California Mortgage Broker Pleads Guilty In Mortgage Fraud

(orig. post 6-6-07; revised 7-5-07)
In California, The Monterey Herald reports:

• "In a real estate fraud case that stretched through nine California counties, Fremont mortgage broker Altaf Abdulrehman Shaikh pleaded no contest Wednesday to charges that he misrepresented home refinance loans to 16 people in Monterey County. As part of a plea agreement with prosecutors in all nine counties involving more than 100 felony charges, Shaikh will be sentenced to one year in county jail and five years felony probation, and will be required to pay restitution. He was facing up to 13 years in state prison."

For more, see Plea Deal In Loan Fraud (Broker to pay restitution, serve year in jail) (no longer available online).

For more on Altaf A. Shaikh (aka Zak Khan), see Mortgage Mess Shines Light on Brokers' Role (Job-Hopping Mr. Shaikh Left Trail of Lawsuits, Failed License Exams).