California Real Estate Fraud Report

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La Jolla Man Ordered to Repay Mortgage Insurance Firm, IRS in Mortgage Fraud Case

La Jolla resident Mehran Abazary, 66, has been ordered by U.S. District Court Judge John Houston to pay $313,981 to Fidelity National Title Group and the IRS a mortgage insurance firm and the Internal Revenue Service in terms of five years probation in a mortgage fraud case. He was not given any jail time.

Abazary is an Iranian immigrant, had been charged with tax evasion. He had reported he lost the home in a foreclosure, but after the sale of his home in La Jolla, transferred money to bank accounts held in the names of his relatives in Germany.

Adel Afkarian and Atef Afkarian, also Iranian immigrants, operated Better Mortgage Co. For their roles, the brothers were sentenced to federal prison and have since been released.

Assistant U.S. Attorney Emily Allen wrote Abazary made a $250,000 profit “through the fraudulent sale of his heavily underwater $2 million La Jolla home” by “working with a group of crooked real estate professionals.” She further said that Abazary “made it appear that the mortgage did not exist so that he could sell the home to an unsuspecting buyer and collect the purchase money without paying off his lender.”

Read the original article in the San Diego Community News.

© 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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