Southern California Man Gets 4 Years After Copping Grand Theft Plea In $300K Home Equity Refinancing Ripoff

In Southern California, The Downey Patriot reports:

• A convicted con man who operated a Montebello realty company was sentenced Aug. 6 to four years in state prison, the District Attorney’s office has announced. Raul Altamirano, 53, pleaded guilty on June 14 to one count of grant theft and admitted an allegation that the taking was more than $150,000. Los Angeles Superior Court Judge James Bianco ordered Altamirano to pay $301,470 in restitution. Bianco dismissed three counts – grand theft, loan application fraud and filing a false document – under the terms of the plea agreement.

• Altamirano was charged on May 13 for defrauding a victim in 2007. The victim sought the defendant’s assistance for the purpose of taking $100,000 out of the equity of her home. Without the victim’s knowledge, Altamirano went on to take out two loans worth $429,000, stripping the home of all its equity. The victim never received any money, prosecutors said.

• Altamirano, owner of Wings Realty Inc., was the one-time subject of investigative news reports(1) for allegedly baiting victims through foreclosure and loan modification seminars. Altamirano began holding seminars shortly after pleading no contest to one count of grand theft and being placed on five years probation in a 2004 real estate fraud case.

Source: Man sentenced in real estate fraud case.

(1) See Predators Prey On Homeowners Facing Foreclosures for video report showing Altimarano in action.