California Real Estate Fraud Report

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New Jersey Loan Officer Admits His Role in Short Sale Fraud

U.S. Attorney Paul J. Fishman has announced via a press release that Delio Coutinho, 71, had admitted his role in a short sale fraud by pleading guilty in a Newark, New Jersey federal court to conspiracy to commit wire fraud.

Coutinho was formerly a loan officer at a mortgage brokerage who submitted fraudulent loan documents as part of his role in the scheme. According to documents filed with the court by prosecutors, Coutinho and his co-defendants obtained approximately $2 million in ill-gotten gains by allegedly releasing liens on already-encumbered properties by first arranging illegal short sales (short sale fraud) and then obtain new loans from other lenders on the properties. His co-defendants, whose legal statuses are unknown, are Jose Luis Salguero Bedoya, 37, a real estate investor, Bedoya’s girlfriend, Yazmin Soto-Cruz, 33, who allegedly bankrolled the operation, and Christopher Ju, 28, who was the short sale “negotiator.”

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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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