California Real Estate Fraud Report

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Oakland woman is 9th person sentenced in Liberty Mortgage mortgage fraud

Dana Faulkner, 48, was sentenced by U.S. District Judge John A. Mendez to one year in prison for conspiring to commit mail fraud and make false statements in loan applications.

Faulkner acted as an unlicensed real estate agent and loan officer for Liberty Mortgage Co. in Elk Grove. Hoda Samuel, the owner and principal operator of that company and Liberty Real Estate and Investment Co., is serving a 10-year prison sentence after being convicted in January 2013.

Samuel, Faulkner and the other defendants submitted fraudulent loan applications for the sellers’ listed prices. They did this in order to enrich themselves and to pay kickbacks to the home purchasers, which they fraudulently described as payments to make the properties compliant with the Americans with Disabilities Act. The financial institutions lost over $5 million as a result of the mortgage fraud scheme.

The case was prosecuted by Assistant United States Attorneys Philip Ferrari and Todd Pickles of the U.S. Attorney’s Office for the Eastern District of California.

Read the original article in the Sacramento Bee.

© 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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