California Real Estate Fraud Report

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Massachusetts Attorney Has License Suspended after Fraud Conviction


Massachusetts’ Board of Bar Overseers has suspended the license of Jasmin Polanco, who pleaded guilty this year for a federal mortgage fraud charge, specifically, conspiracy to commit bank fraud.

Polanco, 37, was a real estate closing attorney in the Greater Lawrence area, was one of several individuals who pleaded guilty in connection with a “sweeping conspiracy to defraud banks and mortgage companies by engaging in sham short sales of residential properties in the Merrimack Valley,” according to the Department of Justice.

In this case, fraudulent short sales were conducted in which the lenders were duped into approving short sales, yet the remained in their homes, their mortgages substantially reduced.

Imprisonment, fines and restitution in Polanco’s case have yet to be determined for Polanco, as well as for Vanessa Ricci, 40, a mortgage loan officer who pleaded guilty to the same charge as Jasmin Polanco.

According to federal charging documents:

– The conspirators falsely led banks to believe that the sales were arms-length transactions between unrelated parties, when in fact, the transactions were not arms-length; the buyers and sellers were frequently related and the sellers retained control of (and frequently continued to live in) the properties after the sale;

– The conspirators submitted phony earnings statements in support of loan applications that they submitted to banks in order to obtain financing for the purported sales.

Read the original article in the Eagle-Tribune and the United States Attorney’s Office for the District of Massachusetts.

© 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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