California Real Estate Fraud Report

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05
Jan

Three Defendants Convicted by Federal Jury in Modesto Mortgage Fraud Scheme

Three people were convicted of operating a mortgage fraud scheme involving 14 Northern California houses located in Modesto, Patterson and Stockton.

The U.S. Attorney’s Office in Sacramento said that Surjit Singh, 71, of Dublin, and his son, Rajeshwar Singh, 43, of Pleasanton, each were found guilty of four counts of mail fraud, four counts of bank fraud, and four counts of false statements on loan and credit applications. The third person, Anita Sharma, 55, of Gilroy, was convicted of two counts of mail fraud, two counts of bank fraud, and two counts of making false statements on loan and credit applications.

The elder Singh recruited people with good credit to act as “straw buyers” for residential properties owned by his relatives and others. The straw buyers were the people who lied in their loan applications included about their income, employment, liabilities and intent to live in the homes as their primary residences. His son, who at the time was a licensed real estate agent, submitted loan applications on behalf of the straw buyers, according to prosecutors.

Anita Sharma was one of the straw buyers.

Note: This is the first time in 10 years that the California Real Estate Fraud Report has been able to report a prosecution of a straw buyer.

Sharma, who was a dental assistant, could not afford to purchase the five homes she did that were located in Modesto, San Jose, San Ramon, Elk Grove and Sacramento.

The homes were later either foreclosed upon or sold in short sales.

To learn how these defendants benefited by the mortgage fraud-related crimes, read the original article in the Modesto Bee.

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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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