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Elder Abuse in Deed of Trust Fraud

Monday, October 17 2005 01:40
Former Real Estate Broker Charged with Theft

Mark Russon, 47, former real estate broker, Danville, California was charged with 21 counts of elder abuse and seven counts of grand theft as well as counts related to forged documents according to media sources, in connection with allegations he defrauded a 92-year old Richmond, California man out of over 1.5 million dollars over a period of eight years.

According to media reports, Russon, doing business as Pacific Rim Mortgage out of Clayton, California told the alleged victim he had clients looking for loans that would be secured by deeds of trust on the borrowers' residences, according to the Contra Costa County District Attorney's Office. The victim loaned Russon the money for what he thought were 22 real property loans. It appears most of the borrowers did not exist and the trust deeds were forged, false or did not exist. The victim had been receiving monthly payments of $1,000 payments but those stopped in 2004.

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Rachel Dollar Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.
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