California Feds Storm Sacramento-Area Real Estate Offices; Seize Records

KCRA-TV Channel 3 in Sacramento, California reports:

• "More than 20 agents stormed the offices of Freedom Capital Mortgage, VFM Investment Group, Lyon Real Estate and several homes in the surrounding area. During one of the raids in Elk Grove, Gabriel Viramontes was arrested. Viramontes and his business partners Jim Martin and Mario Fellini allegedly falsified millions of dollars in loan applications so investors could qualify for loans they couldn't afford. The FBI and IRS seized hundreds of files, computers and other records. At Freedom Capital Mortgage, they detained Joesph Gallo, the company's president and the mortgage broker who handled almost all of the transactions. At Lyon Real Estate, agents seized records relating to Jennifer Huang, the real estate agent who handled the sale of almost 20 of the homes involved in our investigation."

For more, watch the KCRA-TV report (no longer available online) (by reporter Josh Bernstein). To read the online report, see FBI, IRS Take Action On Mortgage Fraud (Indictments Could Soon Be On The Way).

Go here for prior posts on the KCRA-TV investigation of this case.