Orange County DA Busts Alleged Straw Buyer, Mortgage Scam Ring; Involved $17.5M In Fraudulently Obtained Loans On 35 Properties

From the Office of the Orange County, California District Attorney:

• A real estate broker, her boyfriend, and his brother have been charged with conspiring to commit $17.5 million in real estate fraud for purchasing 35 properties in the names of “straw buyers” and intentionally defaulting on loans in order to steal the loan money. Kathy Chen, 48, Westminster, Richard Salgado Gonzalez, 59, and Daniel Gonzalez, 56, are charged with 154 felony counts including one count of conspiracy, 47 counts of grand theft, one count of attempted grand theft, 40 counts of forgery, 30 counts of recording false documents, 30 counts of identity theft, one count of elder financial exploitation, and four counts of forging an official seal. If convicted, the defendants face a sentence ranging from two years up to 109 years in state prison.

For the entire press release, see Broker, Boyfriend, And Brother Charged With Conspiracy To Commit $17.5 Million In Real Estate Fraud By Purchasing Homes Under "Straw Buyer" Names And Intentionally Defaulting On Loans (One defendant has been arrested and a warrant has been issued for the arrest of two others).