By Danny Fenster
Here’s another reminder how the real estate and banking world have
suffered as a result of major acts of fraud.
In San Diego, charges were unsealed on Tuesday against several real
estate agents involved in a multi-million-dollar mortgage fraud scheme
targeting “vulnerable, low-income immigrants” , according to a statement
from the FBI.
Eric Elegado, Charmagne Elegado, Theodore Cohen, Minh Nguyen, Regidor
Pacal, Alexander V. Garcia, Roman Macabulos, Ramin Lotfi, and Roderick
Huerto face multiple charges of conspiracy, wire fraud, money
laundering, and criminal forfeiture, says the FBI. The scheme resulted
in losses of more than $15 million.
The U.S. Attorney’s Office said that Eric Elegado owned and operated
San Diego real estate and brokerage businesses and, conspired with
others, obtained mortgage loans for unqualified buyers by falsifying
salary information on loan documents, then submitted the documents to
mortgage lenders, who eventually lent more than $50 million in mortgage
“As a result of their scheme to defraud, defendants and others caused
the mortgage companies, lending institutions, and financial
institutions to lose more than $15 million,” says the FBI statement.
The defendants are scheduled to appear before US District Judge
Anthony J. Battaglia on March 28.