LOS ANGELES – (INT) – A grand jury indictment against the owners of three mortgage brokerage firms and 11 affiliates in a mortgage fraud scheme was unsealed Friday (November 15th).

Fraudulent loan applications and financial documentation were allegedly used to obtained eight loans totaling $3.69 million. The fraudulent loans were then used by unsuspecting borrowers to purchase properties located in Riverside, San Bernardino and four other counties.

The indictment charges the owner of First Republic Mortgage, the owner of 1st Fidelity Home Loans, and the owner of Coastline Properties, with allowing their associates to misuse their mortgage broker licenses.

Thirteen of the defendants pleaded not guilty Friday to charges of mortgage fraud, receiving proceeds of mortgage fraud and grand theft.

Story Date: December 4, 2024