Federal indictments are expected in the coming weeks after some local companies were accused of a real estate scheme that left several investors nearly broke and many Elk Grove homes in foreclosure, officials said.
A real estate agent who investors said took part in the deals is now out of a job and the state is now taking action as well.
Following a KCRA 3 investigation, the state Department of Real Estate filed a civil complaint against mortgage company officials and a Realtor, alleging fraud, dishonest services and much more.
...
[I]f indictments are issued and convictions are made, officials said, those involved could be looking at up to 30 years in prison and millions of dollars in fines.
Friday, June 22, 2007
Update on the Elk Grove Mortgage Fraud Story
From KCRA (also video):
1 comment:
Why is it the Sacrmento fraud market never goes flat, as it does, from time to time in other areas of the state? I have long been perplexed by this.
--Jack Payne
www.sixhrs.com
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