More On Sacramento Area Alleged Mortgage Fraud Scam

This is a follow up post on KCRA Channel 3's investigative mortgage fraud report by Josh Bernstein involving homes in Elk Grove, California to supplement the May 2, 2007 post on this blog (Sacramento Area Real Estate Group Accused Of Duping Investors).

A May 10 report by KCRA Channel 3 reports that:

• "Many industry insiders have been sounding off about [Jim] Martin and his partners and are calling for a federal investigation. Mike McGee, past president of the California Association of Mortgage Brokers, said Martin and others deserve to be prosecuted. Since KCRA 3's investigation, Martin and his partners have switched business names. They are now operating at Esnian Mortgage and Realty Network."

Those reportedly involved in the alleged mortgage fraud operation include:

• Jim Martin, VFM Investment Group LLC, Gabriel Viramontes, Freedom Capital Mortgage, Inc., Joseph S. Gallo, Esnian Mortgage & Realty Network, Mario Fellini III, real estate agent Yajen Huang - aka Jennifer Huang, and others.

For more, see Mortgage Brokers Association Condemns Real Estate Scheme (Investment Organizers Now Doing Business As Esnian Mortgage)

Go here to watch the latest KCRA report (no longer available online).

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For previous online reports from KCRA on the Elk Grove mortgage fraud, see:

• Investors Say They Were Duped In Real Estate Scam (Many File Lawsuits Alleging Fraud, Conspiracy) April 30, 2007
• Real Estate Scheme Probably Broke Laws, Expert Says (Investors Say They Were Tricked) May 1, 2007
• Foreclosures Hurting Local Property Values (Many Homeowners Forced To Take Loss) May 2, 2007

To watch the previous KCRA Channel 3 Elk Grove mortgage fraud TV reports by Josh Bernstein (no longer available online):

• Elk Grove Mortgage Fraud Part 1
• Elk Grove Mortgage Fraud Part 2

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