Real Estate Scam Case Brought To Legal Court

A mortgage broker and appraiser was convicted in the federal court in Sta. Ana, the case was operating a real estate flipping scheme that defrauded mortgage lenders of about $6 million, that was recently held at Rancho Santa Fe, California. The convicted man is identified as James Davis Bennett, 52 years old, he's facing a possible life sentence for financial crimes that include even bank and wire fraud, he's convicted on 11 counts. It is said that from 1999 to 2002, He bought 14 properties in areas at Los Angeles and also Long Beach and then he had them resold to unqualified buyers. As a part of his strategy he has prepared some fraudulent loan applications in his client's names, edited appraisals and also acted as an officer. Assistant U.S. Attorney Brett Sagel said that Lenders then issue more than $6 million in mortgages to the buyers. And as expected many fell for it. Bennett is scheduled to be sentened on April 14, Bennett's attorney, Michael Meza didn't return calls as then media is waiting for their comments. By Jayron Magcale Real Estate Portal Real Estate Press Release

< Prev		Next >