California Probe Continues Into Man At Center Of Possible Straw Buyer Scheme Leaving 150+ Homes In Foreclosure

In Fresno, Cailfornia, KSEE-TV Channel 24 reports:

• Renters at Stonemark Homes in east central Fresno could be the victims of a real estate scheme that stretches from the Valley down to Southern California. At the center of the suspected scam is 58 year old James McConville. McConville is the subject of an investigation in San Diego County for allegedly renting identities to purchase properties. More than 150 homes connected to McConville have gone into foreclosure.

• “That seems to be McConville’s M.O., find investors or find people with good credit, use their identity, pay them a little bit so he can get the loans and then let them (properties) go into default while he pockets all of the money,” property appraiser Carin Lane said.

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• At least 10 people listed as owners of multiple units at the east central Fresno complex have McConville's address listed as their own. [...] Many of the owners of Stonemark units were also listed as owners of units at McConville's other properties now being investigated as possible scams.

For more, see Real estate scheme could leave renters homeless.

For media reports on the San Diego investigations involving McConville, see:

• Investors are duped in condo scheme (Investors say they were recruited to buy into three condo conversion projects in North County, one of which was the the 112-unit Sommerset Woods in Escondido),
• Linda Vista condos tied to alleged scheme (Fourth local complex drowning in defaults),
• Renters become unwitting victims in condominium mortgage scheme.