Archives For California

Ramin Rad “Ray” Yeganeh, real estate investor, San Mateo, California was indicted by a grand jury in the U.S. District Court of the Northern District of California in Oakland and charged with bid rigging and conspiracy to commit mail fraud in connection with public foreclosure auctions. Continue Reading…

A federal grand jury returned a 15-count indictment against seven individuals, charging them with conspiracy to commit mail fraud and bank fraud, mail fraud and aiding and abetting, and making false statements to a bank in a mortgage fraud scheme.

Jyoteshna Karan, 43, Modesto, California; Praveen Singh, 36, Modesto, California; and Mahendra Prasad, 53, Fremont, California, were arrested June 26, 2015 at their homes. The remaining defendants each received a summons to appear for arraignment: Phul Singh, 79, Modesto, California; Sunita Singh, 60, Modesto, California, Nani Isaac, 69, Ceres, California; and Martin Bahrami, 42, Turlock, California. Continue Reading…

Akbar Bhamani, 61, Carmichael, California, the head of a Sacramento, California, real estate investment firm, has been sentenced to 48 months in prison for duping investors by promising that deeds of trust would be secured on properties in which the investor would be in no worse than second or third position and that the indebtedness on the property would never exceed 70 percent of the value of the property.

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David Garcia Herrera, 70, Torrance, California, a former special agent with the Drug Enforcement Administration, has been arrested on federal fraud charges for allegedly posing as an active FBI agent and helping a man who posed as a former federal prosecutor to defraud a man who enlisted their help in recovering money lost in two fraudulent investment schemes.

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Robert Farrace, 51, Modesto, California, an attorney specializing in real estate transactions, was indicted on three counts of wire fraud in connection with a fraudulent short-sale scheme.

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Anthony Salcedo, 34, Fair Oaks, California, a loan broker and real estate agent, was found guilty after a five-day trial of one count of conspiracy to commit mail fraud and four counts of mail fraud for his involvement in a mortgage fraud scheme.

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Charlie Rickie Jackson III, 43, Corona, California, and Bridgette Lenet Jackson, 45, Riverside, California, have pleaded guilty to federal charges of conspiring to steal identities of hundreds of would-be homeowners from North American Title Company and using those stolen identities to obtain credit.

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Christopher Paul George, 45, Rancho Cucamonga, California, Crystal Taiwana Buck, 40, Long Beach, California, and Albert DiRoberto, 62, Fullerton, California, were convicted by a federal jury of offering bogus loan modification programs to thousands of financially distressed homeowners who lost more than $7 million when they paid for services, including loan modifications, that were never provided.

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Provident Funding Associates is the subject of a consent order resolving allegations by the Justice Department and Consumer Financial Protection Bureau that it engaged in a pattern or practice of discrimination. According to the order, Provident allegedly increased loan prices for African-American and Hispanic borrowers who obtained residential mortgages between 2006 and 2011 from Provident’s nationwide network of mortgage brokers.

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Lynda Sanabria, 51, Rockwall, Texas, was sentenced to six months in prison, followed by six months of home confinement, for her role in a commercial bribery and tax evasion scheme. Sanabria admitted accepting hundreds of thousands of dollars in bribes in return for selling mortgage loans to her preferred customers on the secondary mortgage market.

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