And the hits just keep on comin'. Not that they've made a substantial dent yet in the army of fraudsters who contributed to our housing meltdown, but nonetheless it's always gratifying to see another of these swine with their names up in lights. 

These two were really small potatoes glomming only $777,000 (that they're indicted for). In our area, where it took more than 5 years to indict perpetrators charged with over 200 fraudulent transactions and more than $140 million in ill-gotten gains, it is really really sweet to see these people getting cracked for just 2 deals and under $1 million.

There were numerous people in our market who, encouraged by the lack of timely prosecution of the Stonewood Gang, pulled off one or two or 6 of these kind of transactions, pocketed their $50,000 - $500,000 and sank back under the radar. 

You know who you are. We know who you are. And with any luck and Karma, the AG, the DA, the USAO, FBI or SEC will be announcing who you are so all your neighbors know who you are as well. Don't get too comfy yet -  sometimes the wheels of justice grind exceedingly slow - but they do grind very fine. Keep looking over your shoulder. 

LANCASTER REAL ESTATE AGENT SENTENCED TO EIGHT YEARS
IN FEDERAL PRISON FOR MORTGAGE FRAUD SCHEME

A Lancaster man was sentenced this afternoon to eight years in federal prison and ordered to pay restitution of $777,000 in relation to a mortgage fraud scheme in which he “purchased” homes in Altadena and Riverside.

Felix Pichardo, 27, was sentenced by United States District Judge Stephen V. Wilson. Pichardo pleaded guilty before Judge Wilson in September, admitting that he used the identities of two victims to obtain mortgage loans for properties that were not for sale.

... Pichardo sought out elderly vulnerable victims and that he poses a danger to the community.

According to court documents, Pichardo, a licensed real estate agent, and his  co-defendant Latrice Shaunte Borders, 29, of Long Beach, participated in two separate fraudulent real estate sales transactions. Pichardo, using identities appropriated from other people, caused loan applications to be submitted to AmTrust bank in the amounts of $417,000 and $360,000. The loan applications were submitted without the property owner's knowledge for real estate which was not for sale. The proceeds of the two loans were deposited into bank accounts under the control of Pichardo and Borders.

 

 
Post is included in group: ETHICS and the REALTOR
Post is included in group: Mortgage, Foreclosure & Elder Abuse Housing Fraud
Post is included in group: Realtors®
Post is included in group: The Lounge at Active Rain

10 Comments on Another One Bites The Dust - USAO Indicts 2 for fraud.

DEC
15
2009
784,063 Points 85 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Oy vey.

Well, at least that's a couple of more bad seeds removed.
11:45am • #1
569,044 Points 1 Featured Post Localism Sponsor Outside Blog

Hi Gene,  You're right - it is great to see reports of these scum getting what they deserve.  I still remember seeing posts here on AR bragging about how they could " repair Z" credit history so as to qualify for higher loan amounts !
11:47am • #2
1,522,209 Points 162 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

We had a crew in our area that has been indicted for mortgage fraud.  Those of us who worked in the neighborhoods where all of this activity was going on could have give the FBI the heads up years before.  Neighborhoods decimated, property values destroyed and who knows how long it will take for them to recover.  All in the name of greed.

Virginia Family Targeted in McMansion Mortgage Fraud Scheme
11:49am • #3

Great.  They need to go after more of the bums and the Banksters as well.
11:59am • #4
592,081 Points 22 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Gene:  Taking advantage of the elderly is really disgusting, glad he got caught.
12:26pm • #5
462,287 Points 2 Featured Posts Outside Blog

He should have gotten life. And what did she get. She was in the same boat as well.
1:16pm • #6
380,862 Points 2 Featured Posts Outside Blog Attended Rain Camp

Eight years doesn't seem like enough for what he did.  Well that's two less to worry about for a while.
1:31pm • #7
426,667 Points 3 Featured Posts

Gene .. Thanks for your another good article to keep us informed about mortgage and loan mod fraud going on out there and that some of the bad guys are getting caught and prosecuted.
1:55pm • #8

It's about time these people are brought to justice for the ill gotten gains on the backs of the American people. It's a shame they were even allowed into the business, where's the oversight?

Thanks for your contribution!

 

Keith Cox

Mortgage Banker

www.workingweekends.com
5:04pm • #9
223,159 Points 35 Featured Posts

Oversight? Overlooked is more like it. I know there were other markets that experience fraud on a rampant scale abut we've just seen so much of this it's really exciting to see some of them finally brought to justice (or some semblance thereof). This one was pretty out-there - fraudulent loans, no real property, direct deposit to their bank account. You've gotta be pretty slick to pull this off - obviously these folks weren't.
6:45pm • #10

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