Chino man convicted in $16M housing scheme
LOS ANGELES -- A Chino loan officer has been convicted of 11 counts of bank fraud for his role in a $16 million real estate scheme in which a developer paid homebuyers kickbacks that were funded through fraudulent loans.
Bradley Bishop, a former loan officer at Washington Mutual and Bank of America, was convicted in federal court in September of processing 11 fraudulent loans last year worth about $12.5 million.
Along with a Colorado developer and a Torrance real estate agent, Bishop helped arrange illegal kickbacks to buyers of million-dollar homes in order to entice potential buyers to move forward on purchases, according to a news release from the U.S. Attorney's Office.
The kickbacks -- typically equalling between 20 percent to 23 percent of a home's sale price -- were funded through fraudulent home loans, according to the news release.
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