2 Admit Mortgage Fraud and Similar Offense

Allison Tussey —  April 15, 2011 — 3 Comments

Anthony Portillo, 41, pleaded guilty to money laundering, and Portillo‘s mother, Betty Gracia, both of El Dorado Hills, California, pleaded guilty to concealing a felony in related cases.

According to court documents (Portillo Information, Gracia Information), Portillo used his mother’s name and credit history to fraudulently obtain a loan to purchase a $2.75 million home in Shingle Springs, California. To secure the loan, Portillo submitted his mother’s bank statements, which had been falsified to show large account balances ranging from $700,000 to $1 million. When federal agents asked Gracia about the large balances, she falsely claimed that she had earned a very large income.

The defendants are scheduled to be sentenced by United States District Judge William B. Shubb on June 27, 2011 at 8:30 a.m. The maximum statutory penalty for money laundering is 10 years in prison and a $250,000 fine. For concealment of a felony, the maximum statutory penalty is three years in prison and a $250,000 fine. The actual sentences, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

States Attorney Benjamin B. Wagner announced the guilty pleas.

This case is the product of an extensive investigation by the Internal Revenue Service-Criminal Investigation and the Federal Bureau of Investigation. Assistant United States Attorney Dominique N. Thomas is prosecuting the case.

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Allison Tussey

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3 responses to 2 Admit Mortgage Fraud and Similar Offense

  1. Honestly, this doesn’t surprise me, and fraud is still rampant. These posts of people being caught should become more in the national media as well, it is not only Madoff who gets caught.

    I work as an underwriter and Loan officers and borrowers still protest when I condition for “more” information. And get ticked if I question the perimeters or documentation of their “precious” loan.

    If you apply for a loan and make a false statement, even on a letter of explanation, that is fraud.. Don’t you know why we ask for those??? then I am off the hook and you are on!!! Remember that.. And we are looking for you…

  2. Calgary Realtor April 17, 2011 at 9:08 pm

    It is unfortunate that Tax Payers end up paying for these kind of losses.

  3. Why do people do this sort of stuff? Are they just greedy or what? Who gets hurt in cases like this? Is it the lender that ends up holding the bag or can they come back on the original seller of the home and do anything against them at all? Just wondering who all suffers in cases like this?

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