San Diego real estate agent and mortgage broker charged with fraud and money laundering www.privateofficer.com

 

 

SAN DIEGO CA Feb 2012 — A San Diego real estate agent and mortgage broker, his wife, and seven others were charged Tuesday with conspiracy, fraud and money laundering in a multimillion-dollar mortgage fraud scheme that prosecutors said targeted low-income immigrant home buyers.

Realtor Eric Elegado, whose smiling face is a fixture on outdoor advertising around Mira Mesa, pleaded not guilty to a 12-count indictment in federal court. He was arrested Friday and was ordered held on $100,000 bond. Elegado, 47, is the owner of E Real Estate & Loans and E Real Mortgage Inc. in Mira Mesa.

Also charged was Charmagne Elegado, 47, the wife of Eric Elegado. She worked as an account executive at New Century Mortgage.

The indictment says that the defendants obtained mortgages for unqualified buyers by submitting false loan applications. The applications lied about the employment and earnings of the applicants.

The scheme also included creating bogus W-2 forms, bank statements and other documents to support the phony loan applications, according to the indictment.

The loan applications were then submitted to mortgage lenders, including New Century Mortgage, to secure about $50 million in loans.

In all, the scheme led to $15 million in losses for the lenders, the indictment said.

The bogus applications were submitted from 2002 to 2007, but the indictment was not returned until Feb. 2.

“We don’t know what has been going on for the past five years,” said Paul Pfingst, the lawyer for Eric Elegado, who lives in Escondido with his wife. “We don’t know why it has taken so long to get to court.”

Pfingst said that one reason for filing the case now could be that the statute of limitations — the legal deadline for prosecutors to file charges — expires in this case on Thursday.

The chief financial officer for the E Real companies, Theodore Cohen, 54, of San Diego, also was indicted along with Regidor Pacal, 51; Alexander Garcia, 38; Roman Macabulos, 38; Ramin Lofti, 36; and Roderick Huerto, 34, all of San Diego; and Minh Nguyen, 28, of San Marcos. They were all real estate agents and loan officers.

Nguyen was being detained without bond until a hearing set for Friday. Bond amounts between $35,000 and $75,000 were set for the other defendants.

Rite Aid theft scheme lands 3 in jail www.privateofficer.com

 

MURRIETA CA Oct 21 2011—- Officers arrested three people on Tuesday they say were involved a theft from a Rite Aid in Murrieta, authorities said.

The officers were sent to the Rite Aid on Murrieta Hot Springs Road about 4:20 p.m. after receiving a call about a man who was attempting to return merchandise for store credit, Murrieta police Sgt. Don Weller said.

They determined Ronald Kevin Jackson Jr., 32, of San Diego took merchandise from store shelves and then tried to return it at the register, Well said. When he was denied, Jackson reportedly walked out of the store with the merchandise, the sergeant added.

Weller said Jackson resisted as officers arrested him and one officer received minor injuries during the scuffle.

Officers also found two other people, Michael Anthony Edwards, 58, of Vista and Jessica Rochelle Bennett, 21, of Escondido in a vehicle outside the store with the engine running, the sergeant said.

In addition, Weller added, equipment commonly used to defeat store security systems was found in the vehicle.

Jackson and Edwards were booked into the Southwest Detention Center in French Valley.

Jackson, who was booked on suspicion of misdemeanor battery on a police officer, conspiracy, burglary, receiving stolen property and violating parole, was being held without bail, according to jail records.

Edwards was booked on suspicion of conspiracy, burglary and driving with a suspended license and was being held in lieu of $5,000 bail, jail records state.

Bennett was booked into the Robert Presley Detention Center in Riverside on suspicion of possessing a controlled substance, conspiracy, burglary and receiving stolen property, and was being held without bail, jail records state.

Source:www.nctimes.com