California Real Estate Fraud Report

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Tucker Mortgage principals appeal sentences

Terry and Cheri Tucker, who operated Tucker Mortgage in Thousand Oaks and San Diego, are appealing their 10 year sentences, handed out by U.S. District Court Judge Manuel Real on November 30 of last year.

Both defendants pleaded guilty to bank fraud after soliciting private investors, mostly elderly, for money for real estate investments. That investment money was used to purchase up to $80 million in conventional loans. Those loans were used to convince sellers that the borrowers had down-payments, which they did not. The borrowers in fact were told by the Tuckers that they could purchase a home with no money down.

The Tuckers’ appeal does not affect an upcoming restitution hearing for the victims that is scheduled on February 22, according to Assistant U.S. District Attorney Mark Avei.

Read the Full Article in the Thousand Oaks Acorn.

© Copyright 2007-2017 Monique Bryher

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