Here is an article that may help you to be aware about real estate deals. Recently, the Orange County Attorney And Real Estate Agent Coviceted For $8Million Mortgage Fraud and now serving their sentence to the jail.
From Imperial Valley News.
San Diego, California – United States Attorney Laura E. Duffy announced that after a one-week trial, a federal jury in San Diego convicted Carlsbad real estate agent Aida Agusti Castro and her son, Orange County attorney Stephen Kenneth Chrysler, of multiple counts of wire fraud for their roles in an $8 million mortgage fraud scheme involving 16 separate homes in Oceanside, Escondido, San Marcos, Lakeside, and Menifee.
After the jury returned its verdict, United States District Court Judge Jeffrey T. Miller remanded both defendants into federal custody pending their sentencing, which is currently scheduled for July 30, 2012 at 9:00 a.m.
Stephen K. Chrysler, an attorney and loan broker licensed with the California State Bar and California Department of Real Estate, was the owner and CEO of SKC Real Estate in Carlsbad, California. His mother, Aida Agusti Castro, was a licensed salesperson with the California Department of Real Estate, an officer of SKC Real Estate, and worked as a real estate agent for the company. Evidence at trial proved that between 2005 and 2007, the two defendants created 30 separate false loan applications, along with other fraudulent supporting documents, that they submitted to mortgage lenders in order to obtain over $8 million in mortgages to unqualified borrowers, including:
It is indeed a big bust after the Orange County Attorney And Real Estate Agent Coviceted For $8Million Mortgage Fraud just few days ago. With this article, hope that this will serve as a warning to everyone who are planning to engage in the real estate industry.