California Real Estate Fraud Report

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08
Dec

Venezuelan Fugitive Charged with Defrauding Wells Fargo in $9 Million Mortgage Fraud Scheme

After eight long years, Napoleon Olarte, a fugitive believed to be in Venezuela has been indicted on nine counts, including one count of conspiracy, six counts of bank fraud, and two counts of making false statements to a financial institution, according to details provided by the Department of Housing and Urban Development’s Office of Inspector General.

Two of Olarte’s co-conspirators, Juan Jose Calle and Nancy Karina Coleman, have already pleaded guilty in the mortgage fraud scheme that cost Wells Fargo approximately $9 million.

Nancy Coleman worked as a mortgage consultant at Wells Fargo and accepted bribes and other favors in exchange for approving the fraudulent loans for Calle and Olarte, who allegedly ran a “rogue brokerage and escrow company” in California called Fast Escrow.

Read the original article in HousingWire.

© 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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