Loan Officers Charged for Straw Buyer Scam
Simon Saed Alizadeh and Kian Ashkanizadeh were indicted on charges of conspiracy, wire fraud, mail fraud, and money laundering in connection with a mortgage fraud scheme involving four expensive homes located on Triton Street, Carlsbad, California. The charges were returned by a federal grand jury on February 2, 2012.
According to the indictment, the defendants, who worked at a mortgage company called Southern California Finance, recruited family members and friends to supply their names and signatures on mortgage loan applications as the purported buyers for these million-dollar homes. The defendants then fabricated the job titles, income, and assets of the purported buyers, so they could qualify for approximately $1 million in mortgage funding on each of the properties.
The defendants arranged for $200,000 in sham "consulting fees" to come out of each transaction, and another $45,000 in fees for "construction fees"—but no consulting or construction was ever performed, according to the charges. Instead, the defendants took for themselves most of the extra $245,000 in fees paid out from each of the four transactions. According to the indictment, the defendants disguised the funds by first funneling the payments through bank accounts owned by friends and relatives, and then causing the funds to be withdrawn or transferred to their own bank accounts.
The defendants will next appear before United States District Judge Irma E. Gonzalez for a motion hearing on April 3, 2012, at 2:00 p.m.
United States Attorney Laura E. Duffy announced the charges.
The case was investigated by the Federal Bureau of Investigation.
An indictment itself is not evidence that the defendants committed the crimes charged. The defendants are presumed innocent until the government meets its burden in court of proving guilt beyond a reasonable doubt.
Courtesy Mortgage Fraud Blog