California Real Estate Fraud Report

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Roseville Developer Pleads Guilty to Large-Scale Real Estate Fraud

Abe Alizadeh, a Roseville real estate developer and fast-food businessman, pleaded guilty to federal fraud charges Friday in connection with a $22 million real estate fraud scheme.

Alizadeh, 59,  confessed to defrauding lenders on six different properties in the Sacramento area between 2005 and 2006. Prosecutors alleged that he had inflated the values of the properties he purchased and the banks had unknowingly lent him $22 million over what was rquied to make he purchases.

Alizadeh was aided in his scheme by Mary Sue Weaver, who was an escrow officer with Placer Title Co. in Roseville. She has already pleaded guilty to two counts of fraud and along with Abe Alizadeh will be sentenced in March.

Read the original article in the Sacramento Bee.

© 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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