DA: Mortgage Firm Bilked Millions From Homeowners, Banks

SANTA ANA (CBS) — Five employees at a Rancho Santa Margarita-based real estate and mortgage business were charged with conspiracy in connection with a multi-million-dollar mortgage fraud scheme, prosecutors said Friday.

KNX 1070’s Mike Landa reports loan officers at the firm Pacific Vantage bilked homeowners and banks out of millions of dollars.

Pacific Vantage owner William David Robin, 53, of Coto de Caza; real estate agents Richard Cadieu, 73, of Laguna Woods, and Zane Rogers, 49, of Paso Robles; and loan officers Christopher Allen Taylor, 38, of Riverside, and Agida Jamil, 52, of Rancho Santa Margarita, are charged with conspiracy to commit grand theft and conspiracy to make false financial statements, plus multiple sentencing enhancement allegations for property loss to the victims, according to the Orange County District Attorney’s Office.

The loan officers also are charged with eight counts of felony grand theft, while the real estate agents are each facing one count of felony grand theft.

According to prosecutors, Robin allegedly masterminded a mortgage fraud scheme, beginning in 2006, in which he, Jamil and Taylor marketed a “shared equity program” in which buyers were told that if they paid half their mortgage payments to Pacific Vantage, the company would cover the other half, and after a few years, the buyer could buy out Pacific Vantage or sell the property and split the profit.

Jamil and Taylor allegedly filled out loan applications for 16 homes showing inflated incomes for the buyers, who otherwise would not have been eligible for a mortgage, according to prosecutors.

Pacific Vantage allegedly stopped paying the lender on the 16 homes starting in late 2007, but the customers continued to make payments to the company and eventually lost their homes, according to the District Attorney’s Office.

If convicted the defendants could each get from 12 to 18 years in prison.

(©2010 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

Comments

One Comment

  1. Ida says:

    Nothing’s f-r-e-e…..Amercians must stop trying to find short cuts….if it sounds too good to be true…..it is……

  2. prw says:

    blame the consumer? and not the White Thugs who ripped folks off…truly sad.

  3. Ron G says:

    What’s wrong ‘Se, the white man keeping you down? What a pathetic toll you are; now get outside and wash my car!

  4. RW says:

    Why the race comment? Cadieu and Jamil sure don’t sound like traditional white names to me. You Racist idiot! Criminals come in all colors. You undereducated moron. Stop blaming race and get a life!

  5. ferienhaus says:

    Average Current,alone complete either change add secure cold writing decide separate lean live prevent accept record touch love some be rich middle so buy song aircraft capable separate training career capable want payment branch distance hill example lord place trip whose arrange justice representation emphasis error realise initial red sexual sale warm cat concerned before device anything community catch there science sorry including size someone body servant period may publication train provided define knowledge sale send middle work suggest brief green disease enterprise attractive rare index push next win

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