Feds: Stanislaus real estate agents used fake documents, buyers in $10 million fraud
A federal grand jury has indicted a Modesto father and son over roughly $10 million in alleged mortgage fraud.
Real estate agents German Antonio Lopez-Velasquez, 55, and Marko Antonio Lopez, 27, are accused along with loan officer Lisa Marie Santos, 48, of Long Beach.
The three were indicted Thursday in U.S. District Court in Fresno. They are accused of obtaining about 30 loans by falsifying pay stubs and other documents, and creating fictional companies and people.
The alleged crimes happened between 2016 and 2019 in Stanislaus, San Joaquin, Santa Clara and Contra Costa counties, the indictment said.
The defendants face up to 30 years in federal prison and $1 million in fines if convicted of bank fraud and conspiracy to commit bank fraud.
Lopez-Velasquez also was charged with witness tampering, which could mean up to 20 years in prison and a $250,000 fine. He is accused of encouraging a person to make false statements to an investigator about a Stockton property.
The defendants are out of custody and scheduled to appear Nov. 16 for a status conference with Magistrate Judge Sheila Oberto.
Five lenders are involved
The indictment lists five lenders targeted by the alleged scheme — Caliber Home Loans, Franklin Advantage, Nations Direct Mortgage, Opes Advisors and Bay Equity.
The defendants are accused of falsifying documents needed to qualify for loans, such as paychecks, W-2 tax forms and verifications of employment. They invented names such as “Andrew Collins” and “Michael Jenkins” and businesses such as “Collins Software Engineering” and “Solpen Molecular Labs,” the indictment said.
The father and son are accused of using “straw buyers” to profit from some of the transactions. The indictment provided an example from Patterson where Marko Lopez purchased a property in his own name, then sold it to an “Enrique Herrera” at a profit of more than $100,000.
Real estate licenses are current
Both men had active licenses as of Friday, according to the website of the California Department of Real Estate. No previous disciplinary actions were noted.
The indictment said Santos has worked for various mortgage companies in Los Angeles County, including management roles. All three defendant also received commissions, fees and other payments, the document said.
The case includes the inspectors general for the Federal Housing Finance Agency, which oversees mortgage lending, and the U.S. Department of Housing and Urban Development. The U.S. Postal Service Inspection Service also is involved.
“(FHFA) is committed to holding accountable those who waste, steal or abuse the resources of the government-sponsored enterprises regulated by FHFA, which the defendants have been charged with defrauding,” said Jay Johnson, special agent in charge for the western region, in a news release.
