California Real Estate Fraud Report

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30
Nov

Former Los Angeles Lakers Player Pleads Guilty in Short Sale Fraud

Sam Jacobson, a basketball player with three NBA teams, pleaded guilty to residential mortgage fraud in the short sale of his Apple Valley (Minnesota) home.

In an August 2016 complaint  filed by Dakota County, prosecutors accused Jacobson of persuading his lender, JPMorgan Chase, to agree to a short sale of his property in 2011. As part of the transaction, he and his girlfriend, Trace Quam, whom he later married, signed an affidavit that the same was arm’s length. This was not true, as Traci Quam was the purchaser.

After the short sale was approved, Traci Quam sold the house later in the year at a profit of $226,793.06, according to the criminal complaint. She used the proceeds to proceeds to purchase another house, also in Apple Valley.

The short sale fraud was uncovered when Jennifer Jacobson, Sam Jacobson’s ex-wife, reported it to Apple Valley police in 2013.

As part of his plea agreement, Jacobson has agreed to pay restitution to the bank. He and Trace are scheduled to be sentenced in January 2018.

Read the original article in the Minnesota Star Tribune.

© 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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