Two Plead Guilty In Combined Foreclosure Rescue/"Straw Buyer" Mortgage Fraud Scam
Two out of five defendants charged in an alleged $12.9 million real estate scam combining a foreclosure rescue scam with a "straw buyer" mortgage fraud scam in which more than 100 Southern California financially strapped homeowners ended up losing their homes have pleaded guilty to their roles in the operation.
Martha Rodriguez entered her guilty plea yesterday, and her cousin, Cynthia Valenzuela, pleaded guilty last week, prosecutors said. Both are scheduled for sentencing on Aug. 20.
The three remaining defendants, Edward Seung Ok, Maria G. Juarez, and Rodriguez' common-law husband, Vladimir Stefanovic, face trial in July.
To read more on the current guilty pleas, see Seal Beach escrow operator pleads guilty in fraud case, reported by The Orange County Register, at ocregister.com.
For an earlier report on this case, see Defendants Face Prison Time for Calif. Foreclosure Scam, reported by DSNews.com.
Click here to read the Stipulated Statement of Facts in the Cynthia Valenzuela Plea Bargain Agreement, pages 15 through 21, describing the specific allegations of foreclosure rescue coupled with a subsequent mortgaging of the victims' homes using straw buyers, and ultimately defaulting on the newly obtained mortgages.
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