 20-month sentence for causing “multimillion-dollar” losses to lenders? Not much of a deterrent, IMO.

Read the original article in San Diego 6.

© Copyright 2007-2018 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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