Former Real Estate Brokers Plead Guilty to Fraudulently Obtaining Sales Proceeds of Million Dollar Homes by Filing Fictitious Title Documents

Allison Tussey —  October 4, 2013 — 7 Comments

Adel Afkarian and Atef Afkarian each entered a guilty plea in federal court in San Diego, California, in connection with a fraud scheme involving sales of million-dollar homes in San Diego and Del Mar, California.

The defendants pled guilty to count one of a Superseding Indictment charging them with conspiracy to commit mail fraud and wire fraud.

In connection with the entry of their guilty pleas, both defendants, who worked through entities known as The Better Mortgage Company and Elite Coast Realty, admitted that they fraudulently obtained the entire proceeds of the sales of homes in Del Mar, La Jolla, and San Diego from innocent purchasers who were unaware that the defendants had hidden the existence of outstanding liens on the properties held by institutional lenders.

The defendants also acknowledged that they used sham entities to execute and record documents falsely purporting to affect the legal title to the properties, including fraudulent deeds of trust and reconveyances that falsely purported to totally eliminate the existing debt to institutional lenders secured by the properties.

During the course of the scheme the defendants sold their own property and properties of others with a combined sales price of more than $4,000,000.

Defendants Adel Afkarian and Atef Afkarian will appear before United States District Judge John A. Houston for sentencing on March 17, 2014, at 8:30 a.m.

United States Attorney Laura E. Duffy announced the guilty pleas.

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Allison Tussey

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7 responses to Former Real Estate Brokers Plead Guilty to Fraudulently Obtaining Sales Proceeds of Million Dollar Homes by Filing Fictitious Title Documents

  1. Atef Afkarian has helped me and my family with our homes. He saved us from being foreclosed on and I referred many others to them with successful results. Keep in mind the time of the incidents they’re being accused of was when banks were taking advantage of people left and right without regards. These were the guys that stood for the homeowners. I know from experience over a few years what kind of people they are and have nothing but good to say about them.

  2. Afkarian and slime ball grease head Alizadeh are going to get theirs.

  3. The Feds blew it. They allowed Saeed Alizadeh, the biggest scammer in all this to fly out of the country! Shame!

  4. The Afkarians are two big POS that had their licenses revoked years ago due to fraud. They continued to broker deals because the laws are weak. It will continue.

    • James Holman is a low life POS without anything in his life to accuse others. James Holman, you had no business with all of these guys and have no business making statements about them!

      Go get a life, you loser!!!

  5. Brokers doing what brokers do. They should go the way of travel agents.

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