California Real Estate Fraud Report

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Four charged in San Diego foreclosure fraud

In yet another case of ethnic-based crime, a former felon and two real esate brokers have been indicted and charged with 54 felony counts that include foreclosure consultant fraud, grand theft and securities fraud. The crimes were exposed in March 2009 by the San Diego Tribune.

Prosecutors from the San Diego District Attorney’s Office charge that Edmundo Rubi operated a  scheme while he was in prison, opening a bank account under Amerisian Trust. He, Joseph Encarnacion, and co-defendants Benjamin Hebron and Gloria Hebron set themselves up as consultants, using a sales pitch on their now-closed website that encouraged “American and Asian brothers and sisters” to “let your estate work for you”. Many of the victims were Filipinos struggling to pay their mortgages after the interest rates accelerated but none of them obtained loan modifications as a result of their working with the defendants.

It is illegal in California to charge upfront fees for loan modification consulting. Read here to be linked to the California Attorney General’s Office.

Read the Full Article in the San Diego Union Tribune.

© Copyright 2007-2017 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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