Two Fontana women convicted of mortgage fraud scheme
Two Fontana women await sentencing in a Los Angeles federal court in connection with an Inland area mortgage fraud scheme that generated more than $1 million in fraudulent proceeds.
Lisa Lievanos, 45, was convicted today on federal charges. She reportedly acted as a straw borrower who posed as the purchaser of one of the properties in the scheme, according to a Federal Bureau of Investigation statement.
Lievanos was convicted of five federal counts: conspiracy, two counts of wire fraud, money laundering and making false statements to FBI agents. She faces up to 60 years in federal prison when she is sentenced July 13 before U.S. District Judge Florence Marie Cooper.
A second defendant, 39-year-old Angela Cotton, reportedly ran a bogus title company and is set to be sentenced June 15. An Irvine woman is also awaiting sentencing, and a man from Glendale was sentenced to three years probation and six months of home detention.
Prosecutors presented evidence at Lievanos' trial showing that Cotton found properties in Rancho Cucamonga, and with the help of real estate professionals and people such as Lievanos who agreed to sell their personal information, fraudulently purchased one of the properties and obtained a $635,000 loan, according to the FBI.
A second loan worth $526,500 was taken to refinance Lievanos' residence. In the loan application, Lievanos gave false information about her employment and income, occupancy declarations, and rental agreements relating to her financial condition.
As part of the scheme, Cotton created fraudulent escrow companies to complete the illegal sales transactions.
As a result, banks suffered losses of nearly $2 million, the FBI reported. The investigation was conducted by the FBI's Southern California Mortgage Task Force.
And people wonder why I always said never trust those fast talking Loan Officers and Realtors!!! HAHAHAHA... I wonder if any of the above mentioned persons were licensed thru the CA DRE? I bet the banks that were cheated could file suit against their listing agent here too, I mean seriously, do your homework and make sure everyone was legit and or licensed in the transaction! Common sense for most, but those lazy people are way over paid for doing nothing!!!
Best thing anyone could do is "FOR SALE BY OWNER" and tell all these scumbags to get lost!!! And that is coming from a licensed DRE professional that saw this coming and got out! There needs to be a salary/ upfront fee schedule for anyone in real estate moving forward or else the same bologne will continue, the same fruad will keep growing, the same scum will continue to thrive and run the money south of the border.
"Just say No" should pertain to mortgage/realty fraud too! Get rid of big commissions and mortgage/real estate fruad will cease! Did anyone else notice the hispanic names here?
yeah i noticed the hispanic names here AND.....what's your point ????? Did you read the other Daily Bulletin articles about the Inland Empire SKinheads ????
Did the skinheads commit mortgage fraud?? STFU
You STFU,my main question now is are they law abiding citizens ??? Are they innocent ??? Anyways they are too stupid and tweaked out to do mortgage fraud.
Did you get out of the business before you were caught, remember you lived of this business.
and what do you mean south of the border are you a racist?
Yup.....I noticed not one of the racist fools that make there stupid little comments about "Mexicans" even acknowledged the article about the skin heads......must have hit too close to home, or maybe they were out trying to raise the bail money to get their "kin" out.......... LMAO
At least the skinheads are "Citizens" legally! They may have stupid views, but they are legal!
The reason for leaving was due to the "illegal" activities. Better to be a CI that be behind bars!!!