"The scheme involved at least four people who forged loan applications, stole identities and falsified purchase agreements, according to investigators. One of the suspects arrested allegedly spent $18,000 at a car dealership and thousands of dollars at Target, TJ Maxx, Coach, and Nordstrom Rack. Using fake identities and purchase agreements and forged loan applications, four people allegedly cooked up a months-long scheme to sell a Burbank house with neither the homeowner nor the buyer being aware of the $1.5-million deal."
"The group, which included a licensed real estate broker, falsified signatures, submitted fraudulent loan applications and even discussed using disguises to pose as the buyers and sellers to push the deal through, according to a federal complaint, and the defendants planned to pocket the loan of nearly $1 million used to buy the house. The scheme was not uncovered until after the sale closed in 2024 and one of the suspects got a hefty wire deposit."
Four people allegedly executed a months-long mortgage fraud scheme to sell a Burbank house using forged loan applications, stolen identities and falsified purchase agreements. The group included a licensed real estate broker who allegedly falsified signatures, submitted fraudulent loan documents and discussed using disguises to pose as buyers and sellers. Defendants planned to pocket nearly $1 million from the loan used to buy the $1.5-million property. The sale closed in 2024 and a suspect received a large wire deposit. Federal investigators discovered messages while probing a related scheme; one phone owner became a cooperating witness. Three suspects were arrested and one remains sought.
Read at Los Angeles Times
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