December 1st 2024.
Three individuals in the real estate industry from the Bay Area have recently been sentenced to federal prison for their involvement in a massive mortgage fraud conspiracy, according to the U.S. Attorney's Office. The three individuals, Tjoman Buditaslim, Jose De Jesus Martinez, and Jose Alfonso Tellez, have received sentences of 24 months, 14 months, and 12 months, respectively, for their roles in the scheme. Senior U.S. District Judge Charles R. Breyer has also ordered them to collectively pay over $3 million in restitution and serve three years of supervised release after their time in prison.
These individuals, along with a fourth defendant, Travis Holasek, were indicted in November 2023 on charges of wire fraud and conspiracy to commit wire fraud. Ultimately, all four defendants pleaded guilty to conspiracy to commit wire fraud. The fraudulent activity took place between 2018 and 2022 and involved the submission of falsified income documents in order to secure a whopping $55 million in home loans, as stated in a news release.
Buditaslim, a former real estate broker whose license was revoked in 2019, has admitted to creating fake financial documents, such as fabricated bank statements and divorce decrees, to help unqualified applicants obtain loans. Martinez, a real estate agent, referred clients to Buditaslim, knowing that the loan applications would contain false information. He profited nearly $590,000 in commissions from these transactions, as stated in his plea agreement.
Meanwhile, Tellez, a loan officer, knowingly processed 30 fraudulent loans, earning himself $134,000 in commissions, as stated in his plea agreement. According to the U.S. Attorney's Office, these individuals were trying to enrich themselves at the expense of homebuyers, lenders, and federally insured programs. But today, with these sentences, they are being held accountable for their actions.
United States Attorney Ismail J. Ramsey emphasized the severity of their actions, stating, "The defendants' attempts to line their own pockets at the expense of others will not be tolerated. These sentences serve as a reminder that those who engage in fraudulent behavior will face consequences." It's a cautionary tale for all, as scams and fraudulent activities seem to be on the rise. Individuals should be wary of doing business with strangers and always be cautious when it comes to financial matters.
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