California Real Estate Fraud Report

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Los Angeles Man Who Conned Churches in Mortgage Fraud Scheme Sentenced

Chester Peggese, 59, who previously pleaded guilty to bank fraud and tax evasion charges, has been sentenced to a year in federal prison and five years of probation. He was also ordered to pay restitution of $4.2 million to Broadway Federal Bank and $38,609 to the Internal Revenue Service, according to the IRS.

Peggese, 59, admitted going to local churches between 2007 and 2009 and convincing them that he was a consultant who could help them to either refinance or acquire new properties.  Unidentified co-schemers altered the financial statements of the churches, causing Broadway Federal to underwrite their loans. Peggese was paid money out of escrow and kicked back a portion of it to former bank employee Paul Ryan, who has pleaded guilty to receiving bribes and rewards.

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© 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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