June 20, 2024

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Mortgage Loan Officer and Real Estate Agents Charged in Mortgage Fraud Scheme in Central Valley | USAO-EDCA

3 min read
Mortgage Loan Officer and Real Estate Agents Charged in Mortgage Fraud Scheme in Central Valley | USAO-EDCA

FRESNO, Calif. — A federal grand jury returned an indictment in opposition to German Antonio Lopez-Velasquez, 55, of Modesto Marko Antonio Lopez, 27, of Modesto and Lisa Marie Santos, 48, of Long Beach front, charging them with bank fraud and conspiracy to dedicate lender fraud, U.S. Attorney Phillip A. Talbert introduced.

Lopez-Velasquez was also charged with witness tampering. He is alleged to have attempted to persuade an particular person to make untrue statements to regulation enforcement officers with regards to a house loan financial loan beneath investigation.

According to court docket paperwork, Lopez-Velasquez and Lopez, who have been both equally true estate agents, labored with Santos, a mortgage loan mortgage officer, to acquire fraudulent home loan loans for qualities primarily based in Stanislaus County, San Joaquin County, Santa Clara County, and somewhere else. The a few utilized untrue paperwork, fictional providers, and fictional individuals to obtain property finance loan loans for borrowers who have been not capable to get loans. In full, the defendants brought on creditors to issue at the very least 30 loans primarily based on wrong details with a overall principal mortgage balance exceeding $10 million.

This case is the solution of an investigation by the Federal Housing Finance Company – Place of work of Inspector Standard (FHFA-OIG), the U.S. Office of Housing and City Improvement – Business office of Inspector Normal (HUD-OIG), and the U.S. Postal Inspection Assistance (USPIS). Assistant U.S. Lawyer Jeffrey A. Spivak is prosecuting the situation.

“The FHFA-OIG is fully commited to holding accountable those people who squander, steal, or abuse the resources of the Federal government-Sponsored Enterprises regulated by FHFA, which the defendants have been billed with defrauding,” said Jay Johnson, Unique Agent in Demand, FHFA-OIG, Western Regional Place of work. “We are happy to have labored with the U.S. Attorney’s Office and our regulation enforcement partners on this circumstance and to exhibit, as soon as again, that FHFA-OIG will examine and hold accountable these who find to victimize the Governing administration-Sponsored Enterprises supervised and controlled by FHFA.”

“This case demonstrates HUD OIG’s determination to pursuing and bringing to justice those who set Federal applications, this sort of as the FHA Mortgage Coverage Fund at risk for their have enrichment,” claimed Special Agent in Cost Mark T. Kaminsky with HUD OIG Place of work of Investigation. “HUD OIG remains dedicated to doing the job with our law enforcement companions and the US Attorney’s Business office, Eastern District of California to look into and hold accountable individuals who perpetrate home loan fraud in central California.”

If convicted, the defendants deal with a greatest statutory penalty of 30 a long time in jail and a $1 million good for bank fraud and conspiracy to dedicate bank fraud. If convicted, Lopez‑Velasquez faces a most statutory penalty of 20 years in jail and a $250,000 good for witness tampering. Any sentence, even so, would be established at the discretion of the court docket after thought of any relevant statutory factors and the Federal Sentencing Rules, which take into account a number of variables. The prices are only allegations the defendants are presumed harmless until and except if demonstrated guilty over and above a sensible question.

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