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Tuesday, January 18, 2022

Orange County Men Pled Guilty To $ 15 Million Mortgage Fraud

WESTMINSTER, California. Two men involved in a $ 15 million mortgage fraud in Orange County pleaded guilty and sentenced on January 10, according to court records obtained on December 17.

According to court records, 47-year-old Jimmy Phan and 46-year-old Vinh Phan pleaded guilty on Thursday. The fans are not connected.

Co-accused Stephen Nguyen, 59, is fled from justice.

Jimmy Fan and Vinh Fan pleaded guilty to multiple counts of grand theft, mortgage fraud, attempted false or fraudulent document filing, and up to $ 500,000 in aggravated sentences for white collar crime.

The defendants are charged with acquiring property “and using it as collateral to borrow large sums of money from creditors and individuals for short periods and high interest rates,” the Orange County District Attorney’s Investigator said in a petition for bail.

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Some payments were made, but the lenders were unaware that the defendants “would register fake vehicles (a tool indicating that the loan was paid),” prosecutors argued.

“Then they will take advantage of the fact that the title is not tied to the first loan and get a second loan,” prosecutors say.

“The second lender will finance the loan, assuming the property is free and clean,” prosecutors say.

Secondary loans were sometimes used to finance the purchase of property from an “arm’s length buyer” who, according to prosecutors, “was in fact colluding with the seller to inflate the value of the property or create the appearance of legitimacy.”

Prosecutors say 12 victims were defrauded in 10 separate real estate transactions, with a combined loss of about $ 15 million.

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