Indictment Details Use Of Owner Financing, Double Loans At Closing In Home Equity Ripoff Targeting Northern California Seniors

In Modesto, California, The Modesto Bee reports:

• Investor, beware. That's the best, most concise advice experts give to avoid losing big bucks in alleged property schemes such as those making recent headlines in Modesto. But even extreme vigilance won't stop deception when the bad guys are sophisticated and resort to forgery, said Tom Pool, spokesman for the California Department of Real Estate.

• "It's a horrible story," Pool said of an account provided by federal prosecutors who indicted the owner of a venerable Modesto real estate company. Authorities say he and his companion targeted elderly homeowners, gained trust and robbed them blind.

• In some cases, alleged victims died before authorities found out their property was lost, obituaries and recorded documents suggest. Others include their survivors, and maybe tenants in rentals facing foreclosure.

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• Federal authorities say [ex-Century 21 Apollo owner Jim] Lankford and his roommate, Jon McDade, bilked $10 million from lenders and elderly homeowners over 11 years.(1)

For more, see Indictment of Modesto realty agent tells about suspected scams.

(1) For the U.S. Attorney (Sacramento/Fresno) press release, see Modesto Century 21-Apollo Realty Owner Charged With Defrauding Elderly Homeowners ($10 Million in Losses Alleged).

For the indictment, see U.S. v. Lankford, et ano.

For earlier posts on Lankford and his alleged scams, see:

• Fresno Feds: Duo Pocketed Bank Loan Proceeds While Simultaneously Conning High-Equity Elderly Home Sellers Into Owner Finance, Equity Stripping Ripoff,
• Stanislaus County DA Charges Three In Alleged Scam Involving Recording Phony Lien Satisfactions (for the allegations listed in a related civil lawsuit filed against Lankford, see Pyle v. Lankford, et al.).