California Real Estate Fraud Report

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26
Jun

Fugitives in San Diego Mortgage Fraud Case Arrested

Two television stations report that two loan officers who worked at Creative Financial Solutions in San Diego and were fugitives have been arrested.

Angel Armendariz and Rafael Santiago were arrested in connection with a federal arrest warrant charging that they and other Creative Financial Solutions loan officers schemed to “defraud and to obtain money and property by false and fraudulent means, related to mortgage fraud”. Others who have been arrested are company founders Abner Betech, Said Betech and Aviva Betech; Lucette Montane is still on the lam.

The federal complaint states that the Betechs and others founded the firm in 2005 and almost immediately began charging for and receiving commissions for loans they had failed to fund, obtained loans for unqualified borrowers, submitted false purchase contracts and phony loan applications, used misleading appraisals, and submitted false bank statements and income documents.

Read more here and here.

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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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