California Real Estate Fraud Report

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FBI Investigation Gets Prison Time for Short Sale Fraud for Former BofA Employee

A former Bank of America employee who admitted taking over $1.2 million in bribes to approve short sales at below-market values has received a sentence of 30 months in federal prison.

United States District Judge Otis D. Wright II sentenced Kevin Lauricella, 29, of Thousand Oaks,  and also ordered him to repay Bank of America $5.7 million and give up his home, which was purchased with some of Lauricella’s illegal earnings. As part of his plea, Lauricella admitted that he had approved short sales for at minimum nine properties for the low valuations so that the buyers could flip (re-sell) the properties quickly (short sale fraud). The sales, which occurred in 2010 and 2011, were entered at higher/false values in the bank’s computer system with the purpose of making it appear that Bank of America had approved the lower values.

Read the original article on the FBI website.

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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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